From the 30-share Sensex pack, Mahindra & Mahindra, Tata Steel, Adani Ports, JSW Steel, IndusInd Bank, Reliance Industries, HDFC Bank and Kotak Mahindra Bank were the biggest laggards. Tata Motors, NTPC, Hindustan Unilever, Asian Paints and Infosys were the gainers.
Profit in the three months ended September 30, excluding unit Corus, rose to Rs 1,787.81 crore (Rs 17.87 billion) from from Rs 1,190.83 crore (Rs 11.9 billion). Prices per tonne of steel may fall by as much as Rs 4,000 by December, said Koushik Chatterjee, chief financial officer. Demand from makers of trucks and buses have fallen, while supplies to cars and other light vehicle have remained flat.
Investors became richer by nearly Rs 8 lakh crore on Wednesday as benchmark BSE Sensex surged by 740 points amid value buying in utilities and power shares and a strong trend in global markets. The 30-share BSE Sensex surged by 740.30 points or 1.01 per cent to close at 73,730.23.
Stocks of Indian steel companies are reeling from pricing pressure that is partly blamed on cheap imports. The stocks have declined up to 9 per cent on the NSE in one month, likely allowing investors an opportunity to use the correction to enter the pack as pricing pressure eases. "In steel or any other commodity, if prices or spreads are nearing their bottom, it can be an opportune time to invest in those stocks.
Tata Steel's arm here said it had got $130 million as final settlement from the consortium of global steel buyers which had prematurely terminated, in May 2009, a 10-year purchase contract.
This amendment is proposed to be made retrospectively effective from FY16 onwards.
The company was also in the process of preparing the vision document for the year 2015.
While the maximum bonus will be Rs 130,463, the minimum will be Rs 26,610.
NatSteel Asia Pte Ltd (NSA), the Singapore-based subsidiary of Tata Steel, said on Thursday it has acquired two new steel-bar rolling plants in Vietnam for $41 million as part of strategy to expand in the Asia-Pacific.
The steel plant is planned to set up in the Alton North light industrial area of Richards Bay, situated about 150 km north of Durban.
Gujrathi had won the Azerbaijan event last year after outperforming compatriot Arjun Erigaisi.
From the 30-share blue-chip pack, Zomato cracked nearly 7 per cent. Power Grid, Adani Ports, Tata Steel, NTPC, Tata Motors, Tech Mahindra, Mahindra & Mahindra, Asian Paints, Sun Pharma and UltraTech Cement were the other major laggards. In contrast, Axis Bank, Hindustan Unilever, Tata Consultancy Services and IndusInd Bank were the gainers.
European Union steel prices hit their lowest since 2004
Five-time World champion Viswanathan Anand gave a fine endgame lesson to young Alireza Firouzja, jumping to joint sixth position at the end of 11th round of Tata Steel Masters, in Wijk Aan Zee, The Netherlands, on Saturday. With his second victory, Anand clawed his way back to a fifty percent score and will now hope to end the tournament on a high. At just 16 years, Firouzja is less than one third of Anand's age, and the Indian ace showed that the Iranian still has a lot to learn.
From the 30-share Sensex pack, Tata Consultancy Services, Infosys, NTPC, HCL Technologies, Axis Bank, Tech Mahindra, Bajaj Finserv, Sun Pharma, IndusInd Bank and Reliance Industries were the major laggards. Tata Steel, Hindustan Unilever, Mahindra & Mahindra, Nestle and State Bank of India were among the gainers.
World No 3 Shakhriyar Mamedyarov of Azerbaijan, current World Cup winner Levon Aronian and India number two Harikrishna shared the lead with two points apiece.
World No. 1 Magnus Carlsen secured a remarkable double victory at the Tata Steel Chess India tournament, winning both the rapid and blitz titles.
World champion Viswanathan Anand slipped to the second position after he was held to an easy draw by tail-ender Ivan Sokolov of Holland in the eighth round of 75th Tata Steel Chess tournament Wijk Aan Zee, The Netherlands.
World No. 1 Magnus Carlsen recorded a flawless performance, securing victories against S L Narayanan
Net losses of Rs 6,528 crore is entire due to deliberate decision by company to reduce value of its European assets.
World Cup-winning captain Kapil Dev expressed concern over the rising number of injuries among Indian cricketers, attributing it to the demanding schedule.
Tata group has been a constant in India's sporting landscape and the conglomerate's involvement only grew under Ratan Tata.
'Selling could further intensify and take the index towards 22,800-22,750 in the near-term.'
'It is notable how humble he was and didn't want anything different just because he was a Tata.'
Investors' wealth eroded by a whopping Rs 7.15 lakh crore during the morning trade on Friday as equity markets tumbled, driven by sharp fall in IndusInd Bank shares and unabated foreign fund outflows. The BSE Sensex tanked 708.69 points to 79,356.47 and the NSE Nifty plunged 286.35 points to 24,113.05. Tracking the weak trend in equities, the market capitalisation of BSE-listed firms tumbled Rs 715,739.19 crore to Rs 4,36,63,565.73 crore ($5.19 trillion) during the morning trade.
Chief ministers of West Bengal, Jharkhand and Odisha on Wednesday evening condoled the demise of Tata Group's chairman emeritus and veteran industrialist Ratan Tata, and said his legacy will live on forever.
Investors lost Rs 24.69 lakh crore in market valuation in the last four days of severe drubbing in the equity market. Spike in global crude prices, unabated foreign fund outflows, a strong US jobs data diminishing early rate cut expectations, and the rupee logging its steepest single-day fall in nearly two years dampened investors' sentiment.
Rahul Ganapathy and Ashok Kumar's teams finished second and third respectively.\n\n
'The UK is more of a structural problem, and that's why we're doing the restructuring.'
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The company, in a notice to shareholders, said it would come out with a rights issue of ordinary shares and cumulative convertible preference shares, besides issue of securities in the domestic or international markets.
Gukesh was in control with his white pieces giving nothing away to Keymer, one of his seconds, in a Nimzo-Indian defense game.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
Tata Motors reported a consolidated net profit of Rs 17,483 crore (adjusted for exceptional gains and losses) for Q4FY24, surpassing TCS' consolidated net earnings of Rs 12,434 crore. For the automotive major, this marked a 213.7 per cent year-on-year increase in the bottom line, from Rs 5,573.8 crore a year ago. In contrast, India's biggest IT firm saw a more modest Y-o-Y growth of 9.1 per cent in net profit, from Rs 11,392 crore.
Tata Steel said on Tuesday its Board will meet on April 17 to discuss plans for funding the $12 billion acquisition of Anglo-Dutch firm Corus Group Plc.
The British government has been under pressure to help a sale process go through after Tata said it would sell its British business.
