Indian stock markets recovered from early losses to close higher, driven by value buying in IT and banking shares and a rebound in the rupee.
This is the second major investment in Scotland by the global giant, following announcement of 8 million pounds investment at Dalzell plate rolling mill in August, 2010.
Tata Steel, the world's sixth largest steel-maker, will raise Rs 3,000 crore through non-convertible debentures to prepay the debt of its UK subsidiary, Tata Steel UK. The issue is Rs 1,000 crore higher than originally planned.
It is not clear at this stage whether Tata will take up the government's offer of taking a 25 per cent stake in the business.
Tata Steel's margins may remain under pressure in FY15.
Tata Steel was the top gainer in the Sensex pack, jumping over 6 per cent, followed by Sun Pharma, L&T, M&M, PowerGrid, Bajaj Finserv, TCS and Infosys. On the other hand, Wipro, Asian Paints, HDFC Bank, IndusInd Bank and HCL Tech were among the laggards.
Ahmedabad-based Adani Group is said to be the frontrunner to buy out both Tata Steel and Larsen & Toubro's stake in Dhamra.
Bharat Electronics, Power Grid, NTPC and HDFC Bank were among the other major gainers. However, Infosys, Tata Steel, Eternal and Tech Mahindra were among the laggards.
The Central Pollution Control Board has asked Tata Steel to submit the closure schedule of the battery at the earliest, minister of state for Steel A Sai Prathap said in a written reply to a question in the Lok Sabha. Coke oven battery is a plant where coking coal is converted into coke.
He is acknowledged as the person behind transforming Tata Steel into the world's 11th largest steel-maker.
Indian stock market benchmark indices Sensex and Nifty experienced a significant drop in early trade due to rising crude oil prices, bearish global market trends, and continuous foreign fund outflows.
Benchmark equity indices Sensex and Nifty rebounded on Thursday after three sessions of losses, tracking gains in global markets after US President Donald Trump struck a conciliatory tone on Greenland. In a volatile session, the 30-share BSE Sensex climbed 397.74 points, or 0.49 per cent, to close at 82,307.37.
UK's largest union Unite warned Tata against ducking its promises and conducting a 'fire sale' of its specialty steel business
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).
Benchmark equity indices Sensex and Nifty extended their gains for the third straight session on Wednesday, driven by last-hour buying in bank, metal, and FMCG shares.
The Indian steel industry is faced with a paradox: Rising demand and falling prices. Demand continues to surge as user industries gather pace, with the World Steel Association projecting around 9 per cent annual growth for India over 2025 and 2026, the year domestic demand is projected to be almost 75 million tonnes (mt) higher than in 2020.
Besides a minority stake, the UK and Welsh governments are considering additional grant funding
From the 30-Sensex firms, Tata Consultancy Services, Asian Paints, Maruti, Sun Pharma, Hindustan Unilever, ICICI Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Larsen & Toubro were among the biggest laggards. On the other hand, Tata Steel, NTPC, Axis Bank and UltraTech Cement were among the gainers.
An interview with Tata Steel Managing Director B Muthuraman
Fabiano Caruana of United States made sure of his maiden title after beating Jan-Krzysztof Duda of Poland.
'Due to tariff uncertainty, automotive customers reduced their steel uplift by almost 15 per cent.'
Management buyout vehicle Excalibur Steel, Sanjeev Gupta's Liberty House metals group, India's JSW Steel Ltd and Greybull Capital have submitted separate bids
In the process, the Mhow-based golfer picked his seventh title of the season and tenth in 2002.
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.
Indian Grandmaster Vidit Gujrathi held World No. 1 Magnus Carlsen to a draw in the 11th round of the Tata Steel Masters chess tournament
R Praggnanandhaa leads a fearless new generation at the Candidates 2026 as veterans face a shifting chess landscape ahead of a world title clash.
Indian equity markets experienced a volatile session, with the Sensex and Nifty recovering some ground after a significant plunge the previous day. Gains were driven by PSU bank, IT, and metal stocks, but concerns over rising fuel prices and geopolitical tensions limited the recovery.
Tata Steel on Friday said it will cut 900 jobs in the UK as part of major restructuring of European operations to make the company an "all-weather" steel producer, capable of succeeding in difficult economic conditions.
Back with a bang, World champion Viswanathan Anand will be up against World No. 1 Magnus Carlsen of Norway in a much-awaited fifth-round clash of the Tata Steel Chess tournament in Wijk Aan Zee, The Netherlands.
There are seven potential buyers, ranging from the Port Talbot steelworks' management to the UK steel industry investors Liberty House
Tata Steel Limited missed forecasts with a 47 percent fall.
Tata Steel would make a bid for buying the Indian iron ore assets of one of Britain's largest independent steel trading companies Stemcor.
World Champion D Gukesh believes concerns about cheating in chess are overblown and distances himself from Vladimir Kramnik's accusations. He also looks ahead to the Candidates Tournament.
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 Coal Ministry has issued show-cause to eight firms including Hindalco Industries and Mahanadi Coalfields, and sought explanation from five firms for delays in commencing production from mines allocated to them.
Three Indian companies Wipro, Tata Steel and Tata Power have been named among the World's Most Ethical Companies.
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