The remarks come as Thyssenkrupp Chief Executive Heinrich Hiesinger finds himself under pressure from all sides to present a deal that will satisfy employees and investors, which have grown increasingly frustrated with the lengthy negotiations.
Tata Steel achieved a major milestone with the first ever despatch of ferro chrome from Gopalpur the plant.
While Tata Steel wants to get back its dominance in its domestic market, for Thyssenkrupp, the merger is part of its plan to become an engineering giant
The ongoing excess capacity may become a source of vulnerability in the next cyclical downturn or if significant imports designated for the US get redirected to Europe as a result of the US tariffs on steel.
"Therefore we are in close consultations with the supervisory board," Heinrich Hiesinger wrote in a staff note dated June 14, a day after the group's supervisory board met to discuss the deal.
Going forward, it expects the Sensex EPS to be Rs 1,870 for FY19 and Rs 2,241 for FY20, an increase of 36 and 20 percent, respectively.
Some of the prominent shareholders of the German company said that the deal is now less favourable for Thyssenkrupp
The remarks by Tata Steel Europe's European Works Council threatens a further delay to a deal to combine Thyssenkrupp's steel operations with Tata's European steel business
Tata Steel and JSW Steel are in the fray
The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acquisition filed by Bhushan Steel's founding Singal family and the firm's operational creditor Larsen and Toubro, asked Tata Steel to submit a statement of statutory dues of the company.
ICICI Direct is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 700 in its research report dated May 22, 2018.
Tata Steel Ltd (TSL), which won the bid for Bhushan Steel Ltd (BSL) under the insolvency process, completed the acquisition of controlling stake of 72.65 percent in the debt-laden firm last week.
"Yes Bank has recovered an amount of Rs 184 crore against an original claim filed for Rs 325 crore pursuant to the sale of Bhushan Steel to Tata Steel Limited under the recently concluded NCLT/Insolvency and Bankruptcy Code (IBC) proceedings," Yes Bank said in a BSE filing.
"Let notice be issued to CoC and RP. File their replies by May 28," said the NCLAT bench headed by Chairman Justice S J Mukhopadhaya.
An NCLAT bench headed by Chairman Justice S J Mulhopadhaya also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promotor Neeraj Singal challenging the sale.
Singhal, promoter of Bhushan Steel, has alleged that the Tata company's takeover of Bhushan Steel is against the Bankrupcty Code
"we recommend traders to go short in a range of Rs 610 to Rs 616 with a price target of Rs 555. A stop loss should be placed at Rs 634," says Aditya Agarwal, Head, Technical Research at Way2Wealth Brokers.
Of the top 12 cases under insolvency process, most cases are stuck before various courts for final approval of bidders or a resolution plan
Realisations and steel prices are much better compared to last year’s average, which makes the management even more confident of delivering better numbers
As many as 10 analysts polled by Reuters estimated the company to report a consolidated net profit of Rs 2,552 crore.
The Committee of Creditors (CoC) had approved Rs 32,500 crore deal along with 12.27 per cent equity in Bhushan Steel offered by Tata Steel.
The bench comprising NCLT President Justice M M Kumar and S K Mohapatra also dismissed the plea of engineering and construction major L&T seeking higher priority in recovery of loan and imposed a fine of Rs 1 lakh.
A Reuters poll of 10 analysts estimated the steelmaker to report a consolidated net profit of Rs 2,552 crore in the period ending March 31, 2018, as against a loss of Rs 1,168 crore a year earlier
Senior executive at Bhushan Steel alleges, Tata Steel is trying to "have proxy operations... The Tata company has no role to play as of now."
While it is protesting the late entry of Liberty House in the auction of Bhushan Power & Steel, Tata Steel is facing labour trouble in the case of Bhushan Steel