Steel Sector

Steel Majors To Gain From 4% Duty Cut

Steel Majors To Gain From 4% Duty Cut  The government’s move to across-the-board cut of 4% in the ad valorem Cenvat rate, which will be effected for the balance part of the current fiscal on all products other than petroleum, is surely going to benefit the construction grade steel like TMT and structural steels, made by Steel Authority of India Ltd, Rashtriya Ispat Nigam Ltd and Tata Steel.

Tata Steel Introduces Early Separation Scheme To Cut Cost

Tata Steel Introduces Early Separation Scheme To Cut CostTata Steel, India’s leading steel maker has introduced an early separation scheme for its employees in its Jamshedpur plant in Jharkhand to downsize its ‘less skilled’ workforce. Tata Steel spokesperson said, "ESS scheme is a voluntary scheme and has got nothing to do with the global economic recession. We cannot ascertain the number of people who will be opting for this option. In view of investment in better and modern technology to increase productivity level, more skilled and fewer people are required."
 

Buy Tata Steel

Buy Tata Steel Stock market analysts have maintained ‘buy’ rating on Tata Steel stock with an intraday target of Rs 160.

According to them, interested traders can purchase the stock above Rs 148 with a strict stop loss of Rs 140. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 165.
 
Shares of the company, on Tuesday (Dec 02), closed at Rs 148.65 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 1706821. Current EPS & P/E ratio stood at 75.97 and 2.13 respectively. The share price has seen a 52-week high of Rs 952 and a low of Rs 146.35 on BSE.

SAIL to go ahead with expansion plans

SAILDespite current economic slump, Steel Authority of India Limited (SAIL) has announced that it envisages

SAIL easy on short-term plans, long term in doubt

SAIL easy on short-term plans, long term in doubt In the times of economic slowdown, public sector steel major Steel Authority of India Ltd has decided to move ahead with its Rs 54,000-crore expansion plans.  

SK Roongta, SAIL’s chairman told, “All our short term expansion plans are on track and though there is a liquidity crunch around the world, we will raise whatever capital is required at the appropriate time. Half of the Rs 54,000 crore needed to ramp up capacity to 26.2 million tonnes from the current 15 million tonnes would be through external borrowings.”

Import duty of 5% imposed on iron and steel products

Import duty of 5% imposed on iron and steel productsBringing cheer to the industry and aiming at a marginal relief to the government revenues as well, the government on Tuesday slapped a 5% import duty on specified iron and steel products, and a basic customs duty of 20% ad valorem on crude soyabean oil. However, there is however no change in the import duty on refined soyabean oil.

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