The board of Tata Steel, which will enter an open bidding war with Brazil's CSN for Corus on Tuesday, met in Mumbai presumably to discuss the strategy for the auction and also consider the quarterly results.
Thanks to its acquisition of the Corus group, Tata Steel has made it to the Fortune 500 list even as India's largest corporate Reliance Industries climbed 63 places up to 206th rank. Companies qualify to the list on the basis of their revenues.
Indian stock market benchmark indices Sensex and Nifty experienced a significant drop in early trade due to rising crude oil prices, bearish global market trends, and continuous foreign fund outflows.
Bharat Electronics, Power Grid, NTPC and HDFC Bank were among the other major gainers. However, Infosys, Tata Steel, Eternal and Tech Mahindra were among the laggards.
After steering the company for 21 years, Tata will pass on the leadership baton to his successor designate and present deputy chairman of Tata Sons, Cyrus Mistry in December, when Tata turns 75.
The Insolvency and Bankruptcy Code (IBC) got a leg-up with Tata Steel's acquisition of Bhushan Steel, the first big case to be resolved. Tata Steel CEO & MD T V Narendran tells Ishita Ayan Dutt how this deal moved so quickly while others are still mired in controversies.
Tata Steel plans to invest nearly Rs. 600 crores on limestone deposits in Oman.
It plans to lower employment costs with the estimated reduction in employee numbers, about two-thirds of which are expected to be office-based white-collar roles - a majority expected at its Netherlands unit.
World Chess Champion D. Gukesh has decided to reduce his tournament schedule to focus on training and preparation for his upcoming title defence, following a series of disappointing performances.
The Tata Group had acquired its UK steel operations as part of a 6.7 billion pounds acquisition from Anglo-Dutch steelmaker Corus in 2009.
R Praggnanandhaa leads a fearless new generation at the Candidates 2026 as veterans face a shifting chess landscape ahead of a world title clash.
The company said it had extended financial support to the UK business.
Its superior formability makes it suitable for creating relatively complex shapes.
Benchmark equity indices Sensex and Nifty extended their gains for the third straight session on Wednesday, driven by last-hour buying in bank, metal, and FMCG shares.
Benchmark equity indices Sensex and Nifty rebounded on Thursday after three sessions of losses, tracking gains in global markets after US President Donald Trump struck a conciliatory tone on Greenland. In a volatile session, the 30-share BSE Sensex climbed 397.74 points, or 0.49 per cent, to close at 82,307.37.
The steel-maker will now have to pay 50 basis points more on this tranche of $1 billion with a seven-year tenure.
Indian equity markets experienced a volatile session, with the Sensex and Nifty recovering some ground after a significant plunge the previous day. Gains were driven by PSU bank, IT, and metal stocks, but concerns over rising fuel prices and geopolitical tensions limited the recovery.
Tata Steel was prepared to make a hostile bid of £4.2 billion (nearly $7.79 billion) if its favoured option of a friendly merger was rejected, the UK newspaper reported.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
Tata Steel, the world's sixth largest steelmaker, has entered into a joint venture agreement with Sodemi for the development of Mount Nimba iron ore deposits in Ivory Coast (West Africa). This is Tata Steel's first joint venture for iron ore. The Mt Nimba deposit, spread over 3 countries Liberia, Guinea and Ivory Coast, is one of the biggest in West Africa.
The industry is facing scarcity of raw material and steel import is on a rise.
The UK steel industry is struggling for survival in the face of extremely challenging market conditions.
From the 30-Sensex firms, Tata Consultancy Services, Asian Paints, Maruti, Sun Pharma, Hindustan Unilever, ICICI Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Larsen & Toubro were among the biggest laggards. On the other hand, Tata Steel, NTPC, Axis Bank and UltraTech Cement were among the gainers.
Shares of Corus Group Plc, surged by 1.12 per cent in trading on Friday on reports that Tata Steel may revise its takeover offer, but stocks of the Indian company fell 1.67 per cent on the bourses.
New MD likely to be announced by December-end or first week of January.
The Indian steel industry is faced with a paradox: Rising demand and falling prices. Demand continues to surge as user industries gather pace, with the World Steel Association projecting around 9 per cent annual growth for India over 2025 and 2026, the year domestic demand is projected to be almost 75 million tonnes (mt) higher than in 2020.
Around half a dozen Tata Steel employees and contract workers were injured following an explosion in the LD gasholder inside its factory in Jamshedpur.
After two years of waiting, Tata Steel will get alternative land in Vietnam for building a 4.5 million tonne a year steel plant with an investment of $5 billion. Decision to allocate 725 hectares comes after a long delay.
World Champion D Gukesh believes concerns about cheating in chess are overblown and distances himself from Vladimir Kramnik's accusations. He also looks ahead to the Candidates Tournament.
This will be over and above a Rs 3,655-crore domestic rights issue and a Rs 4,350 crore convertible preference share issue the company announced last month.
The board of directors of Tata Steel, which met on Friday, appointed Jim Leng, chairman, Corus, as a non-executive independent director designated as deputy chairman.
This is the second major investment in Scotland by the global giant, following announcement of 8 million pounds investment at Dalzell plate rolling mill in August, 2010.
Tata Steel, the world's sixth largest steel-maker, will raise Rs 3,000 crore through non-convertible debentures to prepay the debt of its UK subsidiary, Tata Steel UK. The issue is Rs 1,000 crore higher than originally planned.
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