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.
BUSINESS
Navi Mumbai International Airport’s commercial operations to begin by March 2025
The project, worth almost Rs 18,000 crore, will be completed in five phases, aviation minister Jyotiraditya Scindia said.
BUSINESS
Coal India, Hindustan Zinc, Jindal Power weigh bids for critical mineral blocks
Mineral blocks are located in states including Bihar, Odisha, Uttar Pradesh, Chhattisgarh, Jharkhand, Tamil Nadu and the union territory of Jammu and Kashmir.
BUSINESS
Budget 2024: Analysts keep an eye on infra spending, expect modest allocations in metals & mining sector
In 2024, the minerals and metals industry is expected to fill production gaps and reduce dependence on imports, helped along by policy reforms and government incentives.
BUSINESS
Almost 35% of stainless steel MSMEs in Gujarat shut shop in Q2 FY24 due to Chinese dumping: ISSDA Chief
Cheaper Chinese imports are putting pressure on the margins of domestic stainless steel players, causing the industry to file a petition last year urging the government to impose a countervailing duty on Chinese stainless steel imports.
BUSINESS
Explainer: The National Mineral Exploration Trust’s role in promoting clean mining tech
The trust plays a crucial role in identifying and funding the exploration of critical minerals such as lithium, the platinum-group elements, graphite, molybdenum, etc., and helps the government strengthen the domestic supply of raw materials required to shift to cleaner energy.
BUSINESS
2024: Metals and Mining to see accelerate domestic production, decarbonisation in focus
The focus of the minerals and metals industry will be ramping up production with a view to reducing import dependency. This is critical given the expected rise in demand from the infrastructure fueled by policy reforms.
BUSINESS
As government pushes mining reforms, miners and explorers worry about gaps in execution
While industry has welcomed the move, there are concerns over getting clearances, funding and lack of expertise
BUSINESS
Government to launch second round of critical minerals auction before February
Last month, 20 critical mineral blocks, spread across the country in states including Bihar, Odisha, Uttar Pradesh, Chhattisgarh, Jharkhand, Tamil Nadu and the union territory of Jammu and Kashmir, were auctioned
BUSINESS
Vedanta plans to raise Rs 3,400 crore ahead of debt repayment in Jan
The conglomerate has bond repayments of $3.2 billion coming up over the next two years. About $2 billion worth of bonds are slated for redemption in 2024 — half of which are due as early as January — and another $1.2 bn in 2025, according to Bloomberg data.
BUSINESS
Rebel Ripples: Oil prices may rise temporarily due to the Red Sea crisis, say analysts
India imports most of its crude from the UAE, Saudi Arabia, and Iraq through the Strait of Hormuz, while Russian crude is brought in through the Northern Sea Route. These shipping lanes are largely immune to supply risks arising from the situation in the Red Sea.
BUSINESS
Radiance Renewables plans to raise about Rs 1,250 crore by June
The company, which started in 2020, currently has a capacity of 500 MW and aims to increase it to 2 gigawatts in three years.
BUSINESS
Cement industry ‘under construction’ as leader protects market amid high M&A activity
Analysts expect the bigger players will continue to buy up smaller companies and consolidate to protect and gain market share on expectations of robust demand.
BUSINESS
Budget@10: Mining reforms in focus as India pivots towards sustainability, self-reliance
Exploration in India is mostly handled by government entities, while it is dominated by the private sector in other countries. There is a need for the government to introduce incentives to attract more private participation.
BUSINESS
Crude oil prices edge lower as fresh voluntary cuts by OPEC+ disappoint traders
The benchmark Brent crude, which had initially rallied on the news, slightly dipped at $82.83 a barrel, down 0.32 percent, on December 1, while West Texas Intermediate (WTI) fell 0.26 percent.
BUSINESS
Regency Ceramics aims Rs 100-cr turnover by FY25 amid revival plans
In 2012, a labour unrest broke out in the Yanam plant wherein workers set ablaze machinery, vehicles, raw material, finished goods and records of the company, causing Regency Ceramics to declare a lockout
