Among Sensex firms, Mahindra & Mahindra, Asian Paints, Kotak Mahindra Bank, ICICI Bank, Tata Motors and Larsen & Toubro closed with losses. However, Power Grid, NTPC, Tata Steel and Hindustan Unilever were the major gainers.
Some feel that Tata Steel has put these assets on the block only after exhausting all the options.
Indian Grandmaster Vidit Gujrathi drew with Richard Rapport of Hungary in the ninth round to be in joint third place with 5.5 points in the Tata Steel Masters in Wijk Aan Zee, The Netherlands.
'Our problem is not a budget deficit but a trust deficit. We need to trust our institutions and industries to innovate and lead. That is the way forward for India.'
Stock markets are in for an event-heavy week ahead with a raft of Q1 earnings from blue-chips, the US Fed interest rate decision and foreign investors trading activity driving investors' sentiment, analysts said. Macroeconomic data announcements, monthly auto sales numbers and global market trends would also guide movement in the domestic equities, they said.
'Due to tariff uncertainty, automotive customers reduced their steel uplift by almost 15 per cent.'
Vidit Gujrathi suffers first defeat
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.
From the Sensex firms, Tata Motors jumped the most by 5.54 per cent, followed by Kotak Mahindra Bank, Trent, Sun Pharma, Axis Bank, and ICICI Bank. However, Bajaj Finance, State Bank of India, UltraTech Cement and Tata Steel were among the laggards.
Tata Steel has been ranked as the best steel making company in the world, for the third consecutive year, by the World Steel Dynamics Inc, USA.
The announcement evoked a sharp response from the UK and Ireland's largest trade union, Unite, which said it would fight for every job and demanded that there would be no compulsory redundancies from Tata Steel.
Procurement Leaders Awards is a benchmark for Global Procurement Excellence given by the Procurement Leaders Forum.
There was an acceptable domestic performance in India but there continues to be concerns about the Europe business and that overshadows the local performance. The consolidated revenues for the Q2FY24 stood at Rs 55,682 crore with an operating profit of Rs 4,315 crore and an operating profit margin of 8 per cent.
Erigaisi in second place, German GM Keymer leads after three rounds of Chennai chess
The latest results suggest Tata Steel Europe may have lost pricing power, though production and turnover are up.
The company agrees to discussions for long-product division with Swiss group Klesch.
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.
Liquidity crisis and demand slowdown has forced Tata Steel, the country's largest steel maker, to put brakes on its greenfield projects in Jharkhand and Chhattisgarh.
Tata Steel on Thursday revived its mega Rs 2,500 crore (Rs 25 billion) project to produce titanium dioxide from ilmenite mined from beach sands of Tirunelveli and Tuticorin districts in south Tamil Nadu.
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).
Indian Grandmaster Vidit Gujrathi held World No. 1 Magnus Carlsen to a draw in the 11th round of the Tata Steel Masters chess tournament
The European unit has a total steelmaking capacity of 18 million tonnes.
High costs and write-down of expensive inventory result in a loss, but analysts see demand & realisations improve.
Overall, Tata Steel becomes the seventh non-financial firm, including four oil PSUs to report quarterly revenues of Rs 50,000 crore.
Grandmaster Vidit Gujrathi won Tata Steel Chess Challengers 2018, at Wijk aan Zee, Netherlands, on Sunday. The victory ensured him qualification for the Tata Steel Masters 2019, where leading chess players from across the world, including World champion Magnus Carlsen, will take part.
From the Sensex firms, Trent, Tech Mahindra, Bajaj Finserv, Reliance Industries, Infosys, Kotak Mahindra Bank, HCL Technologies, and NTPC were among the biggest laggards. However, Eternal, Tata Motors, Sun Pharma, Tata Steel, and Titan were the gainers.
Tribals on Friday took out separate rallies in Orissa's Kalinganagar area, both in support of the Tata Steel project and against it, to mark the third anniversary of killing of 14 tribals in police firing.
According to insiders, Chatterjee shares a good rapport in the group, as well as with bankers, thanks to the fact that he was instrumental in raising finances for Tata Steel's $12.1-billion Corus acquisition.
Among Sensex stocks, Kotak Mahindra Bank, Bajaj Finance, Axis Bank, Power Grid, IndusInd Bank, Maruti, Bajaj Finserv and NTPC were the biggest gainers. However, Eternal, ICICI Bank, Titan, Mahindra & Mahindra, Adani Ports, Tata Steel and Bharti Airtel were among the laggards.
The struggling steelmaker said the sale includes several South Yorkshire-based assets, including electric arc steelworks and bar mill at Rotherham, steel-purifying facility in Stocksbridge and a mill in Brinsworth.
At times, this stress reaches a tipping point, resulting in tragedy. 'Organisations need to empower their people managers to foster psychological safety, where employees feel seen, heard, and supported -- not just as professionals, but as people navigating the pressures of work and life.'
Mistry would be succeeding as the chairman of Tata Group.
