The steel-maker will now have to pay 50 basis points more on this tranche of $1 billion with a seven-year tenure.
Over 100 Indian institutions offer semiconductor design curricula, but hardly any of them focuses on manufacturing and process technology, a top official from global memory and storage major Micron Technology said on Thursday. There is significant global demand for such chip engineers, its president and chief executive Sanjay Mehrotra said at the 10th Vibrant Gujarat Global Summit in Gandhinagar. "While more than 100 Indian institutions provide a semiconductor design curriculum, hardly any focus on semiconductor manufacturing and process technology.
The world's sixth largest steelmaking group, which has been stepping up its raw material security at a frenetic pace, has 300 million tonnes of iron ore reserves in India.
This action would affect approximately 3,500 employees over the indefinite period at US Steel's Keewatin, Detroit and St Louis plants, the company said. According to the company, due to continuous business review, analysis of market conditions and their impact on customers' orders, it had to take further steps to consolidate operations.
Move follows Tata Steel decision to sell its loss-making businesses in Britain
Investors' wealth fell by Rs 2.89 lakh crore in two days of market fall, with the BSE Sensex tumbling 796 points on Wednesday, amid weak global market trends ahead of the US Federal Reserve's interest rate decision. Fresh foreign fund outflows and caution ahead of a host of interest rate decisions from global central banks also added to the overall bearish trend. Besides, the US Fed meeting, the BoE (Bank of England) and the BoJ (Bank of Japan) are also scheduled to meet this week.
Tata Steel's greenfield projects in Jharkhand, Orissa and Chhattisgarh have been delayed by about 12 to 16 months due to issues over land acquisition and resettlement, the company's executives said.
The Obama administration is appreciative of the investment made by Indian-owned multinationals to create new jobs in the United States as is evident from the visit of Acting United States Secretary of Commerce Rebecca Blank to Thomas Steel Strip, a Warren, Ohio-based Tata Steel unit.
"With an aim to meet the market demand, the company is setting up a steel wire manufacturing facility at Sinnar, 30 kms from Nashik. The company has already acquired 44.65 acre of plot from MIDC at Sinnar and will shortly commence construction there. The proposed facility will cover a built-up area of 15,000 sq mts and company's investment in this project will be around Rs 300 crore (Rs 3 billion)," the company sources said.
Brand name Reliance finds a place in the prestigious American business magazine Forbes -- be it promoted by Ambanis or a company in the United States.
Serum Institute of India chief Adar Poonawalla will pay 138 million (about Rs 1,444 crore) for a Mayfair mansion in London in one of the city's most expensive home sales of the year
The US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
Steel Minister Ram Vilas Paswan on Thursday ruled out any divestment in the companies under the ministry and said the department had not received any letter from the finance ministry over the issue.
Earlier, proceeds from disinvestment were shown separately as part of the miscellaneous receipts in the Capital Receipts Budget.
The company had signed a memorandum of understanding with the state government to set up the plant at an investment of Rs 30,000 crore (Rs 300 billion).
The government on Friday issued fresh show cause notices to prior allottees of coal blocks like JSPL, JSW and Tata Steel, asking reasons behind delays in mines development and warned of deduction in their bank guarantees if they failed to furnish replies.
The proposed changes in Long Products business will predominately affect management and administrative functions at sites in Scunthorpe, Teesside and Workington.
Industrial output fell 3.2 per cent in November.
The British government has been under pressure to help a sale process go through after Tata said it would sell its British business.
ArcelorMittal is likely to have to make permanent cuts of up to 10 per cent in its steelmaking capacity as the industry reels from the impact of the worst global recession in decades, industry observers have warned.
Top ten defaulters, including Daewoo Motors and Malvika Steel Ltd, owe scheduled commercial banks Rs 3908.96 crore (Rs 39.09 billion), Finance Minister P Chidambaram said in New Delhi.
Tata Steel said it has raised Rs 2,000 crore (Rs 20 billion) through private placement of rupee debentures as part of its long term financing plan. The issue, which closed on May 6, opened with an initial size of Rs 750 crore (Rs 7.5 billion) and the deemed date of allotment for the debentures was May 7. The debentures were assigned a rating of AAA (ind) by Fitch Ratings India Private Limited for the aggregate amount of Rs 2,000 crore (Rs 20 billion).
Tata Steel plans to invest nearly Rs. 600 crores on limestone deposits in Oman.
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.
Shares in Jindal Steel and Power Ltd were heading towards their biggest daily loss in almost two years on Monday.
The acquisition is scheduled to take effect from April 2
If the war in the Israel-Gaza region escalates into a larger West Asian conflict, it could pose problems.
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
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.
'China is somewhat disappointing in its recovery, and slow growth, and India is reporting strong growth numbers.'
Tata Steel, the world's sixth largest steelmaker, has entered into a joint venture agreement with Sodemi for the development of Mount Nimba iron ore deposits in Ivory Coast (West Africa). This is Tata Steel's first joint venture for iron ore. The Mt Nimba deposit, spread over 3 countries Liberia, Guinea and Ivory Coast, is one of the biggest in West Africa.
