BUSINESS
MC Explainer: New guidelines, challenges for using green hydrogen in steel industry
Pilot projects in existing steel plants can begin by blending a small percentage of green hydrogen in their processes. Upcoming plants should be capable of operating with green hydrogen
BUSINESS
Vedanta has received offers from domestic, international players for non-core assets: CFO
According to media reports, steelmakers JSW Steel and ArcelorMittal feature among the likely bidders for the iron ore mines and a steel plant of ESL Steel, which is a part of the mining company.
BUSINESS
UltraTech Cement aims for zero net debt status by end-FY25
As of December 31, 2023, net debt of the company stood at Rs 5,541 crore.
BUSINESS
Steel PSUs' total investment largely unchanged at Rs 10.33 crore in Interim Budget
At NMDC, the proposed investments were raised 24 percent to Rs 2,200 crore while MSTC's investments were cut 90 percent to just Rs 10 crore.
BUSINESS
Government allocates Rs 270 crore for steel PLI scheme in Budget 2024
Under the PLI 1.0 scheme, the government approved Rs 6,322 crore to give boost the steel sector.
BUSINESS
Cement players cheer FY25 Budget proposal for dedicated corridor, infra spends
The Interim Budget proposed three corridors, including a corridor for energy, mineral, and cement to improve operations of passenger trains, decongest logistics.
BUSINESS
Steel sector cheer 11% rise in infrastructure spending in Budget
Presenting the budget, finance minister Nirmala Sitharaman allocated Rs 11.1 lakh crore as capital expenditure for the next fiscal
BUSINESS
More cities to get Metro corridors, FM says, but allocation finds no mention
The budgetary allocation in the last fiscal for Metro projects was Rs 19,518 crore. The move also aligns with the government's aim to overhaul urban transport in the country and transform regional connectivity
BUSINESS
Metals industry hopes Budget 2024 will boost infrastructure spend, curb Chinese imports
Steel Industries have proposed exemption of customs duty on roasted Molybdenum Concentrate, Ferro Molybdenum and Ferro Nickel Molybdenum and zero customs duty on Steel, Stainless-Steel Scrap coking coal and PCI coal.
BUSINESS
Jindal Steel reports 272% rise in Q3 net profit on price hikes
Consolidated net revenue in the October-December quarter declined 5.9 percent to Rs 11,736 crore amid lower volumes
BUSINESS
Ambuja Cement Q3 profit zooms 123% on the back of prices hikes, demand surge
During the quarter, the Adani Group company completed the acquisition of Sanghi Industries and its subsidiary ACC Ltd completed the acquisition of the balance 55% stake in Asian Concretes and Cements Private Ltd, amid robust expansion plans to grab market share.
BUSINESS
Tata Steel see clear skies for Europe operations in coming years post restructuring, says CEO
Tata Steel CEO said the Netherlands unit is expected to see positive growth next year, while the company's UK operations will see an improvement in operational performance once restructuring measures are complete
BUSINESS
BPCL profit rises on healthy Q3 refining margins, but misses estimates
Analysts had anticipated net profit is around Rs 3,303.80 crore, down around 70 percent QoQ, with a YoY increase of about 30 percent.
BUSINESS
JSW Steel to continue shopping spree, no deals likely in FY24: Joint MD Jayant Acharya
Higher coking coal costs remains a challenge for the company which faced a $21 increase for the steel making ingredient on QoQ basis. JSW Steel is looking at acquiring international and domestic coking coal mining assets to improve its raw materials security, thereby shielding margins from cost pressures.
BUSINESS
Accused of hypocrisy, Tata Steel say UK closures in line with climate goals
Tata Steel chief executive officer TV Narendran tells Moneycontrol the company will look to build more capacity in India as it's a growing market. The company has never said it will stop building blast furnaces, he says
BUSINESS
JSW Steel trims FY24 capex by Rs 2,000 crore
The capex is part of the Rs 49,000-crore spend that JSW had outlined over a three-year timeframe.
BUSINESS
Tata Steel swings to profit in Q3 on strong India demand, misses estimates
Robust spending on infrastructure pushed up steel prices, benefitting steelmakers in India. The demand helped Tata Steel clock ‘best-ever 3Q’ sales with domestic deliveries of 4.88 MT.
BUSINESS
Hindustan Zinc to continue reducing cost of production to shield margins
Zinc COP for the quarter was 15% down as compared to last year, the company is now looking to adopt alternate fuel innovation and increase focus towards operational efficiencies to control the costs.
BUSINESS
Lokpal findings flag irregularities in SAILs commercial dealings, directs CBI probe
Lokpal's order disclose allegations levelled against SAIL's chairman and executive director (Sales and ITD) for relaxing prices causing losses to the state-owned steel entity. Its dealings with Venkatesh Infra Projects and Avon Steel Industries will be probed by CBI.
BUSINESS
SAIL's finance and commercial directors suspended after getting directions from Lokpal
Separately, NMDC also announced that V. Suresh, Director (Commercial) has been suspended with immediate effect.
BUSINESS
IndiGo vows to return to earlier on-time performance standards
As of Jan 17, IndiGo's OTP remained at 43.7% that was the lowest among its peers, according to data from ministry of civil aviation.
BUSINESS
Explainer: Why India's lithium deal with Argentina is important to reduce dependence on China
The deal will provide a platform for NALCO, HCL and MECL to understand the technical know-how of exploration and extraction of lithium, a key mineral used in batteries.
POLITICS
NALCO JV signs pact to explore, develop 5 lithium blocks in Argentina
State-owned Khanij Bidesh India Ltd (KABIL) is also preparing to set up a branch office at Catamarca, Argentina.
BUSINESS
Exclusive: RDC Concrete plans to go public next year with valuation up to Rs 4,000 crore
RDC has a network of 100 RMC plants spread across the country and has grown to become India’s largest independent non-cement ready-mix concrete manufacturer.
