BUSINESS
RINL losing Rs 40-50 crore revenue a day amid ongoing strike at Adani's Gangavaram port
The battle for fair wages has been choking RINL’s coking coal supply for more than a month, making the decades-old steelmaker struggle to meet statutory payment obligations.
BUSINESS
Vedanta, Tata group to scout for lithium mines in Zambia, Congo
State-run miners Coal India and NMDC are exploring lithium mines in Chile and Australia, mines secretary VL Kantha Rao has said. India is also looking to tie up with Chile for copper assets
BUSINESS
Welsh first minister says he hopes Tata Steel to hold talks with Port Talbot workers soon
Tata Steel announced on April 25 that the steelmaker will proceed with its £1.25-billion investment to build an electric arc furnace in Port Talbot, replacing two blast furnaces and commence closure of the existing heavy end assets in the following months.
BUSINESS
JSW Energy earmarks capex worth Rs 15,000 crore for FY25
JSW Energy is chasing inorganic expansions to fuel growth and is looking at backward integration by getting into manufacturing for wind and solar power equipment to de-risk its growth plans from supply chain disruptions.
BUSINESS
JSW Energy's board approves raising Rs 10,000 cr amid expansion plans
JSW Energy has also proposed to seek an enabling approval from the board members at the ensuing Annual General Meeting to raise funds not exceeding Rs 10,000 crore, as and when required.
BUSINESS
Vedanta plans investments worth $20 bln in India over next 4 years: Chairman Anil Agarwal
The investments would be focused into the glass and semiconductors business, intensifying investments on the electronics side, among others, said Agarwal
BUSINESS
Why are cement prices declining in India? MC explains
Aggressive volume push at the expense of pricing resulted in an about 6% sequential decline in cement prices to Rs 370- Rs 375 on average per 50 kg bag in the fourth quarter.
BUSINESS
UltraTech Q4 results: Net profit rises 35% to Rs 2,258 crore, beats estimates
UltraTech Q4: The cement manufacturer's board has recommended a dividend of Rs 70 a share for FY24
BUSINESS
How will India benefit from Tesla's entry into rooftop solar?
Tesla will hopefully reduce the Indian solar sector's dependence on China by boosting local manufacturing and bringing the latest technology. The company is reportedly scouting for local partners to make its rooftop solar panels in India.
BUSINESS
Tata Steel to go ahead with £1.25-billion investment for Port Talbot furnace
In the FY 2023-24, Tata Steel UK recorded a negative EBITDA of £ 373 million and negative free cashflow of £ 623 million, the steelmaker said.
BUSINESS
Vedanta expects sale of steel business to be done between Q1 and Q2 this fiscal
Vedanta initiated an evaluation of its steel and steel raw material business in June last year amid plans to to focus on its core mining businesses.
BUSINESS
Vedanta Q4 net profit falls 27% on subdued metal prices, high finance costs
The company plans to allocate $1.9 billion for capital expenditure in FY25, with about $800 million for artificial intelligence and power initiatives.
BUSINESS
IOCL extends bid submission dates for first green hydrogen plant to May 7
The company floated a revised tender in March for the facility, which is to come up in Panipat, after the first one was quashed over allegations that the norms were tailored for a joint venture that included IOCL
BUSINESS
Hindustan Zinc plans $300 mn capex for FY25
The miner reported a 21 percent drop in fourth-quarter net profit to Rs 2,038 crore from a year earlier on April 19, as zinc prices remained depressed amid supply outpacing demand growth.
BUSINESS
Demerger will begin after government divests stake: Hindustan Zinc CEO
Moneycontrol had reported last year that the government will dilute about 3.5 percent out of the total 29.5 percent stake via offer for sale (OFS) route
BUSINESS
Vedanta expects demerger of units to be completed by December 2024
Vedanta announced the demerger of its business to create 6 different entities on September 29. The newly created entities will be Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Materials and Vedanta Ltd.
BUSINESS
Why is global demand for Indian iron ore exploding? MC Explains
According to BigMint data, exports of iron ore pellets increased nearly 80% y-o-y to 11.3 mnt in FY'24 as against 6.3 mnt in FY23.
BUSINESS
Not perturbed by conglomerates entering paints business; not an easy sector to crack: Asian Paints CEO
With a share of over 50 percent, Asian Paints leads the market by a distance, followed by Berger Paints with 18%, Kansai Nerolac Paints with 15%, and AkzoNobel (Dulux) with 7%.
BUSINESS
Asian Paints launches Neo Bharat Latex Paint to tap on booming demand
The company, which is the leading player in India, touts the new segment to being affordable, offering over 1000 shades for consumers.
BUSINESS
'Worst is behind us': Vistara CEO tells staff in newsletter
Vistara CEO said " worst is behind us, and we have already stabilised our operations, with our on-time performance (OTP) increasing to 89% on 9 April 2024 (second highest among all Indian airlines)".
BUSINESS
L&T, CPP investments, sell entire stake in L&T IDPL to Edelweiss Alternatives-backed platform
Epic Concesiones Pvt Ltd buys out entire stake in L&T Infrastructure Development Projects Limited at an enterprise value of Rs 6,000 crore
BUSINESS
India's goal to become pivotal player in global hydrogen market gets a push
In Kandla, the DPA plans to develop a 7 million metric tons per annum (MMTPA) plant for green ammonia production and a 1.4 MMTPA plant for green hydrogen.
BUSINESS
Some pilots tender resignations amid disagreement with management at Tata Group airlines, Air India dismisses claims
Pilots of both airlines have pointed out that under the new contracts, guaranteed minimum flying allowance has been reduced from 70 hours to 40 hours resulting in a monthly pay cut of Rs 1 lakh for First Officers. Air India denied that anyone had resigned. "There is no truth in your assertion about First Officers resigning from Air India."
BUSINESS
IOCL tweaks tender norms for maiden green hydrogen plant, but what are the revisions? MC Explains
A legal dispute prompted IOCL to reissue the tender for the green hydrogen plant last month, removing the controversial right of first refusal clause. However, potential bidders said that IOCL also introduced changes to the eligibility criteria, making it difficult for them to place bids.
