Steel Sector

Bhushan Energy makes counter offer for Orissa Sponge

The three-way battle to control Orissa Sponge Iron and Steel Ltd has taken a new turn with Bhushan Energy Ltd's decision to offer 330 rupees per share for 20 percent stake in OSLS against Monnet Ispat's offer of Rs 310.

Other players including BNS Steel Trading Pvt. Ltd, BBN Transportation Pvt. Ltd, BNR Infotech Pvt. Ltd and BNR Consultancy Services Pvt. Ltd are also in the race to acquire stake in the firm.

The Bhubaneshwar-based Orissa Sponge holds captive iron ore and coal mines. The company is witnessing battle between Bhushan Power, Monnet Ispat and Bhushan Steel in the past one week. The final winner would be declared on May 13 for the offer opening on April 24, according to information available from Bombay Stock Exchange.

McNally Bharat picks order worth Rs 116 crore

McNally Bharat picks order worth Rs 116 croreMcNally Bharat Engineering bagged an order worth Rs 116 crore from state-run Steel Authority of India for a water supply system project at its Burnpur plant.

The company stated in a release that, Steel Authority of India (SAIL), IISCO Steel Plant, Burnpur, West Bengal has accepted the company`s offer for water supply system for CCP and BOF for a total price of up to Rs 115.92 crore inclusive of tax and duties.

The project is scheduled to be completed in 18 months.

Tata Steel expects good performance in Q4

Tata Steel expects good performance in Q4India's largest steel company, Tata Steel hopes early recovery of normalcy in steel market, the worst hit segment due to decline in auto sales and customer spending, under the impact of global slowdown and recession like conditions across the world.

Tata Sons reveals its position of pledged shares in five firms

Tata Sons reveals its position of pledged shares in five firmsIn today's trading session, Tata group stocks witnessed mixed reaction from investors on news that Tata Sons, the holding company of the Tata group, has pledged shares of some of the group companies, to finance operations in a tight liquidity situation in the credit market.
In its filing with the NSE, Steel giant Tata Steel, announced that the company's founders have pledged 9.89 crore shares, or 13.53 per cent of the total equity capital.

Bhushan, Titanic, Olympian Steel ready to pick 26% stake in Orissa Sponge

Orissa Sponge Iron & SteelIn a bid to acquire a majority stake in Orissa Sponge Iron & Steel, three un-listed Indian firms have jointly made an open offer to acquire 26 percent of its equity, for Rs 300 per share.

Under the arrangement, Bhushan Power and Steel Ltd along with Titanic Steel Industries and Olympian Steel Industries would acquire stake in Orissa Sponge through open offer.

The open offer is for the acquisition of 52 lakh shares of Rs 10 each of Orissa Sponge from its existing shareholders. The offer will open on April 3 and close on April 23.

Tata Steel Sales Up 26% In Jan ‘09

Tata Steel Sales Up 26% In Jan ‘09 The world’s pioneering steel company Tata Steel has announced a growth of 26 per cent in its sales for the last month (January 2009).

During the month, the company’s sales stood at 511,000 tons, as against 404,000 tons in the corresponding period of the last year.

With an increase of 35%, the company’s saleable steel in January 2009 recorded the highest production at 548,000 tons as compared to the prior year period,

In the meantime, production of hot metal zoomed 32% at 574,000 tons and that of crude steel grew 25% to 525,000 tons, over the prior year period.