The country's largest steel producer has targeted to install an annual production capacity of about 23 million tonnes against the present 14 million tonnes.
'The universe of PSU stocks is huge and diverse.' 'Investors should bet on specific sectors and stocks from the basket as most of them may continue to consolidate after years of outperformance.'
Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
The reconstructed Carnac Road overbridge in South Mumbai has been renamed as Sindoor Bridge, a name inspired by India's military action against Pakistan to avenge the Pahalgam terror attack.
The east-west connector, earlier known as the Carnac Bridge and named after former Bombay Province governor James Rivett Carnac, who held the office from 1839 to 1841, has been rechristened as 'Sindoor Bridge' (after Operation Sindoor).
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
Steel scrips were the most conspicuous gainers early today following a hike in long steel product prices by major steel producers.
The increase in prices by the country's largest steel producer is effective from April 1.
'As negotiations continue, the path forward demands not only diplomatic skill, but also vigilance against legal asymmetries embedded in America's trade playbook.'
India's public sector steel companies will spend a whopping Rs 230 crore (Rs 2.30 billion) on corporate social responsibility to build 'Model Steel Villages' across the country during the current financial year.
Arun Maira who worked for 25 years with the Tata Group, remembers his early years with Ratan Tata.
The reconstructed Carnac Road Over Bridge in Mumbai has been renamed 'Sindoor Bridge' as a tribute to the Indian military's 'Operation Sindoor'. The bridge, rebuilt after being declared unsafe, aims to ease traffic congestion in south Mumbai.
JSW Steel, Tata Steel, Steel Authority of India, Bhushan Steel, Essar Steel, Jindal Steel & Power, and Rashtriya Ispat Nigam are among the top producers of the alloy in the domestic market
Leading steel producers Tata Steel and state-owned Steel Authority of India Ltd on Tuesday agreed to hold their prices for 2-3 months after the government's top economic managers spoke out against the rising cost of steel and cement. Essar Steel said it too could look at a similar assurance. Finance Minister P Chidambaram told Parliament that cement and steel producers were acting like a cartel and the govt was looking at legal and administrative measures to deal with them.
Steel Authority of India Ltd is poised to outpace its metal sector rivals, including private players giants like Tata Steel and Hindustan Zinc on the stock market radar going forward, the analysts believe.\n
The department of revenue in a notification on Wednesday said anti-dumping duty is being imposed for six months on the import of wire road of alloy or non-alloy steel from China.
The report says that SAIL had started clearing forests, but since October, 2010, it could cut down only 12 trees till now.
There is no change in prices of long steel products, consumed mainly by the infrastructure and construction firms.
Traders blame demonetisation for subdued demand in retail segment
Chemical and Fertiliser Minister Ram Vilas Paswan on Friday unveiled an expansion plan for government sector undertakings involved in the production of steel and particularly Steel Authority of India.
Steel companies have reduced flat product prices by Rs 500-1,000 a tonne across categories in keeping with market conditions.
SAIL and RINL at present produce about 18 million tonnes of the commodity. Navratna mining giant NMDC is in the process of setting up a three million tonnes per annum (MTPA)-steel unit in Chhattisgarh. Despite the prevailing economic slowdown, the expansion programmes of these public sector entities are going on full swing, Rastogi said, adding that SAIL is likely to hit the capital market to raise funds for the capacity augmentation.
The Federation of Indian Mineral Industries has strongly objected to Indian steel companies' policy of selling surplus iron ore in the domestic market and crying for a ban on iron ore export to meet shortage of the commodity.
Steel Authority of India Limited said on Wednesday it has hiked steel prices by up to Rs 600 a tonne, effective from March 1, on account of increase in excise duty.
The official said the price hike was on account of an increase in input costs, adding that the revised steel prices were effective from January 1.
Naxal violence in Orissa has also put several investment proposals in jeopardy.
Flat steel products are used by consumer durable industries and the automobile sector, while the long steel products are consumed primarily by the construction industry.
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.
Following price hike of Rs 500 per tonne by Steel Authority of India Ltd, other private producers on Monday announced hike in prices of hot rolled coils by the same amount.
