Steel Sector

SAIL shareholders approve buy-back plan

SAIL shareholders approve buy-back planThe shareholders of State-owned Steel Authority of India Ltd (SAIL) have approved a company's plans to buy-back its own shares.

SAIL Chairman C S Verma did not announce a time frame for the buy-back while he was speaking to the media after the company's annual general meeting. He said that the company has only received the enabling approval and buy-plan will dependent on other factors including market conditions.

Japanese firms Sanyo, Mitsui buy stakes in M&M-led special steel JV

MahindraJapan-based firms Sanyo Special Steel and Mitsui & Co have picked up 29 per cent and 20 per cent stake in the Mahindra Sanyo Special Steel joint venture, which is now 51 per cent owned by Mahindra Ugine Steel Company
(MUSCO).

Mahindra Sanyo Special Steel is the new name of Navyug Special Steel, and its majority owner MUSCO is a listed venture with interests in steel & stampings. The auto giant M&M-led promoter group owns 55.47 per cent in MUSCO.

JSPL acquires UK’s CIC Energy for $115 million

JSPL acquires UK’s CIC Energy for $115 millionIndia's Jindal Steel and Power (JSPL) has acquired UK-based, CIC Energy in a deal valued at about $ 115 million or about Rs 600 crore.

A subsidiary of Naveen Jindal-controlled JSPL, Jindal BVI Limited is expected to acquire 100 per cent shares of the company over a period of time and ultimately delist it from the Toronto Stock Exchange. The takeover value of $
115 million values the shares at $2 a unit.

JSW Steel-Ispat merged entity will have revenues of Rs 43,000 cr

JSW Steel-Ispat merged entity will have revenues of Rs 43,000 cr The merged JSW Steel-Ispat entity will have revenues of Rs 43,000 crore, Joint MD & Group CFO Seshagiri Rao said.

Sajjan Jindal-led private sector steel producer on Saturday confirmed that JSW Steel would merge JSW Ispat with itself as a part of its much talked about wide-ranging restructuring. JSW Steel announced the merger 20 months after purchasing a controlling stake in rival steel producer Ispat Industries.

JSW Steel all set to merge Ispat with itself

JSW Steel all set to merge Ispat with itselfPrivate sector steel producer JSW Steel is reportedly all set to merge JSW Ispat with itself as a part of its much anticipated comprehensive restructuring.

Emerging reports suggest that the JSW Steel-JSW Ispat merger will likely be in the ratio of 1:75. In other words, there will be 75 shares of JSW Ispat for every share of JSW Steel.

The merged entity would be India's biggest private sector steel firm with production capacity of 14.3 million tonnes per annum, which would enable it to almost match public sector SAIL India's capacity of 14.6 million tonnes per annum.

Tata Steel raises its stake in Tata Sponge Iron to 51%

Tata Steel raises its stake in Tata Sponge Iron to 51%Tata Steel has purchased 11.26 per cent stake or 17.34 lakh shares in its associate firm Tata Sponge Iron, raising its stake to 51 per cent.

Tata Steel purchased new shares through a voluntary open offer, which was launched on 27th of July at a price of Rs 375 a share. The voluntary offer closed on 9th of August.

Before the beginning of the offer, the steel maker had 39.74 per cent stake in the Tata Sponge Iron, the company revealed in its recent filing with the BSE.

Tata Steel plans to raise money for Odisha project

Tata Steel plans to raise money for Odisha projectTata Steel Ltd. will need to raise funds for its Odisha project, Tata Steel Managing Director H M Nerurkar has confirmed.

Nerurkar said the company hadn't scaled down its modernization plans and to carry on those plans the company would obviously require funds.

Speaking to reporters on the sidelines of an award giving ceremony, Nerurkar said, "We will obviously need to raise money because of our ongoing expansions in Odisha, but we have not finalised our plans."

Sensex down 75 points, Jindal Steel slumps

Sensex down 75 points, Jindal Steel slumpsMumbai, Aug 28 - A benchmark index of Indian equities markets was trading 75 points lower in late afternoon trade Tuesday, tracking weak European markets. Metal, consumer durables and capital goods stocks were the worst performers.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,676.13 points, was ruling at 17,603.10 points, 0.43 percent or 75.71 points down from its previous day's close at 17,678.81 points.

The Sensex touched a high of 17,712.35 points and a low of 17,570.71 points in intra-day trade.

MoEF expert panel visits Odisha to assess environmental impact of proposed Posco plant

MoEF expert panel visits Odisha to assess environmental impact of proposed Posco plantAn expert panel constituted by the Union ministry of environment & forests (MoEF) on Tuesday toured various villages in Jagatsinghpur district near Paradip of Odisha, and discussed with local people about Posco's proposed steel plant in the state.

