Vidit Gujrathi suffers first defeat
Aiming to revive its loss-making long-product business in Europe, Tata Steel on Friday said it plans to invest 400 million over five years, shut or mothball parts of Scunthrope plant and slash 1,500 jobs in England.
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.
The board of Tata Steel, which will enter an open bidding war with Brazil's CSN for Corus on Tuesday, met in Mumbai presumably to discuss the strategy for the auction and also consider the quarterly results.
Gulveer Singh, India's national record holder in 10,000m and 5,000m, will lead the Indian elite field at the 18th TCS World 10K Bengaluru, scheduled for April 26. The event, a World Athletics Gold Label Race, features top international and Indian distance runners.
Thanks to its acquisition of the Corus group, Tata Steel has made it to the Fortune 500 list even as India's largest corporate Reliance Industries climbed 63 places up to 206th rank. Companies qualify to the list on the basis of their revenues.
After steering the company for 21 years, Tata will pass on the leadership baton to his successor designate and present deputy chairman of Tata Sons, Cyrus Mistry in December, when Tata turns 75.
Tata Steel plans to invest nearly Rs. 600 crores on limestone deposits in Oman.
The Insolvency and Bankruptcy Code (IBC) got a leg-up with Tata Steel's acquisition of Bhushan Steel, the first big case to be resolved. Tata Steel CEO & MD T V Narendran tells Ishita Ayan Dutt how this deal moved so quickly while others are still mired in controversies.
Indian benchmark stock indices Sensex and Nifty rallied for the second consecutive day, closing nearly 1 per cent higher, driven by gains in metal and auto sectors and positive global market trends.
It plans to lower employment costs with the estimated reduction in employee numbers, about two-thirds of which are expected to be office-based white-collar roles - a majority expected at its Netherlands unit.
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.
The company said it had extended financial support to the UK business.
Its superior formability makes it suitable for creating relatively complex shapes.
The steel-maker will now have to pay 50 basis points more on this tranche of $1 billion with a seven-year tenure.
Tata Steel was prepared to make a hostile bid of £4.2 billion (nearly $7.79 billion) if its favoured option of a friendly merger was rejected, the UK newspaper reported.
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.
The industry is facing scarcity of raw material and steel import is on a rise.
'Once the currency goes out of the hand, then possibly your major challenge is that it will not come back.'
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
The UK steel industry is struggling for survival in the face of extremely challenging market conditions.
Shares of Corus Group Plc, surged by 1.12 per cent in trading on Friday on reports that Tata Steel may revise its takeover offer, but stocks of the Indian company fell 1.67 per cent on the bourses.
New MD likely to be announced by December-end or first week of January.
World chess champion D Gukesh has decided to reduce his tournament schedule to focus on training and preparation for his upcoming title defence, following a series of disappointing performances.
Equity benchmark indices Sensex and Nifty ended higher in highly volatile trade on Tuesday, buoyed by heavy buying in bank and metal stocks, a firm trend in global markets and optimism over India-EU FTA. The 30-share BSE Sensex climbed 319.78 points, or 0.39 per cent, to settle at 81,857.48.
Indian stock market benchmarks Sensex and Nifty rebounded by over 1% on Monday, driven by value-buying in banking stocks after a three-day slump. Key gainers included UltraTech Cement, HDFC Bank, and Mahindra & Mahindra.
Indian benchmark indices Sensex and Nifty experienced a sharp decline in early trading due to escalating tensions in the Middle East, driving crude oil prices higher. Global market bearishness and foreign fund outflows further contributed to investor unease.
Around half a dozen Tata Steel employees and contract workers were injured following an explosion in the LD gasholder inside its factory in Jamshedpur.
After two years of waiting, Tata Steel will get alternative land in Vietnam for building a 4.5 million tonne a year steel plant with an investment of $5 billion. Decision to allocate 725 hectares comes after a long delay.
Gulveer Singh, the Asian champion and national record holder, will lead the Indian contingent at the TCS World 10K Run Bengaluru, a World Athletics Gold Label race.
Benchmark stock indices Sensex and Nifty closed higher on Thursday, helped by a rally in blue-chip Larsen & Toubro and the Economic Survey projecting the GDP growth of 6.8-7.2 per cent for the next fiscal.
This will be over and above a Rs 3,655-crore domestic rights issue and a Rs 4,350 crore convertible preference share issue the company announced last month.
The board of directors of Tata Steel, which met on Friday, appointed Jim Leng, chairman, Corus, as a non-executive independent director designated as deputy chairman.
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