The steel industry has proposed a slew of measures that will bring down prices by 12-15 per cent with immediate effect.
The NSE 50-share index, after moving between 10,572.20 and 10,546.20, ended at 10,565.30, up 39.10 points, or 0.37 per cent.
The Jindal group has not given any commitment to the West Bengal government on giving equity or employment to people who provide land for a 10-million tonne steel plant it is setting up at Salboni
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.
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 closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
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.
It plans to ship in 10 million tonnes of iron ore this fiscal year ending March 31.
The case pertains to alleged irregularities.
Major steel companies have shown stronger growth in profit after tax compared to major technology companies but the brick and mortar giants have under performed compared to tech companies in the stock markets.
"There is a slight deferral for some time (on the commencement of construction work) till the economic situation improves," JSW Steel Vice-Chairman and MD Sajjan Jindal said. Faced with a liquidity crunch, JSW Steel had earlier said it was cutting its proposed investment by nearly one-third to about Rs 4,000 crore for the first phase of the Rs 35,000 crore mega steel project in West Bengal.
The 30-share Sensex ended up 142 points at 29,462 and the 50-share Nifty gained 26 points to end at 8,895.
Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India's 100 Richest with a net worth of $92 billion. The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India's richest person for the first time last year, has slipped to the second position. Adani's net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion, after a report by US short-seller Hindenburg Research in January sent his group's shares tumbling.
Industry body Indian Steel Association on Tuesday said exports of hot rolled coils by integrated steel producers declined 35 per cent in the first half this fiscal to 6.4 million tonnes as its member companies gave more priority to the domestic marke
Even as it comes to terms with the land acquisition controversy in Nandigram and Singur, the CPI(M)-led West Bengal government has handed over the order for possession of 4,300 acres
In an urgent need for its image makeover, the scam-tainted coal sector will require mammoth efforts in 2015 from the government and the corporates too.
The Central Bureau of Investigation will be filing a fresh case in connection with alleged irregularities in connection with allocation of coal blocks by the end of this month in which it may name a corporate and certain former officials of the Union coal ministry.
Auto stocks will be in focus
It also asked why the data shared pertained to a period from April 2019 even though the scheme for anonymous political funding was introduced in 2017.
Of these, three stocks belong to the automobile pack and two are from the pharma.
The JSW Group has expressed interest to develop a 900 MW pumped storage hydel power project and a state of the art rolling shop for steel in West Bengal, company chairman Sajjan Jindal said on Wednesday. He announced the projects while addressing the inaugural session of the Bengal Global Business Summit, organised by the state government, in Kolkata. "We are keenly pursuing a 900 MW hydro pumped storage project. "This will bring clean energy to the state and we hope to receive this prestigious project through a nomination from the state government," Jindal said.
The Central Bureau of Investigation is probing "all angles" in the Ishrat Jahan case including the statements of some witnesses claiming knowledge of political conspiracy behind the fake encounter involving the Gujarat Police and the Subsidiary Intelligence Bureau.
The projects coming up in Bihar, Jharkhand and Odisha will together add 16,000 MW capacity to country's power generation.
From steel tycoon Lakshmi Mittal to billionaire Sunil Bharti Mittal's Airtel, Anil Agarwal's Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the prominent buyers of the now-scrapped electoral bonds for making political donations.
Jindal Steel and Balco emerged as the top bidders.
The National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
The Bombay Stock Exchange 30-share index resumed better at 21,278.08
Then chief minister, Buddhadeb Bhattacharjee, had laid the JSW project's foundation stone on November 2,2008, for the 10-million tonne capacity plant.
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