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Business Standard

Jindal India plans to invest Rs 1,500 crore to expand production capacity

Jindal India, a downstream steel player, on Thursday announced its plans to invest Rs 1,500 crore to increase its annual production capacity to 1.6 million tonne. The expansion focuses on the production of coated flat products, pipes, and crash barriers, the company said in a statement. "Jindal India announces a capex spend of over Rs 1,500 crore to effect a strategic capacity expansion of 0.6 Million MT, a 60 per cent increase from its current capacity of 1 million metric tonne per annum," it said. The expansion is expected to be completed by the financial year 2025-26, while the production is slated to be started within the ongoing fiscal, it said. The increased focus on rapidly augmenting the nation's highway network with critical safety components such as crash barriers is a key area where Jindal India has been adding value, a company spokesperson said. Part of B C Jindal Group, Jindal India Limited is into manufacturing of colour-coated and galvanized steel sheets and coils,

The Economic Times

Jindal India to invest Rs 1,500 crore to expand production capacity

Jindal India, a downstream steel player, plans to invest Rs 1,500 crore to boost its annual production capacity to 1.6 million tonnes. The expansion will focus on coated flat products, pipes, and crash barriers. Completion is expected by FY 2025-26, with production starting within the ongoing fiscal year.

CNBC TV18

Jindal India announces ₹1,500 crore capex to boost steel capacity

Jindal India Limited has announced a ₹1,500 crore investment to expand production capacity by 60%. This strategic move focuses on coated flat products, pipes, and crash barriers, with full operations set for FY26.

Business Standard

India should come up with bio-plastics policy with govt support: Report

India should come out with a national bio-plastics policy with fiscal incentives like capital subsidy as well as government support for research & development, according to a report. The report titled Incentivising Bioplastics, a Biopolymer' by EY and ASSOCHAM outlines a strategic vision for transforming India's bio-plastics industry through targeted government interventions and regulatory changes along with educational campaigns and leveraging India's agricultural strengths to enhance sustainability and environmental performance. To establish India as a premier hub for production of bio-plastics, the report calls for comprehensive National Bio-Plastics Policy in India. It suggested fiscal incentives like capital subsidies of up to 50 per cent on eligible capital investments over five years to encourage the development of bioplastics manufacturing and infrastructure. The report also called for regulatory framework mandating use of bio-plastics, implementing QCOs (quality control ..

The Economic Times

India should come up with bio-plastics policy: Report

India should introduce a national bio-plastics policy with fiscal incentives like capital subsidies and government support for research and development, according to a report by EY and ASSOCHAM. The report suggests measures such as regulatory frameworks, import restrictions, and rationalised GST rates to boost the bio-plastics industry in India.

Mint

Mint Explainer: Inside the lucrative world of soft-drink bottling manufacturers and why they are going public

Experts say there is a larger trend of consumer giants spinning off their units to optimise their balance sheets, go asset-light and focus on their core brands and business models.

Business Standard

P S Raj Steels plans to raise capital through IPO to fund growth plans

Stainless-steel pipes and tubes manufacturers and suppliers P S Raj Steels Ltd (PSSR) on Tuesday said it planning to raise funds through an initial public offering (IPO) very soon to fund its growth plans. "Looking to expand its business beyond the existing markets in India, the Hisar-headquartered company has set its sights on an IPO," PSSR said in a statement. The company also announced plans to achieve Rs 500 crore in revenue by FY27. The company has appointed Khambatta Securities Ltd as the book running lead manager to the offer. The company operates a manufacturing plant with an installation capacity of 13,460 metric tonnes per annum, which is spread over an area of three acres in Hisar, Haryana. It supplies finished goods under the brand name 'PSSR' in 19 states across India, including Uttar Pradesh, Haryana, Punjab, Madhya Pradesh, Delhi, and Rajasthan. "In pursuit of expanding our business across India and strengthening it in the existing markets, we are planning to raise

Business Standard

Indian IT services industry to deliver 4-6% revenue growth in FY25: ICRA

The Indian IT services industry is likely to register a second consecutive year of muted revenue growth, estimated at 4-6 per cent in FY2025, but the operating profit margin is expected to be healthy, according to ICRA. The persisting challenges and tepid topline growth notwithstanding, ICRA has forecast the industry's operating profit margin (OPM) at a healthy about 22 per cent in FY2025, with attrition levels having declined considerably and seen stabilising over the near term. Despite expectations of continued subdued growth, ICRA has maintained its "stable outlook" on the Indian IT services industry, led by a well-established business position, expectation of healthy earnings and cash flow generation, and strong balance sheets of sector players. "ICRA expects FY2025 to be the second consecutive year of muted revenue growth (for its sample set companies), estimated at 4-6 per cent, given the lower discretionary technological spends by clients amidst persistent macro-economic ...

