BUSINESS
Metals and mining industry seeks spending boost on infrastructure, logistics from the Union Budget
In the interim budget, the sector was disappointed by the lack of specific announcements or allocations.
BUSINESS
Capital goods sector expects Union Budget 2024 to have higher allocations towards railways, power
In FY24, spending by the government on railways grew a strong 28 percent on-year and on defence by 10 percent. Conventional sectors increased capex spend by 6-8 percent and investments in renewable capacity increased by a healthy 18 percent, according to Crisil
BUSINESS
JSW Steel sees sales volumes to increase in sustainable product portfolio: CEO
For Q1FY25, the company posted a 64% fall in consolidated net profit, hit by lower sales volume and inventory losses, amidst dwindling steel prices. Production shutdowns and correction in prices impacted close to Rs 2,000 per ton loss on the operating performance of JSW Steel.
BUSINESS
Reliance Q1 Results: O2C EBITDA slips 14.3% but oil and gas segment posts strong growth
The O2C segment’s revenue increased by 18.1 per cent Y-o-Y to Rs 157,133 cror driven by both higher prices for their products and increased sales volumes.
BUSINESS
JSW Steel is discussing trade measures with govt to curb imports: CEO
The discussions come in the backdrop of elevated imports pressuring domestic steel prices, which in turn, impacted earnings of the steelmaker even as raw material cost remained low.
BUSINESS
MC Exclusive: Govt may boost green ammonia production with Rs 10,000-crore viability gap funding scheme in Budget 2024-25
There is a large difference in the cost of production between grey and green ammonia. The cost of natural gas is a major element of the cost for the production of grey ammonia.
COMPANIES
Hygenco exploring stake sale, in talks with global investors: Co-founder Anshul Gupta
The fresh inflow of funds will help the company achieve its goal of developing 10 giga watts (GW) of 'commercially attractive' production and distribution assets by 2030
BUSINESS
Tata Steel says no change in UK strategy despite new government
Tata Steel operates a 3 million tonne per annum (MTPA) plant at Port Talbot in South Wales, employing approximately 8,000 people across its operations in the country.
BUSINESS
L&T keen on offshore wind foray to expand green energy portfolio
The company has started bidding for offshore wind projects abroad and is keen to tap the opportunity in India.
BUSINESS
L&T gearing up to tap $60-bn oil-to-chemicals opportunity in Middle East, says energy head
L&T, which has for the last many years decided to focus on its asset-light engineering business, will also be wearing the hat of a developer for green hydrogen.
BUSINESS
MC Exclusive: L&T in talks with global EPC majors to form JVs for mega projects in the Middle East
L&T may be exploring tie-ups with engineering majors like JGC Corporation (formerly Japan Gasoline Co), Toyo Engineering Corporation, Samsung Engineering, and Hyundai Engineering and Construction, according to industry sources.
BUSINESS
L&T acquires land at Kandla port, eyes more in Odisha for export-oriented green power projects
L&T has a multi-pronged strategy for green hydrogen and ammonia as it aims to leverage its capabilities as a contractor and set up manufacturing capacity as a project developer. The port land will give the company access to export markets.
BUSINESS
Budget 2024: Capital goods sector expects higher allocations towards railways, power
In FY24, spending by the government on railways grew a strong 28 percent on-year and on defence by 10 percent. Conventional sectors increased capex spend by 6-8 percent and investments in renewable capacity increased by a healthy 18 percent, according to Crisil
BUSINESS
Budget 2024: Cement industry eyes further step up in infra spend
In the Interim Budget 2024-25, the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, announced an 11.1 percent increase in the capital expenditure outlay for infrastructure.
BUSINESS
Indian Oil JV firm to raise up to Rs 1,200 crore to finance CBG plant projects
Indian oil majors are pivoting towards biofuels like CBG to enhance energy security, reduce greenhouse gas emissions, and achieve net-zero goals.
BUSINESS
JSW Energy bumps capex to Rs 1.15 lakh crore for 'Strategy 2.0'
The investment will likely be directed towards various renewable energy projects, including solar, wind, and energy storage technologies
BUSINESS
Centre issues guidelines for funding of testing facilities, infra under National Green Hydrogen Mission
For government entities, MNRE will fund up to 100 percent of the capital cost for equipment, installation, and commissioning of the equipment while for priavte entities the ministry will cover 70 percent of the cost, according to the guidelines.
BUSINESS
Budget 2024: Metals and mining industry seeks spending boost on infrastructure, logistics
In the interim budget, the sector was disappointed by the lack of specific announcements or allocations.
BUSINESS
NHAI issues show cause notices to 11 steelmakers flagging quality issues of TMT bars
Thermo-Mechanically Treated (TMT) bars play a critical role in highway construction, providing several essential benefits that ensure the durability, safety, and longevity of road infrastructure
BUSINESS
Why Russia's new trade route to India is pertinent to the domestic steel industry: MC explains
Coking coal prices saw a significant increase in 2022 and peaked at approximately $670 per tonne. This rise in prices put substantial pressure on the margins of Indian steel producers, leading to higher steel prices domestically.
BUSINESS
Tata Steel launches legal action against UK union over strike call
Around 1,500 Tata Steel workers in Britain will begin an indefinite strike from July 8 over the company's plans to close two blast furnaces and cut up to 2,800 jobs, the trade union Unite said on June 21.
BUSINESS
Skilled labour shortage challenges India's infra ambitions
While the exodus of workers post Covid has left construction firms struggling, extreme weather conditions have compounded the problem, resulting in lower labour turnout at project sites.
BUSINESS
Secondary steel sector continues to tap IPO market, driven by govt's infra push, capex plans
On June 20, Vraj Iron and Steel formally launched its initial public offering (IPO), making it the third SME in the sector to go public in the last six months.
BUSINESS
Too early to discuss LTIMindtree’s CEO succession plan, says L&T’s AM Naik
LTIMindtree's chairman emeritus Naik has shared that the conglomerate would start to look for a successor to CEO Debashis Chatterjee only six to nine months before his term ends.
