Steel major Jindal Stainless on Tuesday announced the acquisition of a cold rolling plant in Indonesia for a consideration of $32 million (about Rs 150 crore).
Ahead of the key meeting called by the steel ministry with the industry captains on Monday to discuss the impact of rising steel imports, companies have raised the issue of cheaper 'substandard' inflows from China, Vietnam, and South Korea, saying they are setting the benchmark for domestic prices and squeezing the profitability of Indian producers.
From the Sensex firms, Tata Steel climbed the most by 3.40 per cent, followed by Power Grid, Axis Bank, Kotak Mahindra Bank, Larsen & Toubro, Bharat Electronics and Bharti Airtel. In contrast, Tech Mahindra, Maruti, UltraTech Cement and Bajaj Finserv were among the major 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.
At least three steel companies-JSW Steel, Jindal Stainless and Bhushan Steel-have decided to wait for the financial storm to pass before they take up their expansion plans. Ministry may not achieve target to cross 100 MT output by 2012.
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.
JSL Ltd (formerly Jindal Stainless) had last year entered into a joint venture with the mining firm PT Antam to build a 20,000-tonne ferro-nickel plant and 3-lakh-tonne stainless steel slab unit in Indonesia. However, with prices of nickel, a vital input for producing the alloy, dipping sharply, the Indian firm has decided to drop the project.
The country's largest stainless steel maker Jindal Steel (Hisar) on Wednesday marked its foray into the defence sector by forging a pact with DRDO for transfer of technology relating to high-nitrogen steel for armour applications.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Private investment projects constitute well over 70 per cent of the nearly Rs 34 trillion of fresh investments announced in H1 this year.
In a restructuring mould, O P Jindal group company, Jindal Strips Ltd is planning to hive off its subsidiaries Jindal Holdings, Jindal steel and Alloy and Jindal Stainless (Mauritius) as separate companies.
Two O P Jindal group companies, JSW Steel and JSL Stainless, have entered into an agreement. JSL Stainless will produce coke for JSW Steel and the raw material to produce coke will be supplied by JSW.JSW Steel is promoted by Sajjan Jindal. His brother, Ratan Jindal, is managing director of JSL Stainless.
These are the top buyers of the scrapped electoral bonds, the data for which was released by the Election Commission on Thursday.
The govt has hiked customs duty for metallurgical coke.
Union Budget 2014-15 is positive for metals and mining companies.
Industry demands the basic customs duty on all steel imports to be raised to 25%
The Nifty gained 32 points to close at 3,210.
At 9:58 am, the Nifty was trading at 3573 up 4 points and the Sensex was trading at 12393 up 26 points.
Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record Rs 11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand. "With the government planning a capex of Rs 11.11 trillion, private sector investment will come in a big way. Companies will be preparing for it right from today," H M Bangur, chairman of Shree Cement, told Business Standard. For the past few years, the investment scene in India has been dominated by government capital expenditures; private investments in the manufacturing sector have remained muted.
Benchmark share indices opened lower on Monday, amid weak global cues, as investors turned cautious ahead of the US Federal Reserve stance on interest rate.
Ajit Mishra answers reader queries on the stock market.
A number of private companies have contributed to the development of ISRO's Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon on Wednesday evening.
Shyam Metalics and Energy (SMEL) will end the over two-month drought in the initial public offering (IPO) market. The steelmaker will launch its Rs 909-crore offering soon. SMEL has pruned its IPO size from Rs 1,107 crore, with the promoters deciding to offload shares worth Rs 252 crore as against Rs 452 crore planned earlier. The company has priced its IPO between Rs 303 to 306 per share.
With the government looking to divest loss-making steel assets, significant interest from secondary players is most likely this time apart from the anticipated list of large integrated primary steel producers, said industry experts. Rashtriya Ispat Nigam Limited (RINL), Neelachal Ispat Nigam Ltd (NINL), NMDC Integrated Steel Plant (NISP)-Nagarnar, Ferro Scrap Nigam Ltd and three units of Steel Authority of India (SAIL) - Alloy Steels Plant, Durgapur; Visvesvaraya Iron and Steel Plant, Bhadravati; and Salem Steel Plant, Salem - constitute the divestment list. All the three units of SAIL have been loss-making for more than five years.
India's steel imports from China, the world's biggest producer of the alloy, doubled in April-September from a year ago though the country has enough capacity to meet its demand.
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 27,403 and 8,248 respectively.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
Major corporates are staring at an uncertain future after investing substantially on their projects
The 30-share Sensex ended 271 points higher to end at 28,930 and the 50-share Nifty climbed 76 points to close at 8,776.
Factories are shutting down owing to a shortage of labour and raw materials, and a lack of logistical support amid the ongoing nationwide lockdown against the coronavirus pandemic.
In the broader market, the S&P BSE Midcap added over 1% to finish at record closing high
A 7:2 majority verdict by the apex court ruled that the tax legislation by the state does not require the consent of the President under Article 304 B of the Constitution
Steel, cement, aluminum, fertilisers, tractors, two-wheelers, beverages and carbonated drinks, tyres and FMCG could see demand back to near normal levels by the third or the fourth quarter of the financial year, or even earlier.
Technical rallies and short covering may arise only if the markets break this 500 point band
More activity in the IT, health care, services sectors; manufacturing firms keeping fingers crossed.
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