Anti-corruption crusader Anna Hazare on Friday opposed entry of foreign companies in the country, including steel major POSCO, saying such investors were exploiting the country's natural resources for their own gain in the name of setting up industries.
The engineering and construction (E&C) sector delivered an excellent performance in the last two financial years (FY2021-22 or FY22 and FY23's nine-months) and there's reason to believe that FY24 will also see outperformance. The sector has emerged from the pandemic with stronger balance sheets and more rational cost structures. It has a big order book and it should see new order flows accelerate in FY24.
Newly confident, they're climbing the Asia BusinessWeek 50 with global ambitions.
Brokerages expect Nifty50 companies to have cumulatively witnessed strong double-digit growth in their earnings in the first quarter of FY24 (Q1FY24). This growth in the combined earnings is expected to have been driven by banks, automakers, and oil & gas companies. Other sectors may report muted profit growth.
The company said it has no plans to shift the $12 billion steel project from Orissa.
In the domestic market, the Tata Group has lost ground in the passenger car business.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
India Inc on Wednesday welcomed Tata Steel's acquisition of Anglo-Dutch steel maker Corus while expressing concern that the deal might re-rate the entire steel industry, making steel companies over-valued.
Tata Steel on Tuesday said it will sell equity shares worth $2.3 billion in domestic and overseas markets, besides $6.1 billion in debt to fund acquisition of Anglo-Dutch firm Corus Group Plc.
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.
Sukhdev Mahato has 2 acres in the 450-acre private land, which will be acquired for JSW Bengal Steel's 10 million tonne project. And Mahato feels blessed.
Bajaj Finserv, ICICI Bank, Nestle, UltraTech Cement, Bajaj Finance, Maruti, Tata Consultancy Services, IndusInd Bank and State Bank of India were the major laggards. Infosys, JSW Steel, NTPC and Power Grid were the gainers.
The US Federal Reserve's interest rate decision, quarterly earnings of corporates and domestic macroeconomic data will influence trading in the equity market in a holiday-shortened week ahead, analysts said. Foreign funds' trading activity, monthly automobile sales data and global trends would also guide market movement this week, they added. Markets would remain closed on Monday on account of 'Maharashtra Day'.
The total incentive outgo under the ambitious production-linked incentive (PLI) scheme is estimated to be less than Rs. 40,000 crore by the fiscal year 2024-25 (FY25), when it completes the fourth year of implementation, according to the government's internal estimates. This means only a fourth of the allocated Rs 1.97 trillion is expected to be utilised by the end of FY24, indicating that not all the 14 PLI schemes would have taken off fully. While three of the 14 schemes - large-scale electronics manufacturing, bulk drugs, and medical devices - were introduced in 2020, the remaining were launched the following year.
'If private capex has to kick in, there should at least be 2-3 years of visibility.'
Price control is distortive and encourages consumption when it should be discouraged - oil prices being a case in point.
Ministers favour cuts in excise, import duty on steel.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
South Korean steel company Posco has started an Indian subsidiary, Posco India, which will be based in Bhubaneswar, Orissa.
Net losses of Rs 6,528 crore is entire due to deliberate decision by company to reduce value of its European assets.
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
Corus, which was acquired by Tata Steel for 6.2 billion in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Corus, which was acquired by Tata Steel for 6.2 billion pounds in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Posco-India has made it clear that it has no intention to shift the site of its 12 million tonne steel project.
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.
The letter shared with the media on Saturday comes amid Maharashtra losing several big-ticket projects to neighbouring Gujarat.
The Tata Steel board will meet shortly to take stock of the situation arising out of Brazilian steel-maker Companhia Siderurgica Nacional's move
As part of the Rs 35,000 crore (Rs 350 billion) mega growth plan, Steel Authority of India is planning to pump in Rs 11,000 crore (Rs 110 bilion) to increase production at its three production units in West Bengal including Durgapur Steel Plant and I
'The second generation of migrant labourers is not enthusiastic about continuing in this field.' 'The parents of the next generation do not wish their children to be part of this trade.'
The Central Bureau of Investigation has registered two fresh cases against two companies for alleged forgery and cheating in connection with its probe in the coal block allocation scam. CBI sleuths are currently carrying out searches in 16 locations, including Delhi and Hyderabad. The agency has booked an infrastructure and a steel company on charges of forgery and cheating while applying for captive coal blocks, CBI sources said.
The company was earlier hopeful of bringing the projects onstream by 2012. "Production will not start before 2014. The top reason is the economic downturn. The second reason is procedural delays," Vijay Kumar Bhatnagar, CEO, India operations, said. The ongoing economic slowdown has prompted steel producers worldwide to shelve new projects and scale down output as demand weakens from housing, automobiles and consumer durable sectors.
'Now that all the early adopters have the electric car, governments are backing down in some countries because they do not have the money to subsidise so much.'
