JSW Steel, owned by Sajjan Jindal, has emerged as the world's most valuable steelmaker, boasting a market capitalisation (mcap) of nearly $30.31 billion, according to Bloomberg data.
Ispat promoters Pramod and Vinod Mittal will hold 26 per cent stake in the company.
The country's leading steel producers have devised a new strategy to pass on rising raw material costs to the end users without raising prices. Companies are now levying raw material surcharges while keeping the base price unchanged.
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.
The O P Jindal Group has emerged as a strong contender for Ispat Industries, the debt-laden company owned by Pramod and Vinod Mittal.
Steel prices have come down by around 40 per cent since July this year. At present, prices of hot-rolled coil are ruling at Rs 30,000-32,000 a tonne. Ispat Industries director (finance) Anil Sureka said ex-factory prices of hot rolled coils were even lower.
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.
Steel firms are aiming to clear their piled up inventory as they fear a further fall in prices, which have already nosedived globally; buyers have withheld their bulk orders anticipating a further correction in the rates. JSW Steel said it would reduce total production by around 20 per cent from November. Essar Steel and Ispat Industries are already operating below optimum capacity. Jindal Steel and Power Ltd said it is looking to bring down cost of production.
JSW Steel is learnt to have submitted its resolution plan along with AION Capital
Five Indian metals and mining companies are in the race for acquiring mining rights for the largest iron ore deposit in war-torn Afghanistan. The government has shortlisted Vedanta group's Sesa Goa, Essar Minerals, Ispat Industries, JSW Steel and Rashtriya Ispat Nigam for a bid for the 1.8 billion tonne Hajigak iron ore deposit.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
A little over a year before, when the Hajigak iron ore deposit was put up for grabs, at least five companies - Essar Minerals, JSW Steel, Rashtriya Ispat Nigam, Sesa Goa and Ispat Industries - had evinced interest.
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
Companies attribute declining sales to the lack of demand from the automobile, real estate and consumer durables sectors, which are facing rising inventory levels that have choked cash flows.
In the domestic market, the Tata Group has lost ground in the passenger car business.
Top companies have grabbed a bigger pie of their sectors in the pandemic period, leading to a further rise in market concentration in many industries as measured by the Herfindahl-Hirschman Index (HHI). The HHI score, which indicates competitive intensity in an industry (or a lack of it), reached a new high in FY21 as bigger firms raised their revenue market shares either organically or through mergers and acquisitions. A higher HHI score indicates a rise in market concentration in favour of a few firms while a lower score means that the industry's revenue is more evenly divided among many companies
Traders blame demonetisation for subdued demand in retail segment
The department of revenue in a notification on Wednesday said anti-dumping duty is being imposed for six months on the import of wire road of alloy or non-alloy steel from China.
Many CEOs said they plan to give special leave to women employees so as to encourage their participation in the workforce.
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
The government on Friday issued fresh show cause notices to prior allottees of coal blocks like JSPL, JSW and Tata Steel, asking reasons behind delays in mines development and warned of deduction in their bank guarantees if they failed to furnish replies.
Govt to issue ownership rights of 15 coal mines on Mar 23.
Then chief minister Jyoti Basu once told an industrialist that capitalists were class enemies and he should expect no sympathy.
'Kindly advise about the following stocks. Can I hold or exit?'
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
Jindal Power bagged 2 coal mines in Chhattisgarh.
The broader markets, however, outperformed the benchmark indices -- BSE Midcap and Smallcap indices ended up 0.6%-1%.
Karnataka proposes to auction 15 of its Category-C mines to end-users.
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.
While three operational mines in Chhattisgarh had a capacity of 12 million tonnes (mt), six were yet to start production.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
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