The Ferro Alloy industry has a capacity of 5.15 million tonnes.
Residential areas now exist cheek by jowl with smokestacks, while convoys of heavy trucks rumble through narrow roads day and night, throwing up clouds of dust.
The ferro alloy sector seeks hike in customs duty on entire range of ferro alloys to 10%, except retaining customs duty on ferro nickel at 5%, which is fully imported.
"ArcelorMittal has shown interest in the stake buy and the due diligence will start soon," said an official familiar with the development. The Facor stock closed at Rs 23.5 a share on the Bombay Stock Exchange today. At the current price, the company has a market capitalisation of Rs 435 crore. However, the deal is expected at Rs 35 a share, about 50 per cent premium to the current market price.
Without changes to the taxation rules, buybacks are expected to remain scarce.
Tata Steel has expanded its presence in Orissa following acquisition of 100 per cent of equity stake in Rawmet Industries Private Limited, a company having its registered office at Kolkata, at an enterprise value of Rs 101 crore (Rs 1.01 billion).
Shravan Kumar Gupta, managing director of Haridwar-based Asian Ferro Alloys Limited, was arrested on Wednesday.
With a robust outlook for mineral-led growth in India, Anil Agarwal-led Vedanta Limited is looking to invest up to $20 billion across its businesses, which includes doubling of silver production and steel capacities. In a virtual press conference had last month, Agarwal said the company planned a capex of $5 billion over a period of three years. The company has not given a timeline for $20-billion investment.
'For our traditional membership base, it would be an access to disruptive ideas,' FICCI President Subhrakant Panda tells Asit Mishra/Business Standard.
Despite facing tough times for a while now, a May 2014 press release of Prakash Industries said it had added capacities in its steel melting and ferro alloys divisions.
The broad market depicted strength. 1,525 shares rose and 1,131 shares fell. A total of 156 shares remained unchanged
Mining baron Anil Agarwal-led Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction which also have aggressive bids by Aditya Birla Group, Adani and Naveen Jindal group, but was shunned by foreign players.
And what if all this happened so fast and so extensively that we never quite had the opportunity to call the broker and say 'Sell'?
The development comes after a recent notification from the Union home ministry, which has permitted companies to resume manufacturing operations and reopening of shops in red, green and orange zones with certain riders.
Factories are shutting down owing to a shortage of labour and raw materials, and a lack of logistical support amid the ongoing nationwide lockdown against the coronavirus pandemic.
Lagadapati Rajagopal, now being referred to as the 'pepper spray member of Parliament', is holding talks with Andhra Pradesh's caretaker Chief Minister Nallari Kiran Kumar Reddy about floating a new political party.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The 30-share Sensex and the 50-share Nifty ended flat at the mark of 27,403 and 8,248 respectively.
Markets in green tracking firm global cues.
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