There is positive sentiment for Tata Steel on the basis of strong domestic demand, a turnaround of European operations and moderate valuations. A combination of capacity expansion, efficiency gains, higher asset utilisation, and improved operating leverage may lead to margin expansions.
India is planning to amend the Mines and Minerals (Development and Regulation) Amendment Act 2023 to specify the use of funds currently earmarked at 5,600 crore for exploring critical mineral mines overseas, according to a top official. The proposed amendments also aim to introduce a tailings policy and modify the royalty structure to facilitate the extraction of critical minerals from waste materials, the official added.
The Centre has increased the area granted to individual players by more than four fold in order to boost mining of critical minerals. Issuing an order on Tuesday, the government said, for mining leases, the area has been expanded from the current limit of 10 sq km to 50 sq km. For prospecting licences (granted in the case of composite licence), the limit has been increased from 25 sq km to 100 sq km.
Tata Steel is in the process of filing a curative petition in the Supreme Court in connection with the apex court ruling which said that states have the power to levy cess on mining and mineral-use activities. The petition by the steel manufacturing firm is aimed at seeking remedy to the order, passed by a 9-judge Constitution Bench of the Supreme Court on July 25. However, Tata Steel's managing director and chief executive officer T V Narendran told Business Standard that there was no demand note on the firm.
Formulating changes in any law having wide-ranging social consequences is bound to be a tightrope walk for the government.
The much-anticipated cryptocurrency bill, however, is missing from the list, reports Shrimi Choudhary.
Inefficient concession grant process, including delays and inefficiencies in concession system, forest and other clearances also contribute to illegal mining.
The enactment of the new Mining Bill is likely to have a negative impact on existing pure-play mining companies, with their profits impacted by as much as 12 per cent, global research firm Macquarie says.
Under current laws, a company cannot sell mines but only transfer leases when it is acquired by another firm.
The government is keen to amend the MMDR Act for transparency in the mining sector.
The new mining policy must be rock solid
Nine mineral-rich states -- Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Tamil Nadu and Telangana -- are readying 75 blocks for auction.
The 2,500-hectares lease included both notified and non-notified areas.
Karnataka proposes to auction 15 of its Category-C mines to end-users.
The changes were made to several regulations in a coordinated manner by the environment ministry, the tribal affairs ministry and the mines ministry over a year.
A large chunk of the Rs 8.8 lakh crore of investments the Patnaik government had attracted is in uncertain territory.
Select committees on Mines and Minerals Amendment Bill and Coal Mines Bill recommended their approval without any change
The Supreme Court order has created a new legal framework for coal mining by ruling that only the Union government and its entities can do it.
Kotak Mahindra Bank and Vedanta were the top Nifty gainers.
Is it inconsistency in policy, or the lack of robust support?
The Biju Janata Dal will not oppose the government simply for the sake of opposing it, BJD Member of Parliament Bhratruhari Mahtab tells Aditi Phadnis.
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