Industrial metals (ferrous and non-ferrous) suffered great volatility once the Ukraine War began in February 2022. First, there was a sharp price rise due to fears of supply disruption, followed by weak global demand. China's weakness and rolling lockdowns have hit production and demand.
With Housing Development Finance Corporation's (HDFC's) merger with HDFC Bank becoming effective on July 1, the merged entity is set to become the top weight in the benchmarks S&P BSE Sensex and the National Stock Exchange Nifty indices, dislodging the country's most valuable company, Reliance Industries (RIL), from its perch. HDFC will stop trading after July 13. At present, RIL has a weighting of close to 12 per cent in the Sensex and 10.3 per cent in the broad-based Nifty. Meanwhile, HDFC Bank and HDFC have weights of 9.9 per cent and 6.8 per cent in the Sensex and 8.8 per cent and 6 per cent in the Nifty, respectively.
In view of the high demand for oxygen in the country following a record spike in coronavirus cases, the Railways has decided to run Oxygen Express trains to transport liquid medical oxygen and oxygen cylinders across the country.
While the deal would help reduce debt at Jindal Steel, it would also be a boon for State Bank of India, which has been trying to broker an agreement between the companies
The National Stock Exchange (NSE) Nifty Next 50 Index could undergo large-scale changes if the proposed tweaks to its computation methodology get implemented. In a discussion paper floated recently, NSE Indices, which owns and manages a portfolio of over 350 indices under the Nifty brand, proposed that only stocks that are traded in the futures and options (F&O) segment can be part of the index. Currently, as many as 11 non-F&O stocks are part of the Nifty Next 50 Index, which, as the name suggests, represents the next rung of large and liquid securities after the Nifty50.
Notwithstanding expectations of a pick-up in construction activity during a seasonally strong January-March quarter (fourth quarter) of 2022-23 (FY23), analysts are cautiously optimistic about the building material sector - encompassing paints, pipes, wood panels, tiles, metals, and cement - as volatile input costs, coupled with fears of a global slowdown, are making demand projections uncertain. Against this backdrop, analysts suggest investors stay selective and pick stocks of companies with stronger brand recall, expanding distribution network, diversified product profile, healthier balance sheet, and sustainable cash flow. "The government's various proposals under Budget 2023-24 (FY24) may lead to the building material segment growing between 8 per cent and 12 per cent for the next five years.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Bids for eight coal blocks were sent for re-examination.
The new entrants comprise Asian Paints, Britannia, Titan, Nestl, Bajaj Finance and Bajaj Finserv.
Court says no evidence of cartel in low bids for coal blocks.
Markets this week would be guided by the ongoing quarterly earnings, macroeconomic data announcement and global trends, analysts said. The government will release industrial production data for June and inflation data for July this week. The RBI has revised its retail inflation forecast to 5.7 per cent, up from the earlier 5.1 per cent due to price pressure on account of supply constraints and high crude oil prices.
The imposition of 15 per cent export duty on steel has suddenly altered the prospects of the sector to negative and led to a big sell-off in steel stocks. Iron ore and pellet exports have to face duties of 45-50 per cent, which means they become uncompetitive. The Ukraine war has led to a supply crunch in global markets and pushed up prices, with Europe, in particular, looking for replacements for Ukrainian and Russian exports.
Jindal Steel and Power and JSW Steel, are in competing talks to buy parts of insolvent Italian steelmaker Lucchini.
'We would like to develop Andhra Pradesh into a logistics hub not only for India, but also for South Asia.'
Raw material prices had been on the rise, but since Russia waged war on Ukraine, prices have surged.
Ajit Mishra answers reader queries on the stock market.
With the Adani and Jindal groups and Mukesh Ambani-owned Reliance Industries joining the race to buy Videocon Industries' (VIL's) assets, lenders are expecting aggressive bids for VIL's consumer durables and overseas oil assets, which are to be sold in separate auctions. The entire asset sale exercise is expected to be completed in the next six months, said a banker. A promoter entity of Naveen Jindal-owned Jindal Steel and Power has also evinced interest in the second round of bids for VIL's consumer durable business. The deadline to submit bids for VIL's assets ended on February 2.
The trading firm is under pressure from lenders to raise funds.
In 2014, the Supreme Court of India revoked the allocation of more than 200 coal blocks which were sold by the government
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
Jindal Steel is planning to set up a new steel plant in West Bengal at an investment of Rs 10,000-12,000 crore (Rs 100-120 billion).
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
Prices in the domestic market are increasing because there is a demand pull, and internationally, prices have gone up.
Forest land measuring 1838.79 hectares in Odisha has been diverted for 15 industrial projects in the state between 2004 and 2013.
Ajit Mishra, vice president, research, Religare Broking, answers your stock market queries.
The dip in net profit, according to the annual general report, was due to a rise in depreciation and financial cost of its debt and for funding various expansion projects.
Naveen Jindal, Chairman and Managing Director of Jindal Steel and Power Ltd (JSPL), has topped the executive pay charts for listed companies in India.
Ministers are forbidden to have any connections with businesses that are related to the work they conduct for the government.
Zee Business Editor Samir Ahluwalia, who along with his colleague Sudhir Chaudhary is accused in an extortion case, on Thursday filed in a Delhi court a criminal defamation complaint against Naveen Jindal, his firm Jindal Steel and Power Ltd (JSPL) and its 14 officials.
The unholy nexus between business and politics has taken a whole new form, says Bhupesh Bhandari.
Central Bureau Investigation has asked Congress MP Naveen Jindal, who is currently abroad with his family, to join its probe in the allocation of a coal block to his company Jindal Steel and Power Limited.
Congress Member of Parliament Naveen Jindal and former minister of state for coal Dasari Narayan Rao have been named as accused in the fresh FIR filed by the Central Bureau of Investigation in connection with the coal allocation scam. Congress Member of Parliament Naveen Jindal and former minister of state for coal Dasari Narayan Rao have been named as accused in the fresh FIR filed by the Central Bureau of Investigation in connection with the coal allocation scam.
Zee News Editor Sudhir Chaudhary on Thursday told a Delhi court that Congress MP Naveen Jindal and 16 other officials of his firm against whom he had filed a criminal defamation complaint, had levelled "false allegations" against him to tarnish his image.
A Delhi court on Wednesday took cognizance of Zee Business Editor Samir Ahluwalia's criminal defamation complaint against Naveen Jindal, his firm Jindal Steel and Power Ltd and its 14 officials.
In a significant development, a Delhi court on Thursday took cognisance of Zee News Editor Sudhir Chaudhary's criminal defamation complaint against Congress MP Naveen Jindal and 16 officials of his firm Jindal Steel and Power Ltd (JSPL).
India's resource-hungry corporations are going aggressive to acquire natural resource assets overseas.
Hospitals in the national capital continued to grapple with a shortage of oxygen, saying they are still operating on the "beg and borrow" mode, while three of them also raised the issue before the Delhi high court on Monday, stating they were not receiving enough supplies.
Over the weekend, many companies stepped in to ease the bottleneck in supply and transportation of oxygen, as demand ran high with the surge in cases.
In a new twist in its case against Zee News, Jindal Steel and Power Ltd on Thursday showed tapes -- purportedly recorded in a sting operation -- alleging that the channel tried to blackmail the company and extort Rs 100 crore for not airing stories against it on coal block allocation.
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