PowerGrid was the top gainer in the Sensex pack, surging over 4 per cent, followed by Bharti Airtel, Tata Steel, NTPC, HDFC Bank, UltraTech Cement and Kotak Bank. On the other hand, TCS, Nestle India, Reliance Industries and HCL Tech were among the laggards.
Speaking on the sidelines of CII annual regional meeting in Kolkata on Tuesday, Tata Steel group CFO Koushik Chatterjee confirmed that production cut continues to be around 40 per cent. Exuding confidence that the company will be able to save 600 million pounds by March as envisaged, Chatterjee said, "The cost saving measures are on track at Corus in line with the target."
India is in a much better position to deal with the challenges related to growth and inflation, said Sanjiv Bajaj, president of industry body CII. According to official figures, India's retail inflation continues to remain above the Reserve Bank's tolerance level of 6 per cent since January, while the economic growth in the first quarter of the fiscal was 13.5 per cent, lower than the central bank's estimate of 16.2 per cent. "I don't want to say we don't have our own challenges with growth, with inflation but we are in a much better position and credit must go to everybody including the central and state governments.
Tata Steel, others sell assets abroad after taking massive impairments.
Tata Steel's European arm, Corus, the second-largest steel maker on that continent, has appointed Citibank to help find a suitable buyer for its beleaguered Teesside Cast Products factory in northeast Britain.
The Netherlands has emerged as India's fifth-largest export destination in 2021-22 (FY22), jumping from its 10th position a year ago. Exports to the fifth-largest economy in the European Union (EU) bolted 94 per cent to $12.5 billion in the financial year ended March 31. In FY22, the Netherlands surpassed Hong Kong, Singapore, the UK, Germany, and Nepal to become India's largest export destination in the EU. Germany, which was earlier India's top European export destination (eighth position), has now dropped two ranks to 10th place.
Tata Steel-owned Corus on Tuesday said it will invest 185 million pound (Rs 1,355 crore) in the No 4 blast furnance at Port Talbot steelworks in Wales, that will increase capacity by 400,000 tonnes a year.
Among the Sensex stocks, Larsen & Toubro rose the most by 3.96 per cent after the company announced a major project win in the Middle East. HDFC, HDFC Bank, Sun Pharma, ITC, HUL, Titan, TCS, HCL Tech, Asian Paints, Bajaj Finance, Infosys and Tata Steel were among the major gainers.
Yes Bank was the biggest gainer in the Sensex pack, soaring up to 15.19 per cent, followed Tata Motors, IndusInd Bank, SBI, Bajaj Auto, Asian Paints, Axis Bank, Tata Steel and Maruti, rising up to 9.82 per cent.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Cyrus Mistry had put in place a strategy that would have pulled most of the Tata group's 'legacy hotspots' out of the financial mess from legacy issues and helped turn around the group's finances.
Fresh from his visit to India in the last week of July, Britain's Business Secretary (minister) said he was hopeful a buyer would be found for Tata Steel-owned Corus' Teesside Cast Products plant in the northeast of this country.
Tata Steel's European arm Corus today said it is open to dialogue for strategic tie-ups with investors having sound financials to rescue its recently mothballed Teesside Cast Products (TCP) plant in England.
On the Sensex chart, NTPC, SBI, UltraTech Cement, ICICI Bank, Tata Steel, Bajaj Finserv and Bjaja Finance were among the major laggards, shedding as much as 1.63 per cent.
Given wild swings, investors are wondering where the metal market is going. There was a strong uptrend in industrial metal through much of the last three years due to fears of supply chain issues - first due to Covid-19 and then due to the Ukraine War. That uptrend broke down as it became apparent that global growth would moderate as inflation rose and Western Europe (the EU plus the UK) went into a near-recession and China was in a rolling lockdown.
To keep operations at TCP alive, Corus has been channelising internal orders to the TCP which was also getting some demand from outside.
The S&P BSE Sensex ended up 129 points at 26,843 and the Nifty50 ended up 39 points at 8,220.
Get Ahead reader Dr Ram Deshmukh shares the tale of rooming with fellow Indians in the UK, where he was studying and is now currently employed.
Indian investments in the West Midlands, UK, have doubled in the last 2 years, thereby strengthening relations between India and UK.
Gains were led by index heavyweights Reliance Industries and Infosys.
With no final offers forthcoming from Tata Steel and CSN -- the two suitors for Corus -- the UK Takeover Panel has decided to put the Anglo-Dutch steel maker under the hammer on January 30.
While the fight between Tata Steel and CSN over Anglo-Dutch steel maker Corus continues, experts feel there is still time for a third suitor to put in bids ahead of a deadline set by the regulators.
A statement said the company had decided to cut satff levels at each of Corus Tubes' principal establishments in the UK and the Netherlands, employing around 2,200 people. A total of 146 jobs would be at risk -- 56 at Corby, 49 at Hartlepool and 41 in the Netherlands.
Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the among the major gainers. Mahindra & Mahindra, Larsen & Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti were the major laggards.
The rating agency said it has affirmed and withdrawn long and short term Issuer Default Rating of 'BB' and 'B' and 'BB-' rating on Corus' Euro 800 million 7.5 per cent senior notes.
After the three bilateral meetings, Modi would participate in the three separate sessions of the Nuclear Security Summit, which kicked off with a White House dinner on Thursday night.
Shares of the company, which is in the middle of a takeover battle between India's Tata Steel and Brazil's CSN, closed at 530.5 pence on Friday and at current market price could make the shareholding employees millionaires overnight.
The S&P BSE Sensex ended down 371 points at 24,966 and the Nifty50 closed 101 points lower at 7,615.
Pranati Group of Industries is all set to enter infrastructure and housing projects in the country, backed by Rs 4000 crore (Rs 40 billion) funding from CRM International of the UK.
The BSE Sensex maintained its winning run for the fourth session on the trot on Wednesday to reclaim the 60,000-level after a gap of over four months as investors remained upbeat amid softening crude oil prices and persistent foreign fund inflows. A strengthening rupee and positive Asian markets further bolstered sentiment, traders said. The 30-share BSE benchmark jumped 417.92 points or 0.70 per cent to settle at 60,260.13 -- closing above the psychologically key 60,000-mark for the first time since April 5 this year.
Mistry's intention of selling ailing steel maker Corus, Tata's so-called feather in the cap, was one reason for his ouster
Just before the 2008 financial crisis made headlines, Indian companies were on a global buying spree. In the fifth part of the series, Dev Chatterjee and Krishna Kant discuss how the crisis came as a black swan event for some, changing the mood from exuberance to despair.
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 29,008 and 8,767 respectively.
'Cyrus was always very different. He would think before acting.'
'The Tata group will need for its new leader to show the same foresight and willingness to go against conventional wisdom at times to keep the group's aspirations high and uphold the values of innovation, ethics, corporate responsibility, trust and leadership that are frequently associated with the Tata name.'
The referendum will have long-term implications for Indian companies, which earn a substantial portion of revenue from the region.
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
Sensex, Nifty end the day in red on unfavourable cues from global markets.
Dividend distribution tax in FY20 would only be applicable after deducting Rs 70 received from the foreign subsidiary, meaning 20.56 per cent DDT would be paid only on Rs 30.
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
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