This is expected to help the promoters to retain their current holding of about 42 per cent, post the stake sale to JFE. The company declined to comment.
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.
Steel trader Kunal Gandhi has stopped going to metal yards -- he now buys 80 per cent of his monthly steel requirement of 2,500 tonne from JSW Shoppe at Mumbai's Vile Parle, which opened three months back.
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.
Experts say that until the market bounces back to a respectable level and creates confidence among investors, who could look forward to some price appreciation, IPOs will not be successful.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The domestic steel companies such as SAIL and Tata Steel are likely to increase prices by about Rs 600 a tonne on account of the increase in excise duty in the Budget.
Ispat promoters Pramod and Vinod Mittal will hold 26 per cent stake in the company.
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.
The project at Salboni was welcomed by people and political parties alike, manifested by festoons welcoming Sajjan Jindal from all parties along the road leading to the site. Jindal complemented the mood at the ceremony with his farmer-friendly speech. "Industry and agriculture go hand-in-hand. My father, O P Jindal, was a farmer and he told all his sons that no wrong must be done to farmers," he said.
While some such as Hindalco, JSW Steel, India Cements, Essar Oil, Tata Steel and Jet Airways have already announced plans to raise a combined Rs 70,000 crore, there are many who are redrawing proposals to enter the market to raise money.
Noting that Indian firms face a high risk of mark-to-market losses due to a volatile forex market, a brokerage firm has named telecom major Reliance Communications and auto giant Tata Motors among five blue-chip companies estimated to have suffered the most during 2008-09.
The Indian Steel Alliance, the high-profile lobby group for big producers representing approximetly half of India's steel production, is being dissolved, seven years after it was set up to promote steel usage in the country. On Sunday, state-owned Steel Authority of India Ltd had pulled out of ISA in a bid to distance itself from the recent price-rise controversy and had said the alliance had outlived its utility.
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
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.
Earnings growth in the early-bird sample has been driven by banks and iron & steel companies.
Sajjan Jindal, vice-chairman and managing director of JSW Steel and one of West Bengal's most valued investors, said that he would have compensated unwilling farmers with double the land 800 acres next door in return for land for the Tata Motors factory at Singur.
With high investment levels fuelling much of the current GDP growth, the impact of the credit squeeze is more than a matter of academic interest.
Companies are looking to combine risk management with strategy.
Large steel producers had reduced prices up to Rs 4,000 per tonne on request of Prime Minister Manmohan Singh on May 7. They had also agreed to hold the price line for the next three months. The three-month price moratorium expires in August.
A proposed Rs 9,000 crore (Rs 90 billion) greenfield modernisation and expansion programme is expected to give a fresh lease of life to Iisco Steel Plant, a unit of Steel Authority of India.
Only a handful of domestic steel producers have announced their results for 2006-07, but the indications are that they will report stellar performances this financial year.
Sajjan Jindal-promoted JSW Steel on Tuesday announced the acquisition of Jindal United Steel Corporation, Saw Pipes USA and Jindal Enterprises LLC
The steel industry has proposed a slew of measures that will bring down prices by 12-15 per cent with immediate effect.
Thirteen companies have joined the Rs 1-trillion-plus market capitalisation club this year, so far. This even as the benchmark Sensex has gained less than 3 per cent on a year-to-date basis, underscoring the bullish undercurrent in the broader market. The trend shows a harsh second wave of Covid-19, subsequent lockdowns, and hit to the economic activity has made little dent into India Inc or shareholders' wealth. At the start of the year, there were 29 companies with a market value of more than Rs 1 trillion.
Major steel producers, including SAIL and Tata Steel, on Monday agreed to cut prices of TMT bars, galvanised steel and HR coils after the government asked them to contain prices to keep inflation under check.
JSW Steel, a part of the $4 billion OP Jindal group, is looking at acquiring a small value-added facility in Western Europe for around $2 million.
'It might not have a direct impact on the domestic steel industry but will improve India's position in the global market.'
RIL, Essar, Adani have sounded bankers to raise funds abroad in the coming weeks
Positive cues from China - which accounts for 56.5 per cent of global crude steel production - are likely to keep demand-supply in balance and provide support to prices. All eyes have been on China, which opened after New Year holidays, as it was widely expected that prices would recover post-holidays after the weakness in January. Jayanta Roy, senior vice president, ICRA pointed out, barring last year when Covid-related restrictions affected China's steel demand in February 2020, historical trends show a typical upward movement in steel prices post-new year festivities. China's opening post-holidays was keenly awaited, especially in the wake of the sluggishness in the market in January.
In the first two months of the current fiscal, Indian exports of finished steel reportedly grew by almost 76 per cent on a YoY basis and China alone accounted for close to 60 per cent of the increase.
The first spending item on the chopping block is capital expenditure, followed by operating costs and overheads, including sales and marketing expenses.
In the course of his various tenures, Yediyurappa made many adversaries. Bommai, by contrast, knows the Opposition well and has many friends, cutting across parties -- he is, after all, only a 2008 BJP entrant.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
In the past two months alone, four companies have garnered a cumulative Rs 22,400 crore via this route.
'Kindly advise about the following stocks. Can I hold or exit?'
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