Shares of the company, which is in the middle of a takeover battle between India's Tata Steel and Brazil's CSN, closed at 530.5 pence on Friday and at current market price could make the shareholding employees millionaires overnight.
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.
After much speculation on whether CSN will put in a counterbid or not, it finally did a 475 pence per share bid against Tata Steel's 455 pence per share offer.
Final bid expected to be placed in a fortnight.
Tata Steel Vice-Chairman B Muthuraman has asked a member of British Parliament not to be "over-critical" about the company's strategy in dealing with problems in Corus.
The shadow of the European Commission's anti-trust proceedings is hanging over Companhia Siderurgica Nacional's bid for Anglo-Dutch steelmaker Corus.
Given the region's already higher unemployment rates, compared to national averages, it would be difficult to find alternative jobs.
Tata Steel, the world's sixth-largest steel maker, is looking to acquire Brazilian iron ore assets of the United Kingdom-based London Mining, which will help ensure raw material supply for its Anglo-Dutch subsidiary, Corus. The valuation of the asset is yet to be completed, but analysts said that it would be in the range of $2 billion.
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 Tata Group had acquired its UK steel operations as part of a 6.7 billion pounds acquisition from Anglo-Dutch steelmaker Corus in 2009.
European Union steel prices hit their lowest since 2004
Profit in the three months ended September 30, excluding unit Corus, rose to Rs 1,787.81 crore (Rs 17.87 billion) from from Rs 1,190.83 crore (Rs 11.9 billion). Prices per tonne of steel may fall by as much as Rs 4,000 by December, said Koushik Chatterjee, chief financial officer. Demand from makers of trucks and buses have fallen, while supplies to cars and other light vehicle have remained flat.
The latest results suggest Tata Steel Europe may have lost pricing power, though production and turnover are up.
Tata Steel plans to invest nearly Rs. 600 crores on limestone deposits in Oman.
The announcement evoked a sharp response from the UK and Ireland's largest trade union, Unite, which said it would fight for every job and demanded that there would be no compulsory redundancies from Tata Steel.
During the quarter, exceptional items stood at Rs 1,899.64 crore, which includes an actuarial gain of Rs 1,850.25 crore on funds for employee benefits. Total income zoomed 425 per cent to Rs 32,535.15 crore from Rs 6,192.95 crore. Total expenditure, however, jumped 551 per cent to Rs 28,803.59 crore as well.
'Brexit might delay the sale process of Tata Steel's UK operations'.
In FY23, Indian operations accounted for 41.6 per cent of the consolidated revenue of India's top five multinationals, up from 34 per cent in FY18 and 33.2 per cent and 34.2 per cent in FY21.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
The company agrees to discussions for long-product division with Swiss group Klesch.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
Ahmedabad-based Adani Group is said to be the frontrunner to buy out both Tata Steel and Larsen & Toubro's stake in Dhamra.
Gupta has expressed an intent to buy Port Talbot, Britain's biggest steelworks
The reopening of China has led to an ongoing readjustment of the global metals and commodities markets. China has a massive production capacity surplus to its own domestic demand. At the same time, it also has high domestic demand. China is also becoming carbon sensitive.
In the domestic market, the Tata Group has lost ground in the passenger car business.
The British government has been under pressure to help a sale process go through after Tata said it would sell its British business.
Analysts sceptical whether company will sustain rise in operating profits.
Britain's traditionally anti-EU media have blamed Brussels for preventing London from taking greater steps to protect the industry.
Tata Steel, others sell assets abroad after taking massive impairments.
With Euro zone problems, it continues to weather rough times, with 900 jobs cut as latest decision.
Mistry's strategy appears to be the opposite of the group's stance in the heady days of 2007
RatanTata is the only Indian among five foreigners to be awarded Britian's civilian honour this year.
Firms to find alternative export routes or face increased trade barriers
Just before the 2008 financial crisis made headlines, Indian companies were on a global buying spree. In the fifth part of the series, Dev Chatterjee and Krishna Kant discuss how the crisis came as a black swan event for some, changing the mood from exuberance to despair.
Indian CEOs might like to make some serious course correction.
