Tata Steel, the world’s sixth-largest steel maker has informed that its Singapore-based wholly owned indirect subsidiary ‘Global Mineral Holdings’ has entered into a binding agreement with New Millennium Capital Corporation (NML).

Canada-based NML is a publicly owned mining company, which involves in exploration and development of iron ore properties. It operates 9.1 billion tonnes of NI 43-101 taconite mineral resources – 6.9 billion tonnes measured and indicated and 2.2 billion tonnes inferred.

Steel Authority of India (SAIL) and engineering & construction firm Larsen & Toubro (L&T) have signed a memorandum of under standing (MoU) for setting up a joint venture (JV) company to develop, manage and own captive and independent power plants, to meet the future power requirements of SAIL.

The JV company will develop a 1,600 mw (2 X 800 mw) greenfield coal- based power plant using super critical technology. In addition, the companies will keep the option to further expand capacity by 800 MW/1600 MW at the same or some other location.

Karvy Stock Broking Limited has maintained ‘sell’ rating on Steel Authority Of India Limited (SAIL) stock as there are full chances of a downward trend in this stock.

According to Karvy, investors can sell the stock between Rs 129-130 with a strict stop loss of Rs 132 to achieve an intraday target that lies between Rs 120-122. 
  
Karvy feels that SAIL stock would remain under high pressure due to existing market condition. 

The Steel Authority of India Ltd would set up a new steel processing unit in Pulwama district of Jammu and Kashmir. The state run company would invest Rs 150 cr as per its initial plans. It is disclosed by Union Steel Minister Ram Vilas Paswan on Monday. He was here in Sri nagar to lay the foundation stone of one lakh-tonne per annum unit in Lassipora Industrial estate near Sri Nagar.

Jindal Steel and Power (JSPL) has made announcement that the company envisages to float a wholly-owned subsidiary company, named Jindal Petroleum.

According to the sources, the proposed unit of the JSPL would look after the domestic and international oil and natural gas operations of the conglomerate.

Also, the company has take over exploration rights to one oil block in Rajasthan, four blocks in Georgia and three blocks in Peru, which will form part of its new arm. 

Recently, the company along with Namibia-based Enigma Oil and Gas Exploration (EOGE), secured exploration rights to three onshore oil blocks in the Maraon and Huallaga basins in northern Peru.

The largest stainless steel producer of India, Jindal Stainless Ltd would invest Rs 10,000-11,000 crore in the next five years to expand its steel business. The company would increase its production capacity and establish new steel plants in the coming years. It also intends to provide value added services and steel products as per its expansion plans. The company would come in the form of a new corporate entity. It has changed its logo and name to JSL Ltd.