CNBC TV18

Venus Pipes under investigation by Directorate of Revenue Intelligence for alleged customs duty evasion

Shares of Venus Pipes and Tubes Ltd ended at ₹2,210.00, down by ₹96.05, or 4.17% on the BSE.

CNBC TV18

Wipro, Ashoka Buildcon, Reliance Industries, Jindal Stainless and more: Top stocks to watch out for on September 6

stocks to watch, Wipro, Ashoka Buildcon, Sundaram Clayton, Jindal Stainless, Finolex Cables, Reliance Industries, Udayshivakumar Infra, Venus Pipes, Indigo Paints, Adani Enterprises, Nucleus Software, Pidilite Industries, KEC International and and more, these are the stocks to watch for today.

Business Standard

RecommerceX raises $3.6 mn from Accel, Kae Capital, to scale recycling

RecommerceX focuses on recovering valuable materials such as metals, plastics, and e-waste

Mint

Small-cap stock under ₹200: Sharekhan sees 25% upside in Hi-Tech Pipes shares after 60% rally in YTD

Small Cap Stocks: Hi-Tech Pipes share price has given Multibagger returns to Investors having risen 142% over a year. Sharekhan sees 25% upside in Hi-Tech Pipes shares after 60% rally in YTD. Here are 4 key reasons

Business Standard

Shubham Polyspin Ltd leads gainers in 'B' group

Vishal Bearings Ltd, Geojit Financial Services Ltd, Apollo Pipes Ltd and Matrimony.com Ltd are among the other gainers in the BSE's 'B' group today, 03 September 2024.

CNBC TV18

Welspun Corp to invest $100 million in US arm to upgrade pipe portfolio

This investment will help Welspun Pipes Inc expand its leadership position in the oil and gas segment in the US. Shares of Welspun Corp Ltd ended at ₹695.50, down by ₹12.30, or 1.74%, on the BSE.

The Economic Times

Road developers to see slower revenue growth of 5-7 pc next fiscal: Crisil

Road engineering, procurement, and construction (EPC) companies are expected to see a moderate revenue growth of 5-7 per cent next fiscal due to lower national highway awarding impacting their order books. Despite this, their credit profiles are expected to remain stable supported by steady operating profitability and strong balance sheets. The slowdown in growth is attributed to various factors including procedural issues and transition-related challenges as the government explores different project models. Prices of key raw materials have decreased, providing some relief.

The Economic Times

India aims to lead next industrial revolution with biomanufacturing policy: DBT

India introduced the BioE3 policy to tackle challenges related to food, energy, and climate. Approved by the Union Cabinet, the policy focuses on enhancing innovation in biomanufacturing, covering everything from medicines to bio-plastics. The initiative is expected to create job opportunities and promote sustainable development. The policy aligns with India's aim to become a developed nation by 2047, providing alternatives to traditional resources and addressing environmental concerns.

Business Standard

RCap lenders raise concerns over Rs 7.3k cr debt term sheet offered by IIHL

Lenders to debt-ridden Reliance Capital (RCAP) have raised concerns regarding the term sheet provided by the Hinduja Group firm IIHL for Rs 7,300 crore debt mobilisation to fund acquisition. The committee of creditors (CoC) has expressed concerns that bankers to IndusInd International Holdings Ltd (IIHL) have imposed numerous conditions for offering Rs 7,300 crore debt and some of these conditions can only be met by IIHL after the resolution plan has been executed, sources said. This makes the drawdown of funds needed to settle payments to the debtors of RCAP for the resolution plan virtually impossible, sources said. Message to IIHL seeking comments on the issue did not elicit any response till the filing of the story. Besides, sources said, the term sheets indicate that additional terms and conditions may be introduced in the final binding agreements. The CoC has requested that IIHL should also provide these definitive documents for review, they said. Notably, IIHL is raising R

The Economic Times

Indian cement makers to invest Rs 1.25 lakh cr in 2 years to meet growing demand

The Indian cement industry is planning a capital expenditure of around Rs 1.25 lakh crore for FY25 to FY27 to meet increasing demand, according to a report by CRISIL. This will add 130 million tonnes of cement grinding capacity. The sector’s credit profiles are expected to remain stable due to low capex intensity and strong balance sheets. Major players such as UltraTech and Adani Group are leading the expansion. The top five cement manufacturers held around 54 per cent of the market share in FY24, indicating significant consolidation in the industry.

Mint

Prakash Pipes Q1 Results Live: Profit Rise by 37.52% YoY

Prakash Pipes Q1 Results Live: Revenue increased by 16.67% YoY & profit increased by 37.52% YoY

The Economic Times

Stock market update: Stocks that hit 52-week highs on NSE in today's trade

Pokarna Ltd, Kriti Nutrients, Marksans Pharma, Prakash Pipes and Edelweiss Financial, hit their fresh 52-week highs during the day.

