Steel Sector

Tata Steel to raise Rs 6000 crore by Right Issue

Tata Steel Chairman Ratan Tata
Tata Steel, the biggest private sector steel company in India, said on Monday that the company will issue convertible preference shares to fund its $13 billion acquisition of an Anglo-Dutch steel company Corus. The issue size will be US $ 1.39 billion.

The shares will have a lock-in period. The current shareholders of the company can apply for 9 convertible preference shares for every 10 shares held. Out of the nine shares issued, 6 will be converted into equity shares of Rs10 each on 1st, Sept, 2009 automatically.

SAIL To Spend Rs 1,000 Cr On Pellet Plants

Sushil Kumar Roongta Chairman SAIL
New Delhi: Steel Authority of India Ltd, State-run steel manufacturer has decided to invest around Rs 1,000 crore on establishing at least three greenfield pellet plants amounting 6 million tons to raise its production capacitance to over 24 million tons by the end of the 11th Plan.

GSI Detects Iron Ore Reserves In Karnataka And TN

Iron Mines in India
New Delhi: The Geological Survey of India (GSI) has discovered new iron ore reserves of over 22 million tonnes in Tamil Nadu and Karnataka.

The Mines Ministry sources stated that the public sector company has detected four iron ore blocks in Namakhal blocks in Tamil Nadu containing reserves of 14.03 MT of magnetite ore with Ferrous content ranging between 31 to 37 per cent,.

SAIL will Spend more than Rs 49,000 Crore on Expansion of its Units

Orissa: Public Sector Steel maker Steel Authority of India (SAIL) announced its plans to expand its facility at the Rourkela Steel Plant by investing more than of Rs 7,800 crore. The capacity of RSP will be increased to 4 million tonnes per annum from current 2.2 million tonnes p.a. The expansion plan is expected to finish by June, 2010. The plant may also see newest technology and SAIL plans to invest in many other units as well.

SAIL has shown great results in the past few quarters. The PSU unit was making big losses for many years before the turn-around.

Company's director for personnel and raw materials G Ojha informed that the production capacity will be further increased in next decade. The development plan will be finished in phases.

Tata Steel reveals Future Plans after a Great Performance this quarter

Tata SteelThe purchase of Corus assisted the world’s sixth biggest steel maker, Tata Steel, to record a six-fold jump in its consolidated profit after tax (PAT) at Rs 6,388 crore for its first quarter.

Tata Steel registered a consolidated profit after tax (PAT) of Rs 1,014 crore in the corresponding period of the last year (2006). The current figures showed a growth of 6.30 times, following the acquirement of Corus.

Tata Steel posted Six-fold increase in Profits

Tata Steel Tata Steelhas posted great results. With acquisition of Corus, Tata Steel became world's sixth biggest steel maker. Tata Steel is among low cost steel producers. The company celebrated its 100 years on August 26, 2007. The stock price was trading with a gain of Rs. 36 at 642 levels registering a 6.4% jump over previous close.

The company has posted six times increase in its consolidated profit after tax at Rs 6,388 crore for First Quarter of Current Financial Year. During the same quarter last year, the company had posted a Net Income of Rs 1,014 crore.

Tatas Celebrate their 100 years and Set Goals for Future

Tata LimitedJamsetji Nusserwanji Tata had a dream to make India self dependent by using Science and Technology. He devoted his life to hydro-electric power plans and Iron & Steel Works at Jamshedpur. He believed in offering low cost solutions to clients and to add value to wealth of shareholders. After the acquisition of the Corus group, the company is among the first five steelmakers in the world. Tata has also acquired NatSteel Asia and Millennium Steel Thailand.

Areva T&D Shares Climb Up On Essar Steel Order

Areva T&D India Ltd.Mumbai: Areva T&D India shares benefited on Friday after the power equipment company got an Rs 63 crore order from Essar Steel Ltd.

In early trading (11.45 am), the stock brought in Rs 21.35 or 1.50 per cent at Rs 1,433 on the Bombay Stock Exchange (BSE).

Steel Ministry Urges To Increase RSP Production Capacity

Rourkela: Steel employees' association, Rourkela (SEAR) has urged the union Steel organization to raise the yearly production capacity of Rourkela Steel Plant (RSP) from the existing two million tonnes to ten million tonnes considering the demand for steel in global market.

The SEAR in a resolution here complimented the Steel minister Ram Vilas Paswan for his plan for modernization and growth of steel plants and particularly approving about Rs 10,000 crore for growth of RSP.

SEAR in its meeting regretted that no consideration was given to the oldest plant like Rourkela, which was established in 1954 for its timely expansion.

