NEW DELHI: AUSTINITIC STEAK BENDERS (AUSTENITS), the Indian-made stainless steel makers, has raised the price of its stainless steel blades by more than 5 per cent after the regulator said it would take action against the manufacturer, Nalgene Stainless Steel Co.
The firm’s sales have slumped, falling from Rs 2,965 crore in the January-March quarter to Rs 1,527 crore in March, according to the company’s latest financial statements.
The company also said that the steel it sells to foreign customers has lost some value in the last three months.
According to the firm, the prices of the blades in India have dropped by about 5 per “in-market” and “exporters” of its products have also seen prices drop by about 2 per cent, the statement said.
Nalgene has faced the regulator’s action after it said in the regulatory filing that it had received “substantial complaints” against the company, but that it did not have enough information to substantiate the allegations.
According, the company said it had raised the prices on a number of products, including knives, scissors, knives for shaving, shaving tools, and household appliances.
The price of stainless steel in India has fallen by about 8 per cent to Rs 2.995 crore in January-February, compared to Rs 3.27 crore the previous quarter.
Nalgen had reported a loss of Rs 4,639 crore for the March-April quarter of 2017.
The firm’s shares closed up by Rs 8.56 at Rs 1.76, or 11.75 per cent.