In June, Tata Steel had agreed to the terms of a 50-50 joint venture with Germany's Thyssenkrupp to create Europe's second-largest steel company after Lakshmi Mittal's ArcelorMittal.
"The contrary is the case," Guido Kerkhoff said on the sidelines of a company event in Duisburg on Thursday.
On the lower side, 11484 followed by 11436 would now be seen as immediate and crucial supports. At this juncture, a strategy would be to focus on individual pockets that are providing better trading opportunities, says Sameet Chavan of Angel Broking.
Passing an order on August 6 order, the NCLAT had allowed all three contenders -- Tata Steel, Liberty House and JSW - to file additional unconditional 'resolution plans' by August 13, 2018.
Its HIsarna technology for producing iron consists of a reactor in which iron ore is injected at the top. The ore is liquefied in a high-temperature cyclone and drips to the bottom of the reactor where powder coal is injected.
The statement comes amid reports that Tata Steel has started the process of cancelling PPAs between Bhushan Steel and Bhushan Energy in a bid to cut costs.
Changes in assumptions underlying the carrying value of certain assets may result in the impairment of such assets, the company said.
JM Financial is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 745 in its research report dated August 13, 2018.
Prabhudas Lilladher is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 770 in its research report dated August 14, 2018.
Bhushan Steel, and its erstwhile promoters, have been previously accused of siphoning off over Rs 2,000 crore.
At the current market price, Tata Steel is trading at 9 times FY19 estimated earnings, which is reasonable
Tata Steel’s offer stood at Rs 17,000 crore and Liberty House’s bid was retained at Rs 18,500 crore
Better realisations and improved operational efficiencies in India business, and higher selling price and better operational performance in Europe boosted consolidated EBITDA. India EBITDA per tonne stood at Rs 17,252.
State-run SAIL, Rashtriya Ispat Nigam Ltd (RINL), Tata Steel, Essar Steel, JSW Steel and Jindal Steel and Power Ltd (JSPL) together produced 5.23 MT during July. This was 9.48 percent more compared to 4.78 MT the six players had produced in July 2017.
The company reported total revenue from operations at Rs 4,623.6 crore in the June 2018 quarter as compared to Rs 4,176.12 crore in the April-June 2017 quarter, it said in a BSE filing.
In the current fiscal, JSW Steel should be reporting a net profit in the region of about Rs 7500-8000 crore.
An analysis of stock market data showed that the total market capitalisation (m-cap) of the BSE-listed companies jumped to Rs 1,51,44,543 crore at the end of trade today.
Tata Steel is rectifying its capital allocation to tap opportunities in the domestic market and strengthen its competitive edge as competitors gain power
Tata Steel has agreed to transfer two-third of its $18 billion debt to the new joint venture with Thyssenkrupp. The company will service the remaining debt with this loan.
Net Sales are expected to increase by 14.2 percent Y-o-Y (down 6.6 percent Q-o-Q) to Rs. 33,749 crore, according to ICICI Direct.
A new management team has been put into place at Bhushan Steel Ltd after it was acquired by Tata Steel Ltd through India's new insolvency and bankruptcy process.
With a profit of Rs 437 crore, the businesses contributed only roughly 2 percent of its total EBITDA of Rs 22,045 crore
The supervisory board on Friday accepted the sudden resignation of chief executive Heinrich Hiesinger, who had led Thyssenkrupp since January 2011, just days after he sealed a steel joint venture deal with Tata Steel.
International rating agency Fitch sees an operating margin of per tonne for its domestic operations (ex-acquisitions) of around Rs 13,000 in FY19, similar to the FY18 level, dropping slightly to around Rs 12,500 annually thereafter.
Even while Hiesinger was announcing the transaction with Tata Steel’s Chairman N Chandrasekaran at a press conference, the rumour mills were working overtime about his impending exit.