Needs funds for Odisha plant expansion, to cut high debt.
The company's planned capex for 2019-2020, which was Rs 12,000 crore, has now been revised down to around Rs 8,000 crore.
The Tata Group had acquired its UK steel operations as part of a 6.7 billion pounds acquisition from Anglo-Dutch steelmaker Corus in 2009.
Tata Steel has warned its suppliers that if they do not slash prices by up to 30 per cent in the long term then they risk losing the steel giant's business.
From the Sensex pack, Eternal, Bharat Electronics Ltd, Trent, Axis Bank, State Bank of India, Bajaj Finance, Sun Pharmaceuticals, Asian Paints, Adani Ports, Hindustan Unilever, Reliance Industries, ITC, PowerGrid, Tata Motors Ltd's Commercial Vehicles business, and Bajaj Finserv were the gainers. Infosys, Tata Motors Passenger Vehicles, Tata Steel, ICICI Bank, Tech Mahindra, Titan, UltraTech Cement, Maruti Suzuki India, and Larsen & Toubro were the laggards.
Management buyout vehicle Excalibur Steel, Sanjeev Gupta's Liberty House metals group, India's JSW Steel Ltd and Greybull Capital have submitted separate bids
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
European Union steel prices hit their lowest since 2004
The Indian operations continued their steady performance against a backdrop of lacklustre demand in the market place and increasing imports.
The British government has been under pressure to help a sale process go through after Tata said it would sell its British business.
A bleak demand outlook for steel in the domestic as well as global market is also another reason Tata Steel may be looking to have additional liquidity as margins are expected to take a hit in the coming quarters.
Among Sensex firms, Bharti Airtel, Reliance Industries, Eternal, State Bank of India, Tata Steel and HDFC Bank were the major gainers. However, Kotak Mahindra Bank, Bharat Electronics, Infosys and Bajaj Finance were among the laggards.
While admitting that $12-billion deal to acquire the Anglo-Dutch steel maker Corus was 'expensive', Tata, however, said he was hopeful of a turnaround by the struggling European steel giant.
Britain's traditionally anti-EU media have blamed Brussels for preventing London from taking greater steps to protect the industry.
Equity indices failed to hold on to their gains in see-saw trade on Tuesday, ending in the red for the third straight session despite a tentative recovery in global equities. The rupee too bounced back from historic lows, but the overall sentiment remained risk-averse amid concerns over economic recovery in a high interest rate scenario. The 30-share BSE Sensex had a choppy start but gained momentum in mid-session trade. However, it succumbed to selling pressure towards the fag end to close 105.82 points or 0.19 per cent lower at 54,364.85. On similar lines, the broader NSE Nifty declined 61.80 points or 0.38 per cent to finish at 16,240.05.
In March, Tata Steel announced its intention to sell the entire 10.5 million-tonne UK assets.
According to data available on the website of World Steel Organisation, only eight steelmakers produced over 20 million tonne (mt) steel in 2009 with ArcelorMittal, leading at 77.5 mt.
With Euro zone problems, it continues to weather rough times, with 900 jobs cut as latest decision.
Industrial metals (ferrous and non-ferrous) suffered great volatility once the Ukraine War began in February 2022. First, there was a sharp price rise due to fears of supply disruption, followed by weak global demand. China's weakness and rolling lockdowns have hit production and demand.
On the other hand, the group's two traditional cash cows, TCS and Tata Motors' subsidiary Jaguar Land Rover, are slowing as other businesses pick up pace
From the Sensex firms, Tata Motors, Titan, Eternal, Power Grid, Tata Steel, Larsen & Toubro, Mahindra & Mahindra and Hindustan Unilever were among the biggest laggards. Bajaj Finserv, Asian Paints and Tech Mahindra were the gainers.
The change in the brand name can show up on the company's locations, stationary and vehicles. The rebranding process, if approved by the company, is expected to commence next summer.
'The biggest impact will be on coal and hence on power cost. Then comes iron ore, coking coal, bauxite.'
From the Sensex firms, Tata Steel, Eternal, Tech Mahindra, Maruti, Mahindra & Mahindra, Infosys, IndusInd Bank, HCL Tech, Tata Consultancy Services and Bharti Airtel were the major gainers. Telecom operator Bharti Airtel climbed nearly 1 per cent after it posted about a five-fold jump in consolidated net profit to Rs 11,022 crore in the March 2025 quarter, mainly due to the tariff hike impact and one-time gain on tax benefits. However, Asian Paints, Tata Motors, Kotak Mahindra Bank, NTPC and Power Grid were among the laggards.
In FY23, Indian operations accounted for 41.6 per cent of the consolidated revenue of India's top five multinationals, up from 34 per cent in FY18 and 33.2 per cent and 34.2 per cent in FY21.
Reliance Industries, the Tata group, Bharti Airtel and Aditya Birla are among Indian conglomerates that have hedged their revenue and costs linked to the US dollar, giving them financial cover as the rupee fell past 80 against the greenback on Tuesday.
The Anglo-Dutch merger was meant to revive the ailing British Steel which had incurred a net loss of 81 million in the year ended March 31, 1999
Cyrus Mistry undertook quite a few significant initiatives at the Tata Group in the past two years.
From the 30-share Sensex firms, Tata Motors, Bajaj Finance, Eternal, Adani Ports, Tata Steel, Titan, Mahindra & Mahindra and Power Grid were among the gainers. Asian Paints, Sun Pharma, ITC, Nestle, Reliance Industries and HCL Tech were among the laggards.
'He was sought after because he delivered.' Ishita Ayan Dutt profiles Tata Steel's new boss.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
'As Tata Steel we will obviously use group-level leverage to make progress where we want.'
With the Tatas agreeing to sell its Scunthorpe steel plant in the UK to investment firm Greybull for a nominal one pound, the storied 'British Steel' name will be back in the now-ailing industry.
'The UK is more of a structural problem, and that's why we're doing the restructuring.'
From the 30-share blue-chip pack, Adani Ports jumped over 5 per cent. NTPC, Tata Steel, Bajaj Finserv, Zomato, Bajaj Finance, Tata Motors, State Bank of India, IndusInd Bank and Maruti were among the other big gainers. From the 30-share pack, Hindustan Unilever, Titan, Tata Consultancy Services, Infosys and UltraTech Cement were the other laggards.
Quoting Tata Steel managing director B Muthuraman, the daily said the target could be reached partly by improving manufacturing procedures at the Corus plants spread across Europe. The Indian conglomerate Tatas had acquired the Anglo-Dutch steel maker Corus for about $13 billion last year.
Analysts tracking Corus said the steel company's workers had witnessed nearly 8,000 job cuts in the last eight years and were, therefore, apprehensive of Tata Steel's intentions.
Firms to find alternative export routes or face increased trade barriers
'It will take six months to one year to move to normalcy, depending on how the pandemic plays out in India.'
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