BUSINESS
Hindustan Zinc to invest another Rs 438 crore in group firm Serentica
The investment will allow the group captive benefit for power supply, says chief executive officer Arun Misra. The commitment is in addition to Rs 350 crore made in the September quarter.
BUSINESS
Expect a very stable performance from Hindustan Zinc quarter-on-quarter: HZL CEO
Hindustan Zinc CEO Arun Misra expects India's zinc demand to be strong on the back of the Indian government’s thrust on expenditure on infrastructure.
BUSINESS
With visa woes, Hindustan Zinc to send engineers to China for fumer plant training
Hindustan Zinc’s fumer plant in Rajasthan is awaiting commissioning due to absence of Chinese experts over visa issues
BUSINESS
Iron ore, sponge iron makers say rail rakes still short in supply
According to coal ministry data, the daily average of movement of rakes for all sectors in March was at 294, a dip of 0.27 percent from a year ago.
BUSINESS
Captive mining’s share in India’s coal production is rising, expected to partially replace imports
Increased captive mining is expected to partially replace imported coal, but face dirty-coal financing related woes and higher pricing due to auction premiums.
MCMINIS
A look at India’s FY23 fuel consumption
The higher consumption is despite petrol selling above the Rs 100 per litre mark for all of FY23 in three cities – Mumbai, Chennai and Kolkata
BUSINESS
Jindal Steel & Power may explore cement expansion
JSPL has made green clearance-related proposals for two planned cement expansions – a 2.5 MTPA integrated unit in Chhattisgarh and a 12.5 MTPA unit in Odisha
INDIA
Steel ministry official exhorts industry to utilise Rs 4,000-crore PLI kitty
Says if not enough interest shown, the industry may have to forgo the entire incentive amount
BUSINESS
Seeing positive results for lithium exploration in Australia: NMDC director
NMDC has been exploring for lithium at its Mt Bevan mine in Australia, situated 200 km away from the city of Perth.
BUSINESS
As Iran talks subsea pipeline again, analysts see major challenges
Analysts list past failed attempts, huge costs, security and geopolitical concerns as major challenges to the plan
BUSINESS
Coal availability stable, say sponge iron manufacturers
Indeed, a correction in seaborne metallurgical coal prices will help Indian steel mills, as they import 70 percent of their total requirement, according to analysts.
BUSINESS
Cement demand may have risen in Q4, leading to new market trends
The high growth rate in FY23 is being attributed to increased demand for cement from urban housing and infrastructure
BUSINESS
New pricing mechanism may bring immediate cost benefits to CGD firms
They may, however, lose the lower price advantage of a cheaper Henry Hub gas in the medium term, said analysts. Between October 2015 and March 2023, APM gas prices was higher than the new price ceiling of $6.5 just once and was above the floor of $4 on four occasions out of 17 price fixations.
BUSINESS
MC Explains | All you need to know about your next gas bill
As per the new government guidelines for fixing domestic natural gas prices, your bills may go down by up to 10 percent in the immediate term. But how long will it stay there?
BUSINESS
Cabinet approves new mechanism to fix pricing for domestic natural gas
Domestic gas prices are currently at $8.57 per mmBtu as of April 1, with the adoption of the new pricing mechanism, gas prices are expected to see an immediate cut.
BUSINESS
Tata Steel’s Tinplate Company starts expansion to retain market share
At 48-50 percent, TCIL is a dominant player; the expansion will help keep up with the industry growth of 6-7 percent, the company said.
BUSINESS
LPG consumption growth slows to decade-low in saturated market
Cooking gas consumption growth would be the lowest in more than a decade, according to revised estimates for FY23. Industry executives and experts do not see any uptrend
BUSINESS
Oil, mineral and cement cos push record volumes in FY23, riding infra, energy demand
Markets leaders in cement, zinc, coal and petroleum have reported record volumes for FY23, with some also expanding market share.
BUSINESS
Parent company support, low debt help smaller cement units stay afloat
With EBITDA per tonne in triple digits, the quarter-ended September 2022 was a total washout for most major cement companies. Despite cost pressures, many small units have evaded sale and debt default, said industry and rating executives.
BUSINESS
Indian Oil drops plans for green hydrogen unit at Mathura
The company says setting up a green hydrogen unit at Panipat is more economical. “At present, IOC is setting up a 7 KTA green hydrogen plant and associated facilities in Panipat, and there is no plan to set up such facilities in Mathura,” it said. This marks a departure from the oil refiner’s original plan.
BUSINESS
New unified natural gas pipeline tariff neutral for owners, a mixed bag for distributors
Some gas distributors have indicated that they will pass on any increase in costs to their consumers.
BUSINESS
Shree Cement seeks an image makeover, eyes bigger share of premium grade
At present, premium products contribute 10 percent to the company’s total volumes, and it plans to increase this share to 15-18 percent by the end of FY24. In the A category, Shree Cement will face competition from UltraTech Cement and Wonder Cement.
BUSINESS
Jindal Stainless to pick up 49% stake in New Yaking for $157 million
Jindal Stainless will invest in the development, construction, and operation of a Nickel Pig Iron (NPI) smelter facility located in an industrial park in Halmahera Islands, Indonesia.
BUSINESS
Kirit Parikh panel recommendations: PNG, CNG customers can expect 10% cut in prices
Analysts said the panel’s recommendations, if implemented from April 1, are expected to bring immediate relief for consumers.
