VAL, a unit of London-listed Vedanta Resources, has about 550 employees. It closed down the 1-million-tonne per year refinery exactly two weeks ago due to a shortage of bauxite, the key raw material used to produce alumina.
Corporate India reported high double-digit growth in net profit for the fourth consecutive quarter in October-December 2023 (Q3FY24), driven by margin gains from lower prices of raw material and energy.
The new packaging norms, which will kick in on November 1, will push up the product prices.
OSAT majors have concerns about India's ability to provide a stable, predictable, and lasting policy environment for years to come, which is key for making a decision in a capital-intensive business.
The Supreme Court's landmark decision to allow reopening of Category-A and Category-B mines in Karnataka has come as a big relief to the mining sector and the ore-starved steel industries in the state.
Companies are trying to absorb the rising costs by investing in consistent supplies. One of the biggest priorities is to make the supply chain more efficient and resilient.
Welspun now wants to shift focus back on the core business of steel and pipes rather than the big-ticket infrastructure sector.
Pakistan's High Commissioner to Australia, Abdul Malik Abdullah, said if Australia is willing to export uranium to India then it should sell it to Pakistan as well.
"The basic cause behind insurgency and Maoists activities or naxalism is frustration over lack of livelihood options. So we need to create jobs or source of income for youth in backward areas to prevent them from going astray. It is not true only in case of Assam but for the whole of the country," Gogoi said.
Steel producers have already increased prices by 3-5 per cent, which will consequently hit the construction and automobile industries.
It argued that the duty reduction will not lead to revenue loss for the government.
'Now that all the early adopters have the electric car, governments are backing down in some countries because they do not have the money to subsidise so much.'
After establishing its dominance in the export of bulk drugs (raw materials for medicine production) to India, the Chinese drug industry is exploring ways to enter the final frontier in drug production - the finished goods or formulation business - in the country.
You increase the production, only then it is possible to reduce cost, Gadkari said.
The Street's optimism on India's largest listed automotive maker by market capitalisation is not misplaced, given the robust wholesale performance in recent months and the strong 2023-24 (FY24) October-December (Q3) results.
Regional and local fast-moving consumer goods (FMCG) brands are gaining momentum at the cost of national brands for the second quarter in a row. Consumer brands are now losing out on share, especially at the mass end of the market. Local brands have been able to capture market share as prices of raw materials are lower.
Remove 10 per cent Excise Duty on Branded Garments or reduced it to 1 per cent level in line with 130 Other Items. Extend benefits of Section 35 (2AB) of the Income Tax Act (deduction of 150 per cent of the expenditure incurred on In-house Research and Development Facility by any Company engaged in the business of Manufacture or Production of any Article or thing specified in the Eleventh Schedule).
Unprecedented rains and floods in the northern region in the past few days have not only caused extensive damage to lives and property but have also impacted business and commercial establishments. Vegetable prices have gone through the roof in the national capital and many other parts of the country since rains started pouring earlier this month. Traders say vegetable prices would come down only after roads open and skies clear, even as water in the fields will take time to recede.
Threaten similar action on competitors if tyre prices aren't cut.
"The committee will work toward pooling of international and domestic coal prices so that the cost of production does not rise... as international coal is expensive and also domestic coal is not sufficient for the plants," a senior Power Ministry official said.
Forced to cut prices by 2-3% due to cheaper imports from Japan, Korea and China
The central government's decision to stockpile another 20 million capsules of generic Tamiflu (Oseltamivir) to strengthen its preparedness to fight the H1N1 epidemic has alerted domestic pharmaceutical companies.
Equity indices frittered away a good start to close with modest losses on Monday, pressured by heavy selling in metal stocks after the government imposed export duties on steel-making raw materials to curb soaring prices. The 30-share BSE Sensex opened strong and gained momentum as the session progressed, but came under severe selling pressure in afternoon trade to close 37.78 points or 0.07 per cent lower at 54,288.61. On similar lines, the broader NSE Nifty slipped 51.45 points or 0.32 per cent to end at 16,214.70.
PricewaterhouseCoopers surveyed 1,201 chief executives in 69 countries.
Bharatiya Janata Party MP Hansraj Ahir, who has been at the forefront in exposing the scandalous free allotment of coal blocks by the United Progressive Alliance, explains the modus operandi of the coal scam in the second and final part of his interview with rediff.com's Sheela Bhatt.
While they could pass on the burden of increased input costs to customers, a shortage of components, compounded by the March 11 tsunami and quake in Japan and the Reserve Bank's latest rate hike -- which could affect car financing -- have made them jittery over their prospects in the short-to-medium term.
Leading steel manufacturers SAIL and Essar Steel on Friday refuted the charges of 'cartelisation' and 'unfair trade practices', levelled by ancillary steel producers, by attributing steep hike in HR Coil prices to sky-rocketing raw material costs.
Several Indian fertiliser companies are in talks with foreign firms to set up production units jointly, the government said.
FMCG sector will benefit from measures taken to negate food inflation pressure on common man and also measures to boost disposable income.
Thanks to the turnaround in JLR's performance, the stock has been the best performer in the large cap auto segment.
Ficci has suggested formulation of a 'manufacturing policy'. Such a policy will spell out guidelines for attaining a 12% growth of the sector annually. Guidelines will help in terms of incentives and subsidies; technology development; development of sustainable raw material base; regulatory and procedural reforms to the manufacturing sector. The manufacturing sector's profitability has been badly affected in the last few months & the government needs to intervene immediately.
'Auto, pharma, and industrials have delivered well in the recent quarter, while businesses like quick-service restaurants, consumer staples, and durables have underperformed in volume growth.'
Players also seeks clarity on tax breaks under Sec 80-IB on Natural gas produced under NELP I-VIII, besides seeking declared goods status for natural gas
Welspun Maxsteel, wholly owned subsidiary of the $3-billion Welspun Group, has kept its proposed steel factory plan in Maharashtra on hold due to the shortage of raw material and energy. The delay in environment clearances has also forced the company to keep the project in abeyance for now.
Two O P Jindal group companies, JSW Steel and JSL Stainless, have entered into an agreement. JSL Stainless will produce coke for JSW Steel and the raw material to produce coke will be supplied by JSW.JSW Steel is promoted by Sajjan Jindal. His brother, Ratan Jindal, is managing director of JSL Stainless.
May take Rs 1,000-crore hit to re-route country's longest slurry pipeline
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said. Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel has gone up from Rs 86.67 per litre to Rs 87.47. Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.
Virendra Kumar Sinha's pollution control device can be attached to generators or other diesel engines, to bring down noise and air pollution.
Indian fertiliser companies are planning to invest around $5 billion (Rs 21,000 crore -- Rs 210 billion) in overseas joint ventures over the next three years. These companies are in negotiations for 19 such ventures, said government officials. These joint ventures are aimed at sourcing nitrogenous, phosphatic fertilisers and other raw materials.
Orissa can now divert forest land for the steel project.
