State-run Steel Authority of India on Tuesday said it will file the red herring prospectus in May for its forthcoming follow-on public offer, which is expected to hit the market in the first quarter of the next fiscal.
Steel Authority of India Ltd on Tuesday reported a net profit of Rs 255 crore (Rs 2.55 billion) during the first quarter ended June, 2003 as against a net loss of Rs 309 crore (Rs 3.09 billion) for the corresponding quarter last fiscal.
The weekly inflation had surged over 18%, as per the recently announced data. The Central Bank is scheduled for a policy review on January 25.
The government's aim is to ensure it gets to its Rs 40,000-crore (Rs 400-billion) target from disinvestment proceeds before the end of 2010-11.
Following the two-tranche disinvestment, the government and the company would get Rs 8,000 crore (Rs 80 billion) each, Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs.
The price hikes during Covid were more because of supply chain and logistics disruptions caused by the pandemic and the Ukraine war rather than firms increasing prices because of higher pricing power, a report by State Bank of India (SBI) said. "It is thus incorrect to infer that concentration power dictated pricing capacity of firms, thus resulting in unyielding core inflation," the report authored by Soumya Kanti Ghosh, group chief economic adviser, SBI, said. A recent research article by former Reserve Bank of India (RBI) deputy governor Viral Acharya had observed that persistence of core inflation in India is due to purchasing power of top-five corporate houses.
India's sourcing from China may not necessarily be for cost-effectiveness alone but also for the lack of domestic qualified bidders, technology or other know-how.
However, the steelmaker said it will continue with the withdrawal of the Rs 500-750 per tonne rebate announced on the flat steel products -- mainly used by the automobile and the consumer durable sectors -- last month. Steel giant Tata Steel, which raised prices of some of its products last month by Rs 500-750, said there is no scope for increasing prices of the commodity in the near term and the domestic prices will continue to move in tandem with the global trend.
The transformation of Congress Vice President Rahul Gandhi, once a naive politician, into the most elastic entities in Indian politics is complete.
Ten of top 15 companies in 1991 were PSUs; now, there are only six. Their revenue share has also fallen from 86% to 45%
The government is bullish on Coal India and ONGC's stake sale programme which are to be held soon.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
'A microcosm of India, inclusive and welcoming'. For years, Pragati Maidan was the centre of Delhi's social life.
Steel Authority of India Ltd has informed BSE that rehabilitation package for IISCO approved by the Govt of India includes closure of Kulti Works.
It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
Enthused by the success of last year's voluntary retirement scheme, Steel Authority of India Ltd plans to further rationalise its workforce by another 5,000 this fiscal.
They were among nine corporates that reported over a Rs 1,000 crore gain in market capitalisation in a month
The Comptroller and Auditor General has pulled up leading public sector undertakings for glaring lapses in balance sheets, saying assets were overstated by Rs 377.43 crore (Rs 3.77 billion) in four Navratna companies including SAIL.
The CBI suspects that an area around the Steel Authority of India Limited guest house in Shantiniketan was the place where the planning of the theft of Rabindranath Tagore's Nobel prize and other articles had been made.
A 25 per cent year-on-year (Y-o-Y) increase in budget allocation towards the roads sector for FY24 has led to renewed interest among investors. However, a combination of escalating costs for Bharatmala and unseasonal rains to some extent have impacted progress. Bharatmala's cost has nearly doubled from Rs 5.35 trillion to Rs 10.6 trillion and the finance ministry has asked MoRTH to go slow until Cabinet approval is received.
'The correction could take two to three months and traders need to be careful.' 'For investors, this could be a good time to nibble in.'
As the train which started from Howrah slowed down as a mark of caution running across freshly repaired tracks, a few muttered 'Jagannath, Jagannath', the name of the presiding deity of Puri, the destination of the train, but most were too stunned to speak.
Wiping out all the accumulated losses, the Steel Authority of India Ltd on Friday reported the highest ever net profit of Rs 2,512 crore (Rs 25.12 billion) for the financial year 2003-04.
We are looking at bringing quality control orders for mass production items such as smart meters and ceiling fans. This will benefit our own industry and consumers, a government official said.
In the prevailing difficult circumstances, the Congress is the only party that can provide capable and decisive leadership to the country, Kharge asserted.
Contract workers are paid much less than regular workers. This year's Economic Survey estimates wages are on an average 20 times higher in the formal sector than in the informal sector. Arindam Majumder reports.
Continuing its efforts to improve the bottomline, Steel Authority of India Ltd has set an ambitious target of saving upto Rs 800 crore (Rs 8 billion) in the current fiscal with the help of lower interest outgo and cost cutting measures.
Hoping to turnaround in the current fiscal, Steel Authority of India is likely to witness a hefty 70 per cent reduction in losses mainly due to Rs 700 crore (Rs 7 billion) savings on account of lower interest outgo and intensive cost reduction drive.
Time and cost overruns are endemic to most Indian warship building projects. A central reason is the Indian Navy's operational assessment that it is better to get a warship late and ov
How should one billion Indians, for whom deprivation has become an inescapable way of life, join us in celebrating 75 years of Independence? And where do we go from here? asks Kalyan Singhal.
The share of foreign companies in private sector investments, directed towards building new factories and other facilities, has declined over the past six months. A mix of large domestic announcements and relatively lower growth in foreign capital expenditure (capex) plans have played a role, although foreign investments remain near record levels. The share of foreign companies in the overall private sector investments over the four quarters ended June 2023 has dipped to 14.9 per cent, as shown by a Business Standard analysis of data from the project tracker Centre for Monitoring Indian Economy.
Describing the summit as 'positive and constructive throughout', the chief minister said a lot companies have committed to invest in money into the state.
Earlier on Tuesday, Aam Aadmi Party had demanded that the Indian cricket team should opt-out of its match against Pakistan in ICC T20 World Cup in Dubai.
The 13 firms under consideration had nearly a million employees as of March 2018, including contractual and temporary workforce.
Infrastructure and real estate prominently feature as wealth destroyers.