Tata Steel has plans to raise $4.7bn bank loan: report

Tata Steel has plans to raise $4.7bn bank loan: report Tata Steel Ltd. has plans to raise nearly 260 billion rupees ($4.7bn) in loans from banks on an interest rate of around 11.25 per cent to fund its new mill, two people familiar with the situation revealed.

Speaking on the condition of anonymity, the people said that the syndicated project finance loan would most likely be for a period of more than eight years and would be disbursed in phases.

If the information is authentic, it shows that Tata Steel is trying to tap credit at home as debt crisis is still persistent in Europe.

Maruti Suzuki India Results Disappoint; US Markets End the Week Higher

Maruti Suzuki India Results Disappoint; US Markets End the Week HigherIndian automajor Maruti Suzuki India declared 23 per cent decline in net profit on year-on-year basis. The company reported Rs 424 crore profit and blamed the decline on fall in Indian currency which impacted the import costs for the auto major which recorded an increase in net sales.

Jindal Steel & Power to announce Q1 results today; stock hovering around 52-week low

Jindal Steel & Power to announce Q1 results today; stock hovering around 52-week lowJindal Steel & Power will declare its Q1 results today. The analysts are expecting the company to register 17% growth in profit after tax. The company has recently announced the decision to by CIC Energy in an all cash deal. The stock is trading marginally higher after touching intraday high and low of Rs 420.7 and 412.7 on NSE.

As per analyst estimates, the company can see a jump of nearly 30 per cent in revenue and EBITDA growth of nearly 16 per cent.

CCEA gives go-ahead for 10.82 per cent disinvestment in SAIL

CCEA gives go-ahead for 10.82 per cent disinvestment in SAILThe Cabinet Committee on Economic Affairs has approved plans for 10.82 per cent disinvestment in Steel Authority of India (SAIL).

India’s union cabinet ministers considered the proposal for disinvestment and give an approval on Friday. The disinvestment will help raise money to fund the government’s social sector schemes. The proposed sale of stake might allow the government tor raise as much as Rs 4,000 crore at current market prices.

Tata Steel falls 2.42% after dividend

Tata Steel falls 2.42% after dividendThe shares of leading steel maker, Tata steel has fallen 2.42 per cent after the stocks we Ex- dividend on Monday.

The company said on Friday that crude steel production has increased 1.67 percent to 1.82 million tones compared to the same month in the previous year. However, it also said that the total sales remained the same at 1.59 million tonnes.

JSW Steel did not resort to underreporting, says JSW Steel

JSW Steel did not resort to underreporting, says JSW SteelInternational foreign stock brokerage, Credit Suisse has said on Monday that it does not support under-reporting in the financial records of JSW Steel.

The company was clarifying on its adverse equity research report on JSW Steel last week that resulted in a sharp fall in the company's shares on Friday as investors lined up to sell the company's shares. The report had sad that the JSW's debt had been understated by Rs 11,900 crore but the company later said that it does believe there was under-reporting.

Karnataka aiming to develop infrastructure for steel industries

Karnataka aiming to develop infrastructure for steel industriesThe state government in Karnataka is planning to develop basic infrastructure to help establish a steel industry in three districts with an investment of Rs 15,000 crore during the next four to five years.

The government is looking to improve existing infrastructure in Bellary, Chitradurga and Tumkur. The areas already host several steel plants and iron ore mines and the new development will give a boost to the industries. The government is also planning to launch a special purpose vehicle for developing the infrastructure in the area.

Tata Steel reports lower than expected fourth net profit

Tata Steel reports lower than expected fourth net profitIndia's largest private sector steel major, Tata Steel has reported a lower than expected consolidated net profit of Rs 433.5 crore during the quarter till March 2012.

JSW Steel is victim of alleged illegal mining, says Rao

JSW Steel is victim of alleged illegal mining, says RaoThe joint managing director and group Chief Financial Officer of JSW Steel, Seshagiri Rao has claimed that the company is a victim of alleged illegal mining while dismissing suggestions that it might be involved in illegal iron ore mining in Karnataka.

SAIL sings a MoU with Mongolia

SAIL sings a MoU with MangoliaIndia’s steel major, Steel Authority of India Limited (SAIL) said on Friday that it has signed a memorandum of understanding (MoU) with the authorities in Mangolia allocation of coking coal mines, setting up mineral processing units for iron ore and coal as well as the establishment of steel producing units in the country.

“The MoU envisages exploration of opportunities for investments to be made by SAIL either individually or in consortium with other entities to develop mineral processing/steel manufacturing facility in Mongolia,” SAIL said in a statement.

Investment plans might be deferred for five years, says ArcelorMitta

Investment plans might be deferred for five years, says ArcelorMittalGlobal steel major, ArcelorMittal has said that its plans to invest $30 billion in projects in India might take five more years to materialize because the company realizes that it takes time for the mega projects to come though in the country.

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