NCLT’s Ahmedabad bench will announce its order on pleas from Numetal and ArcelorMittal on Essar Steel bids
Net Sales are expected to increase by 13 percent Y-o-Y (up 5.4 percent Q-o-Q) to Rs. 18,820.6 crore, according to ICICI Direct.
The company's joint MD and Group CFO was responding to ArcelorMittal's allegation that JSW Steel was making a 'mockery' of the IBC.
The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on Tuesday approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel along with AION Capital.
The world's largest steelmaker takes to Twitter to make a point. Sajjan Jindal's company refutes the allegation.
Monnet Ispat is among India's 12 biggest loan defaulters, which were pushed into bankruptcy last year, as part of the country's new bankruptcy law aimed at cutting close to $150 billion of accumulated soured loans.
The hearing on the companies petitions - to term their bids eligible- got over on Friday.
The market breadth was in favour of the advances with 1435 stocks advancing while 184 declined and 401 remained unchanged. On the other hand, in the BSE, 1695 stocks advanced and 293 declined and 50 remained unchanged.
The Numetal consortium is led by Russia’s VTB Capital and includes engineering company TFE and Indo International Trading.
Numetal and Vedanta also place their bids. Opening of bids deferred till Numetal and ArcelorMittal's pleas to NCLT are cleared
The Sajjan Jindal company will replace Rewant Ruia's Aurora Enterprises in the Numetal consortium
The market breadth was in favour of the advances with 1331 stocks advancing while 392 declined and 301 remained unchanged. On the other hand, in the BSE, 1868 stocks advanced and 704 declined and 138 remained unchanged.
A steel making capacity will cut the plate & pipe mill's dependence on imports
The Ahmedabad bench of National Company Law Tribunal will on March 27th take up Numetal's plea to declare its bid for Essar Steel, eligible. If successful, the development will be another turn in the contentious auction.
The steel veteran, says the sale of stressed assets is a step in the right direction.
"The company is contemplating issuing of debt instruments in the form of US dollar denominated senior notes, subject to market conditions," JSW Steel said in a BSE filing.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Tata Steel, Adani Enterprises, JSW Steel and Vedanta and can buy L&T Finance and Piramal Enterprises.
While the immediate impact may be limited, a rise in competition in export markets could lead to increased supply & price cuts domestically.
Sources said the deal is pegged at Rs 600 crore.
The market breadth was in favour of the advances with 878 stocks advancing while 789 declined and 348 remained unchanged. On the other hand, in the BSE, 1268 stocks advanced and 1260 declined and 160 remained unchanged.
The metal index plunged 3.5 percent intraday after US President Donald Trump said that his government would impose hefty duties on imported steel and aluminium. The index fall was largely aided by stocks including NMDC which tanked over 6 percent while Jindal Steel & Power was down 5.5 percent. The other top losers were Hindalco Industries, JSW Steel, NALCO and Steel Authority of India, each shedding over 4 percent.
"The outlook revision reflects our view that robust profitability from improved industry fundamentals and a measured approach to capacity expansion will enable JSWS (JSW Steel) to deleverage steadily over the next few years," the statement said.
The two sides may sign agreement on Thursday.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy NIIT Technologies and Indraprastha Gas and can sell Canara Bank.
Tata Steel says Liberty House appeal should be dismissed prima facie but NCLT judge disagrees.