BUSINESS
Cement companies expect demand to remain robust, shrug off slowdown concerns
During Q3, UltraTech, ACC, Ambuja and Shree Cement saw their consolidated net profit soar on the back of healthy demand and lower costs.
BUSINESS
Grasim Industries Q3 net profit rises 48% on a comparable basis
The reported net profit of the company, however, declined 40 per cent from Rs 2,515.78 crore amid weakness in chemicals unit. Revenue from operations came in at Rs 31,965 crore, up 11.6 percent from Rs 28,638 crore in the corresponding quarter last fiscal, Grasim Industries said
BUSINESS
Exclusive: Retail fuel price cut possible if crude supply stays stable, says Hardeep Puri
In 2022, OMCs froze the retail fuel prices despite soaring crude oil to keep inflation in check, which dented their bottom line. However, oil prices moderated from record high in September 2023, helping OMCs return to profitability
BUSINESS
Exclusive: In talks to secure crude supplies but won't rush into long-term contracts: Oil Minister
The International Energy Agency said that it expects India to be the largest source of global oil demand growth by 2030 and projects crude oil imports further to rise to 5.8 million barrels per day (mb/d) by 2030 from current 4.6 mb/d
BUSINESS
Vedanta promoters can sell, dispose of shares as lender lifts restriction
The company's promoter Anil Agarwal had pledged the mining company's stake from 2020 onwards in a bid to raise funds. According to the filing, the promoters had pledged 63.71% of shares
BUSINESS
India to be largest source of global oil demand growth by 2030: IEA
India's massive industrial expansion means that diesel/gasoil is the single largest source of oil demand growth, the IEA said in a report released at the India Energy Week in Goa.
BUSINESS
Tata Steel calls off merger with TRF, amalgamation of 5 other businesses done
In 2022, Tata Steel announced plan to amalgamate nine strategic businesses to simplify operations
BUSINESS
Vedanta in a more comfortable position to manage debt, says chairman Anil Aggarwal
The company has raised $1.3 billion via loans and is also betting on dividends, royalty and cash raised from the sale of non-core assets to repay lenders.
BUSINESS
India Energy Week: Modi says nation set to become green hydrogen production, export hub
The ministry of new and renewable energy recently rolled out guidelines for green hydrogen pilots for steel and shipping sectors
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