VISA Steel Enters JV With Baosteel

Baosteel GroupKolkata: Visa Steel has entered into a joint venture contract with China’s Baosteel Trading and VISA Comtrade of Switzerland for establishing a 1 lakh tonne-per-annum ferro chrome facility in Orissa.

The joint venture company will be named ‘VISA BAO,’ in which VISA Steel will hold a 51% stake, while Baosteel Trading and VISA Comtrade will hold 35% and 14% stakes, correspondingly.

Tata Steel Looks Optimistic For Long-Run

TataAccording to technical analyst, Rajat K Bose Tata Steel is the best stock to reap gains in the long-run. The stock will burst after 9-10 months, so it’s better to hold the stock to make higher profits.

Bose told, “The base metals or steel are looking very weak. I was checking the LME base metals charts, alluminium, teen, copper, zinc, they are all looking pretty bad. Some of them have actually gone below 200-day; alluminium has done that recently and has given a sell signal.”

Tata Steel Witnessing a Sharp Fall

Tata SteelToday, Tata Steel is hovering near 606, down Rs 35.2, or 5.49% in morning trades.

It has also touched an intraday high of Rs 630 and an intraday low of Rs 605. Its trading volume stood at 139,688 shares.

On Tuesday (14 August), the share closed weak at Rs 641.70, down 0.37% or Rs 2.40.

Tata Steel is India’s biggest incorporated private sector steel company, which was established in 1907.

SAIL In Strategic Alliance With Korean Steel Maker POSCO

Steel Authority of IndiaNew Delhi: The state-owned Steel Authority of India Ltd (SAIL) signed up a contract with Korean steel manufacturer POSCO to set up a strategic alliance for aligning and collaborating with one another in a broad range of strategic business and profitable arenas.

High On Fuel, Tata Steel Rolls Down

Tata SteelShares of India's top private steel maker, Tata Steel had recovered from an early 3.3% decrease and was down just 0.71% to Rs 647.90 at 15:01 IST after it signed up an agreement with Australian firm Riversdale to get hold of a 35% stake in its Mozambique coal project.

On Bombay Stock Exchange, 5.11 lakh shares of the scrip were traded on the counter today. In the last three months, the average daily volume of the scrip stood at 8.98 lakh shares.

Productivity Climbs And So Does JSW Steel

JSW Steel LimitedAfter recording a growth of 18% in crude steel production in July 2007 over July 2006, JSW Steel was trading up 0.79% to Rs 699.30.

In the meantime, the BSE Sensex was up 221 points to 15,207 chasing recovery in Asian stocks. Asian stocks arose today after a second consecutive session of gains on Wall Street on Thursday, 2 August 2007.

SAIL Q1 Net Up by 10%

Steel AuthoritySteel Authority of India Ltd of India Ltd (SAIL) has declared the results for the quarter ended June 30, 2007. The company has posted 10 percent growth in its net earnings.

SAIL’s profit after deducting tax (PAT) stood at Rs 1525.12 crore for the quarter ended June 30, 2007 as against Rs 1386.41 crore for the quarter ended June 30, 2006.

Total Income (net of excise) has also augmented from Rs 7713.53 crore for the quarter ended June 30, 2006 to Rs 8346.40 crore for the quarter ended June 30, 2007.

Strong Q1 Income Supports Jindal Stainless Stock

Jindal Stainless LimitedJindal Stainless climbed up 4.71% to Rs 162.25 on reporting 62.6% increase in net profit in Q1 June 2007.

The company declared the Q1 results in market hours yesterday, 23 July 2007, when the stock benefited 2.07% up at Rs 154.95.

No Impact Of JV Deal On Sail Stock Value

In early tradeSteel Authority of India, Steel Authority of India was trading nearly flat at Rs 133.10 after it signed up an memorandum of understanding (MoU) with Manganese Ore India to form a joint venture to manufacture ferro-manganese and silico-manganese.
During the day, the scrip touched a high of Rs 134 and a low of Rs 132.70. The scrip has had its 52-week high of Rs 149.95 on 28 May 2007 and a 52-week low of Rs 64.25 on 24 July 2006.

Bonus Issue Plan Excels Suraj Stainless

In afternoon tradeSuraj Stainless Ltd., Suraj Stainless jumped 1.54% to Rs 366.25 after its directors suggested a liberal 2:1 bonus. The company made this declaration during the trading hours.

During the day, the scrip touched an intraday high of Rs 374 and an intraday low of Rs 342.70. There were 2.26 lakh shares for trading on the BSE. During the past one quarter, the scrip has an average daily volume of 18,039. At its existing rate of Rs 366.25, the scrip trades at a PE multiple of 20.80 that is based on its year ended March 2007 EPS of Rs 17.60.

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