With the worst in terms of pricing pressures behind Tata Steel, its outlook is expected to improve. Europe has seen hot rolled coil prices rise this January after the European Union's (EU's) carbon border adjustment mechanism (CBAM) kicked in and further price improvements may be on the cards once import quotas come into play in June.
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
'Due to tariff uncertainty, automotive customers reduced their steel uplift by almost 15 per cent.'
Citicorp International Finance Corporation plans to acquire 14.16 per cent stake in Monnet Ispat for Rs 35.27 crore (Rs 352.7 million) to partly fund expansion of the company's Raigarh unit manufacturing sponge iron and mild steel.
Mittal Steel on Friday announced that it had bought a 37.17 stake in Hunan Valin Steel Tube Wire, a subsidiary of Hunan Valin Iron & Steel of China for $314 million.
Lakshmi Mittal tops the list, Azim Premji ranks second while third are the Ambani brothers. The 40 richest people in India have a total net worth of over $60 billion.
Tata Steel has built an iron ore chest of nearly 600 million tonnes (mt) and will look for more as it prepares for life beyond 2030 when its legacy captive mines come up for auction. The lease for four of its existing iron ore mines -- Joda East, Noamundi, Katamati, and Khondbond -- that feed the domestic operation with low-cost iron ore is going to expire in 2030, following changes in mining regulations. The year will also coincide with Tata Steel's ambitious target of doubling steelmaking capacity in India to 40 mt, increasing the need for iron ore. The company is pushing the pedal to ensure that it has enough resources to meet enhanced needs.
Many CEOs said they plan to give special leave to women employees so as to encourage their participation in the workforce.
Most of the members, including Prime Minister Narendra Modi, were seen wearing face masks. However, members had crowded the Lok Sabha chamber, while hardly a handful of others, including union ministers Dharmendra Pradhan and Piyush Goyal, were seen seated in the Rajya Sabha chamber.
Coming Wednesday, Finance Minister (FM) Nirmala Sitharaman will present the 2023 Union Budget - the last full Budget ahead of the 2024 Lok Sabha elections. While India exited 2022 as a relatively bright spot in the global economy, the FM will endeavour to present a Budget that insulates India's economy against global headwinds and recession in advanced economies, while sticking to the path of fiscal consolidation. In this, she is being helped by her core team of trusted advisors.
There is money to buy the central public sector enterprises, but buyers will need a firm assurance that the disvestment programme will keep environment issues front and centre of their corporate plans.
RINL is among the few firms that had effected price hikes, both in the current month and in the previous one.
At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable.
At least five companies looking to raise a cumulative Rs 6,595 crore could launch their initial public offerings (IPOs) next month after a busy August that saw eight IPOs. On Thursday, south-based diagnostic chain Vijaya Diagnostics announced its plans for a Rs 1,895-crore IPO. Ami Organics will announce its plans for a Rs 600-crore issue on Friday.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
A new government has taken office in Australia, which has said it will review its predecessor's controversial proposal for a 40 per cent super-profit tax on mining revenues.
The government will soon issue guidelines for regulation of OTT (over the top) platforms that will address issues such as sensitive content, the Rajya Sabha was informed on Tuesday.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
Raman's hacking expertise is much in demand -- and not from criminal elements. Indian firms and multinationals like ABN Amro Bank, Aditya Birla Group, Bank of Maharashtra, Bombay Dyeing, HSBC, ICICI Bank, Indiabulls, Centurion BOP, Citibank, India Infoline, Ispat Industries and Kotak Group proactively seek his services. Raman's hacking expertise is much in demand -- and not from criminal elements.
The companies that have signed these pacts with the India chapter of the Berlin-based Transparency International include PSU majors such as GAIL (India), Coal India, Oil and Natural Gas Corporation, Steel, Hindustan Petroleum Corporation, Steel Authority of India, National Mineral Development Corporation and Rashtriya Ispat Nigam. In fact, 12 of the 14 companies that signed the pact, did so in the last six months.
JSW Steel, Tata Steel, Steel Authority of India, Bhushan Steel, Essar Steel, Jindal Steel & Power, and Rashtriya Ispat Nigam are among the top producers of the alloy in the domestic market
NRI business tycoon Lakshmi N Mittal, who is set to control the world's largest steelmaker, has emerged as the richest man in Britain.
The government on Tuesday cleared 34 foreign direct investment proposals worth Rs 617.28 crore, including Zee Telefilm's plans to issue Rs 480 crore foreign currency convertible bonds to two foreign companies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In power, Mamata Banerjee has tried to bury the ghost of the past, but it might still be work-in-progress. Big-ticket and eye-grabbing (in terms of investment size) projects are still few and far between, reports Ishita Ayan Dutt.
Indian boxing finally came out of an administrative exile after the International body AIBA gave provisional recognition to the newly-elected Boxing India, clearing the decks for the the country's pugilists' hassle-free participation in the upcoming Asian Games.
Instead of the minority stake they held earlier, now they have controlling stake in many firms
The move will help increase participation of retail investors, providing momentum to the primary market.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
Faced with the herculean task of reviving the sagging fortunes of Indian boxing, newly-elected Boxing India President Sandeep Jajodia said the sport had been left 'orphaned' in the last couple of years and he would bring it back on track with clean administration.
Virat Kohli sent the shutterbugs into a clicking frenzy as he received the Rajiv Gandhi Khel Ratna award
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
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