BUSINESS
Adani Group’s Odisha investment plan signals major metal aspirations
The metal sector is currently dominated by Aditya Birla Group, Tata Group, and Anil Agarwal-led Vedanta. According to Adani, the group will produce the ‘greenest alumina anywhere’.
INTERVIEW
Expect cost pressures to ease from H2FY23: Hindalco MD
Hindalco, one of the largest aluminum companies in the world, expects the September quarter to be the worst in terms of cost of production, which is expected to show mid-teens growth.
INTERVIEW
Indian aluminium makers to not cut down on capacities like global peers: Hindalco MD
“We are seeing enough demand in India, approximately 8-9 percent rise in the ongoing financial year. We just can’t shut down capacities. Would like to watch out for LME prices for more than a year to initiate any such supply-related adjustment,” said Hindalco's Managing Director Satish Pai.
BUSINESS
Aluminium manufacturers brace for uncertainty as global majors cut supplies amid escalating fuel cost
Aluminium prices have been sliding despite inventories being at an all-time low level
EARNINGS
Government may phase out export duty on steel, flat products may come first: Sources
Industry experts have been urging the government to roll back the levy as it increases uncertainty in the export market. They maintained that the duty was a double whammy as it put the export margin under pressure at a time when the prices had started correcting, taking cues from falling international coking coal rates
BUSINESS
Export duty on steel dragging industry, may hurt capex more: Industry officials
Many officials Moneycontrol spoke to said steel prices were softening in the domestic market due to moderation in input prices, particularly coking coal, and a duty on exports at the time was not necessary.
BUSINESS
Govt should roll back export duty on low-grade iron ore; more price cuts unlikely: NMDC’s MD Sumit Deb
The Indian government announced steep tariffs on eight steel items as well as iron ore and pellets in May to curb inflation.
BUSINESS
NMDC to complete demerger of Nagarnar Steel Pant by Q2FY23, says MD Sumit Deb
Driven by strategic imperatives, the country's largest iron ore mining company NMDC forayed into pellet making and the integrated steel plant at Nagarnar near Bastar in Chattishgarh
BUSINESS
Gone past peak cost; no margin contraction on the cards: Shree Cement MD
We have cash pile of more than Rs 5,000 crore. With a loan, we can acquire about 10 million tonnes of capacity. Our preference is for central India, but south India is not off the table
BUSINESS
Shree Cement “aggressively” scouting for acquisition, may acquire 10 MTPA capacity: MD
“We have a cash pile of more than Rs 5,000 crore and can take on board a capacity of around 10 million tonnes with some debt on books. We would prefer the central region more than southern India".
BUSINESS
Vedanta received “good response” for Sterlite copper plant's likely sale, says CEO
The miner is still hopeful of re-starting the plant and is evaluating the condition of the plant given that the company wasn’t even given permission for care and maintenance.
BUSINESS
Will lower production costs by securing more linkages from Coal India: Hindustan Zinc's CEO
Arun Misra talks about the demand situation, rising costs, efforts to improve efficiency, export prospects, and the outlook for the company.
BUSINESS
Expect margin compression for India, Europe operations in Q2FY23: Tata Steel MD
Tata Steel expects cost pressures to ease only by September, Managing Director and CEO TV Narendran told Moneycontrol in an interview.
BUSINESS
Tata Steel expects higher debt in Q2FY23 due to NINL acquisition
The company’s net debt has gone up from Rs 54,000 crore to Rs 66,000 crore, as it paid for the NINL acquisition in July
BUSINESS
Tata Steel to scale up capacity by 40-45 MTPA over next decade through organic route, says MD
Brownfield expansions are capital efficient and hence easy on the balance sheet, says Managing Director TV Narendran
BUSINESS
Capex cut to not impact growth plans: JSW Steel’s joint MD
"We cannot expect normalcy in Q2 due to very high-cost inventory. But the low raw material prices would get reflected in Q3. Not only will margins get normalised by the time, even the export duty could have been reviewed by the government," Seshagiri Rao, Group CFO and Joint MD said.
BUSINESS
Expect export duty rollback, margin normalisation by Q3FY23: JSW Steel MD
JSW Steel expects a rollback of export duty to take place by the third quarter of the financial year 2023
BUSINESS
Pressure on profitability to continue for JSW Steel in Q2, say brokerages
Most of the brokerages trimmed their target price for JSW Steel Ltd after the company missed consensus estimates due to several one-off provisions in the first quarter of 2022-23. Although most of them see pressures easing off for the company in the quarter, they expect profitability to remain under pressure for the ongoing quarter due to falling steel prices. The company cut its FY23 capital expenditure to Rs 15,000 crore from Rs 20,000 crore, which was viewed as a prudent step by brokerages given the market environment.
BUSINESS
Alcoa cites near-term uncertainties, signalling caution for global peers
Realisations for Indian aluminium manufacturers may be affected since huge exports from China could disrupt prices.
BUSINESS
Tata Steel signs pact with BHP to work on technology to cut carbon emissions
The companies plan to use technologies that can potentially reduce the emission intensity of integrated steel mills by up to 30 percent.
BUSINESS
JSPL’s realisation takes a hit of 16-17% over June, July post export duty imposition
JSPL will continue to aim to become net debt free by the end of FY23, the management said.
