Tata Steel on Friday said it will cut 900 jobs in the UK as part of major restructuring of European operations to make the company an "all-weather" steel producer, capable of succeeding in difficult economic conditions.
Tata Steel has ventured into pilot projects that promote use of steel in furniture and house doors.
Tata Steel plans to expand capacity to 10 million tonnes at Jamshedpur by August 2011 from 6.8 million tonnes.
State Bank of India, Tech Mahindra, Larsen & Toubro, Tata Steel, Sun Pharma, Infosys, HCL Tech, Axis Bank, Tata Consultancy Services and NTPC were among the biggest laggards among Sensex shares. Nestle, Hindustan Unilever, Titan, Power Grid, UltraTech Cement and ITC were among the gainers.
Anand moved to joint sixth spot with 2.5 points on a day that saw Firouzja Alireza scoring a sensational victory over super-solid Anish Giri of Holland.
Consultants said the fact that Oberoi had no debt on its books and Kalpataru had low debt helped the two in the slow realty market.
Dalal Street investors were a poorer lot on Monday as their wealth eroded sharply by Rs 14 lakh crore following a sharp decline in benchmark indices amid a global market meltdown due to recession fears. The 30-share BSE Sensex tumbled 2,226.79 points or 2.95 per cent to settle at 73,137.90. Intra-day, the benchmark slumped 3,939.68 points or 5.22 per cent to 71,425.01.
R Praggnanandhaa split points with Czech hero David Navara while compatriot Aravindh Chithambaram escaped with a draw with another local star Nguyen Thai Dai Van in the first round of the Prague Masters.
During the quarter, exceptional items stood at Rs 1,899.64 crore, which includes an actuarial gain of Rs 1,850.25 crore on funds for employee benefits. Total income zoomed 425 per cent to Rs 32,535.15 crore from Rs 6,192.95 crore. Total expenditure, however, jumped 551 per cent to Rs 28,803.59 crore as well.
This will be over and above a Rs 3,655-crore domestic rights issue and a Rs 4,350 crore convertible preference share issue the company announced last month.
Hit by weak demand and prices in its main European market.
Steel firms brace for good times on the back of better demand.
Indian grandmaster Viswanathan Anand played out a draw againt Peter Svidler of Russia in the eighth round of Tata Steel Masters underway, in Wijk Aan Zee, The Netherlands, on Sunday.
Overriding stiff global competition, India's private sector steel giant Tata Iron and Steel Company has attained recognition as the "best steel company" in the world.
The youngest-ever world champion, Gukesh Dommaraju will take on Magnus Carlsen, the world's highest-rated player, in a highly-anticipated contest at next year's Norway Chess.
Tata Steel's global footprint is spreading at a furious pace.
'The biggest impact will be on coal and hence on power cost. Then comes iron ore, coking coal, bauxite.'
With global major Mittal Steel likely to foray into India with its proposal to set up a five million tonne steel plant in Jharkhand, Tata Steel has asked the government to check its track record before inviting the company.
Credited with turning around Tata Steel in the 1990s, J J Irani has stepped down on turning 75, from the company Board, bringing to an end his 43 years of association with the world's seventh largest steel making company.
Tata Steel constitutes committee headed by Ishaat Hussain to ascertain the facts
A senior official of Tata Steel on Wednesday indicated that the steel major might provide a rehabilitation package for the 1,700 workers slated to lose their jobs due to the partial mothballing of its subsidiary, Corus' Teesside plant in Britain.
Grandmaster R Praggnanandhaa scored his second victory on the trot, outwitting Vincent Keymer of Germany to join compatriot Aravindh Chithambaram at the top on three points after the end of the fourth round of the Prague Masters.
From the 30-share blue-chip pack, Adani Ports dropped over 4 per cent. UltraTech Cement, Sun Pharma, IndusInd Bank, NTPC and Tata Steel were also the among the laggards. Nestle, ICICI Bank, Infosys, Tata Consultancy Services and HCL Tech were among the gainers.
As part of restructuring, Tata Steel UK informed its lenders on Tuesday that it would prepay debt of over 200 million pounds to continue its objective of making its European operations debt-free. Non-recourse debt is a secured loan that is availed of by pledging collateral but there is no personal liability on the part of the borrower.
Anand played the Italian game with white pieces but could get little out of opening against Vituigov.
In an eventful week ahead, stock market investors will take cues from major events like the US Federal Reserve's interest rate decision, the upcoming Union Budget and Q3 earnings, analysts said.
It was on move 21 that Giri thought he was out of trouble and proposed a draw.
Newly-crowned world chess champion D Gukesh is looking forward to the day when the sport will become a part of the Olympic curriculum, which, he said, would take it to an altogether different level not just in India but across the world.
The day produced four decisive games and it was again the youngsters who provided most of the entertainment.
The 21-year-old stayed on course towards capturing his maiden professional title when he shot a two-under 68 in the second round to to open up a three-stroke lead over second placed Zai Kipgen and Mukesh Kumar.\n\n
World champion Viswanathan Anand suffered a shocking last-round defeat against Wang Hao of China and had to be content with a joint third finish at the 75th Tata Steel Chess tournament in Wijk Aan Zee, The Netherlands.
Earlier this week, Tata Steel vice-president (safety and long products) Hridayeshwar Jha had said that there was scope for a 'correction in prices of the long steel products depending on market conditions and the monsoon season." Leading domestic steel producers, including SAIL, JSW Steel, have already announced a reduction in prices of the long steel products by up to Rs 2,000 per tonne effective August 1.
The CAG report had alleged the government had passed on financial gains of Rs 1.86 lakh crore to private companies by not auctioning the coal blocks.
