Tata Steel would make a bid for buying the Indian iron ore assets of one of Britain's largest independent steel trading companies Stemcor.
Needs funds for Odisha plant expansion, to cut high debt.
Stock markets closed lower for the second straight day on Friday amid relentless foreign fund outflows and losses in blue-chip stocks Reliance Industries, ICICI Bank and State Bank of India. Benchmark BSE Sensex declined by 55.47 points or 0.07 per cent to settle at 79,486.32. During the day, it tanked 424.42 points or 0.53 per cent to 79,117.37.
Alireza Firouzja remained in joint lead with Caruana on 5.5 points and these two are now ahead of Wesley So of United States and Jorden Van Foreest of Holland.
Tata Steel Limited missed forecasts with a 47 percent fall.
Tata Steel said it has raised Rs 2,000 crore (Rs 20 billion) through private placement of rupee debentures as part of its long term financing plan. The issue, which closed on May 6, opened with an initial size of Rs 750 crore (Rs 7.5 billion) and the deemed date of allotment for the debentures was May 7. The debentures were assigned a rating of AAA (ind) by Fitch Ratings India Private Limited for the aggregate amount of Rs 2,000 crore (Rs 20 billion).
An interview with Tata Steel Managing Director B Muthuraman
Tata Steel has warned its suppliers that if they do not slash prices by up to 30 per cent in the long term then they risk losing the steel giant's business.
The move follows Rio Tinto Jersey Holdings 2010 Ltd's decision to delist Riversdale Mining Ltd, after the company's shareholding in the mining company increased to 73.20 per cent.
Management buyout vehicle Excalibur Steel, Sanjeev Gupta's Liberty House metals group, India's JSW Steel Ltd and Greybull Capital have submitted separate bids
Jamshedpur plant is expanding its capacity at a cost of Rs. 20,000 crore.
The Coal Ministry has issued show-cause to eight firms including Hindalco Industries and Mahanadi Coalfields, and sought explanation from five firms for delays in commencing production from mines allocated to them.
Adverse economic conditions in Europe, demand-supply imbalance led to impairment.
Uzbekistan's young grandmaster Abdusattorov Nodirbek emerged sole leader in the open section of the Tata Steel Chess India Rapid tournament in Kolkata on Wednesday.
From the 30-share Sensex pack, Mahindra & Mahindra, Tata Steel, Adani Ports, JSW Steel, IndusInd Bank, Reliance Industries, HDFC Bank and Kotak Mahindra Bank were the biggest laggards. Tata Motors, NTPC, Hindustan Unilever, Asian Paints and Infosys were the gainers.
Axis Bank, IndusInd Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank and UltraTech Cement were also among the big gainers. Adani Ports, ITC, Bharti Airtel and Asian Paints were among the laggards.
Stocks of Indian steel companies are reeling from pricing pressure that is partly blamed on cheap imports. The stocks have declined up to 9 per cent on the NSE in one month, likely allowing investors an opportunity to use the correction to enter the pack as pricing pressure eases. "In steel or any other commodity, if prices or spreads are nearing their bottom, it can be an opportune time to invest in those stocks. In India, domestic fundamentals such as steel consumption remain robust, hence one can take fresh positions in these counters," said Amit Dixit, an analyst at ICICI Securities.
Anand needs to finish in a minimum sixth place in Kolkata, in order to qualify for the grand finale
In the process, the Mhow-based golfer picked his seventh title of the season and tenth in 2002.
He is acknowledged as the person behind transforming Tata Steel into the world's 11th largest steel-maker.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
Tata Steel on Wednesday said its European subsidiary Corus will be able to meet full capacity utilisation by the end of the current fiscal, riding on revival in global demand.
Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers. Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86. "Investors can pay tribute to Ratan Tata and the great corporate empire he built by buying stocks like TCS, Tata Motors, Tata Steel, Tata Consumer and Indian Hotels.
There are seven potential buyers, ranging from the Port Talbot steelworks' management to the UK steel industry investors Liberty House
Tata Steel's June quarter profit has slowed down on higher input cost.
From the 30-share blue-chip pack, Zomato cracked nearly 7 per cent. Power Grid, Adani Ports, Tata Steel, NTPC, Tata Motors, Tech Mahindra, Mahindra & Mahindra, Asian Paints, Sun Pharma and UltraTech Cement were the other major laggards. In contrast, Axis Bank, Hindustan Unilever, Tata Consultancy Services and IndusInd Bank were the gainers.
Anand moved to joint sixth spot with 2.5 points on a day that saw Firouzja Alireza scoring a sensational victory over super-solid Anish Giri of Holland.
World Cup-winning captain Kapil Dev expressed concern over the rising number of injuries among Indian cricketers, attributing it to the demanding schedule.
World champion Viswanathan Anand played out a quick draw with Hikaru Nakamura of United States while debutant P Harikrishna beat local player Anish Giri in the first round of the 'A' group of Tata Steel Chess tournament that got underway in Wijk Aan Zee, The Netherlands on Sunday.
Tata Steel's greenfield projects in Jharkhand, Orissa and Chhattisgarh have been delayed by about 12 to 16 months due to issues over land acquisition and resettlement, the company's executives said.
Tata Steel has appointed Uday Kumar Chaturvedi as MD of Corus Strip Products UK. It has also made two other changes in the top management of Corus.
'Selling could further intensify and take the index towards 22,800-22,750 in the near-term.'
Tata Steel on Friday said it will cut 900 jobs in the UK as part of major restructuring of European operations to make the company an "all-weather" steel producer, capable of succeeding in difficult economic conditions.
The proposed changes in Long Products business will predominately affect management and administrative functions at sites in Scunthorpe, Teesside and Workington.
Tata Steel has ventured into pilot projects that promote use of steel in furniture and house doors.
Tata Steel plans to expand capacity to 10 million tonnes at Jamshedpur by August 2011 from 6.8 million tonnes.
Consultants said the fact that Oberoi had no debt on its books and Kalpataru had low debt helped the two in the slow realty market.
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