BUSINESS
Indian steel, cement makers face uphill task in quest to go green
India aims to be net-zero carbon emissions by 2070, while developed economies aim to reach there by 2050. Caught in between, domestic firms are trying to strike a balance but face challenges in securing finance, supply chain and market
BUSINESS
No bigger plan with Glencore, semi-conductor business on track: Vedanta's Anil Agarwal
Agarwal says the company is fully equipped to make semiconductors and has selected Gujarat as the site for the project
BUSINESS
Wary of high rates, metal producers plan to fund capex through cash flows, and not debt
India’s five major metal producers combined have earmarked around Rs 63,400 crore for capex in FY24. For three of them, this will be funded through internal accruals, while the other two hope to reduce debt despite capex.
BUSINESS
India’s steel demand to grow at 7.5% in FY24: Indian Steel Association
The association expects the rising share of investment in GDP, backed by strong capital expenditure outlay by the government and improving private investments will drive the construction, railways, and capital goods sector.
BUSINESS
Largest macroeconomic uncertainty is the status of the Chinese economy: Hindalco MD
Hindalco reported a profit after tax of Rs 2,411 crore for the quarter ended March, a decline of 37 percent year-on-year (YOY). Revenue was flat at Rs 55,857 crore for the quarter under review.
BUSINESS
India’s copper and aluminium demand strong, says Hindalco MD Satish Pai
Domestic demand for aluminium at an industry level is estimated to have touched 1173 Kt, a growth of 13 percent and domestic market demand for refined copper increased by 16 percent YoY at 199 Kt, according to company estimates
BUSINESS
JSW Steel, JFE Steel to set up electrical steel manufacturing JV in India
The JV shall be able to manufacture the entire range of CRGO products at its proposed facilities at Vijayanagar in Karnataka
BUSINESS
JSW Steel to continue to look at value-accretive acquisition opportunities: CEO
The top executive says JSW Steel aims to meet 75 percent of its iron ore requirements through captive sources.
BUSINESS
India may be three years away from setting up lithium refineries despite recent finds
Processing and refining capacities are crucial to move mineral finds up the value chain and to produce the required battery-grade compounds
BUSINESS
PSUs, MNC subsidiaries mulling to foray into green hydrogen as enquiries rise: Inox Air Products
Liquid gases market in India to gain from metals, semiconductor and solar energy sectors. India’s liquid gases market is expected to grow from 10,000 tonnes a day to 12,000 tonnes a day in two years, says Siddharth Jain, managing director, Inox Air Products.
BUSINESS
Vedanta’s steel, aluminium capacity expansion hit by Chinese equipment delays
Equipment movement from China has caused delays, a top Vedanta executive said. In April, Vedanta-promoted Hindustan Zinc said commissioning of a fumer project was hit over visa woes for Chinese experts.
BUSINESS
UltraTech keen to take over JP Super despite new deal between Jaypee and Dalmia Cement
Jaiprakash Associates has entered an agreement with Dalmia Cement for the sale of JP Super. The asset, however, is in arbitration between the previous buyer UltraTech and Jaiprakash Associates over the failure of a redemption linked to the JP Super deal.
BUSINESS
Coal India hopes to conclude wage hike agreement within a month
The company took a provisioning of Rs 5,870 crore in March-23 quarter to factor the impact of the wage revisions
BUSINESS
Sri Lanka operations back to normal, no pending dues: UltraTech Cement
UltraTech’s exports for the full year FY22-23 declined 43 percent year-on-year, but recovered sequentially in the March-23 ended quarter. The majority of its exports are to the Sri Lanka market.
BUSINESS
Tata Steel UK cash burn at $150 million in H2 FY22-23
Of the total planned capex of Rs 16,000 crore in FY23-24, Tata Steel will spend up to Rs 800 crore on maintaining UK assets.
BUSINESS
India’s steel imports seen moderating, but ‘net steel importer’ tag a possibility
With sluggish demand in China and other Asian countries, Japan, South Korea and Russia increased sales to India last year amid healthy growth in demand.
BUSINESS
Cement makers increase focus on premium products for better margins
UltraTech Cement, Dalmia Bharat, and Orient have increased the share of the premium category in their sales. But not everyone is impressed, as some experts feel there are only two to three truly premium products that command their price.
BUSINESS
Domestic demand on a strong wicket: Tata Steel
China is 50% of global steel consumption. So, if China recovers well, that's good for the industry. Also, US steel companies are among the most profitable globally. So, if China and the US are strong, the impact on the industry is big.
BUSINESS
Green steel standoff lingers, Tata Steel to decide on UK assets in 2 years, says Narendran
In the worst-case scenario, if the UK government did not finance a green transition by the company, different assets would be closed as they reached end-of-life, said the steelmaker’s chief executive.
BUSINESS
UltraTech expanded capacity, lowered debt in FY23, analysts expect net cash-position in FY24
UltraTech’s sales increased in FY 23 at a faster pace than those of the cement industry as a whole. It also reduced debt and added new capacity to the tune of 12 million tonnes in fiscal 23.
BUSINESS
Robust domestic demand to keep India’s steel exports to Europe muted in FY24
Production disruptions in Europe because of maintenance shutdowns and other reasons aren’t likely to translate into gains for Indian steelmakers.
BUSINESS
JSW Steel adds Goa to captive mining list with Cudnem-Cormolem mineral block
JSW Steel has quoted the highest premium for the Cudnem-Cormolem mineral block in Goa at 96.6 percent of the average sale price set by the Indian Bureau of Mines
BUSINESS
Cement firms stare at downside risks to FY24 estimates without price hikes
As cement makers focus on expanding volumes and retaining market share, pricing power has taken a beating
BUSINESS
$2.98 billion outgo for Vedanta’s Zinc International assets not factored in for FY24: Hindustan Zinc
Under a proposed deal, Hindustan Zinc Ltd plans to purchase Vedanta’s Zinc International assets. It is subject to shareholder approval and hence the outgo has not been factored in for FY24, top HZL executives said