Business Standard

Lower growth, lack of valuation comfort to weigh on pipes maker Astral

Plumbing revenue was up 8 per cent year-on-year (Y-o-Y) and was lower than Street estimates due to lower volume growth at 16 per cent, compared to 23 per cent in Q4FY24

Business Standard

Jindal Stainless to manufacture high-end stainless steel for BrahMos

Jindal Stainless on Monday said it will manufacture customised stainless steel and speciality low-alloy steel sheets for defence projects of BrahMos Aerospace. The company will also supply steel plates from its Hisar plant in Haryana, it said in a statement. Jindal Stainless has been accredited by BrahMos Aerospace Pvt Ltd as a qualified vendor for the manufacturing and supply of steel sheets and plates, it added. JSL MD Abhyuday Jindal said, "We envision an India that is completely Atmanirbhar in its defence requirement. In line with this vision, we are enhancing our capabilities to meet and exceed the stringent conditions for such critical applications. Contributing to the strengthening of our country's defence standing is a matter of passion and pride for us". Previously, Jindal Stainless has supplied materials for key projects under the DRDO and Isro, including India's lunar mission Chandrayaan, PSLV, GSLV Mk3, nuclear submarine missile system, missile canisters for various ...

The Economic Times

Jindal Stainless to supply high-end stainless steel to BrahMos Aerospace

Jindal Stainless announced on Monday that it will produce customized stainless steel and specialty low-alloy steel sheets for BrahMos Aerospace's defence projects. The company has been accredited as a qualified vendor for manufacturing and supplying steel plates from its Hisar plant in Haryana. Jindal Stainless MD Abhyuday Jindal emphasized the company’s commitment to making India self-reliant in its defence sector. The firm has previously supported DRDO and ISRO projects, including Chandrayaan and missile systems, and recently developed special alloy steel sheets for the SMART system.

Mint

Multibagger stock: Hi-Tech Pipes share price rises 7% after Q1 results today. Inches close to lifetime high

Q1 results today: Multibagger stock reported robust growth in total income and net profit during Q1FY25

Business Standard

Vibhor Steel Tubes ups special steel capacity to 48,000 tonnes in Telangana

Vibhor Steel Tubes Ltd (VSTL) on Wednesday said the company has doubled its special steel manufacturing capacity at its Telangana plant to 48,000 tonnes from 24,000 tonnes. It has inaugurated a new Galvanizing Iron (GI) manufacturing unit in the state to increase the production of crash barriers which are widely used on medians, shoulders, verges, and high embankments, the company said in a statement. "Besides strengthening the production and supply of crash barriers to our customers across the country, the new state-of-the-art facility will further reinforce our position as a leader in the steel tubes and pipes industry," Vibhor Kaushik, Managing Director, Vibhor Steel Tubes Ltd, said. Haryana-based VSTL operates two manufacturing units in Raigad, Maharashtra and Mahbubnagar in Telangana with a total capacity of 2,21,000 tonnes per annum. The company is in the process of setting up its third steel project in Odisha which will take its overall capacity to 3,41,000 tonnes.

Business Line

Welspun Corp in growth mode with good demand from exports, US business

According to Managing Director and CEO, Vipul Mathur, Sintex and DI Pipes will be significant contributors to growth this financial year

The Economic Times

Melting ice sheets lengthen Earth's days at unprecedented rate, Nasa study finds

As global temperatures rise, melting ice sheets at Earth's poles are lengthening the planet's day at an unprecedented rate, a new study reveals. This phenomenon, driven by climate change-induced sea-level rise, alters Earth's shape and slows its rotation. Researchers warn that if emissions persist, the increase in day length could more than double by the century's end, underscoring the profound impact of climate change on planetary dynamics.

Business Standard

JTL Industries Q1 results: Net profit increases 21% to Rs 31 crore

Steel pipes maker JTL Industries Ltd on Wednesday reported a 21 per cent rise in its net profit at Rs 30.70 crore for the quarter ended June 30, aided by higher revenues. It had posted a profit of Rs 25.36 crore in the April-June period of the preceding 2023-24 fiscal, the company said in an exchange filing. Its revenue from operations rose to Rs 515.37 crore from Rs 504.80 crore in the year-ago quarter. The company's expenses were Rs 478.83 crore against Rs 471.66 crore a year ago. JTL Industries is a leading producer of electric resistance welded steel pipes with a production capacity of more than 6 lakh metric tonnes per year.

Business Line

PLEXCONCIL urges govt to hike BCD on value-added plastic imports

It will bolster the domestic plastics processing industry, drive export growth

Business Standard

A-I Express to defer inquiries against cabin crew; next meeting on Aug 8

Air India Express on Tuesday decided to defer the inquiry process initiated against nearly 200 cabin crew members for reporting sick in May when the airline faced significant operational disruptions, according to sources. The decision was taken at the meeting convened by the Central Labour Commissioner (Central) in the national capital as part of the ongoing conciliation proceedings. At the meeting, representatives of the Air India Express Employees Union (AIXEU) mentioned about the issuance of charge sheets to around 200 cabin crew members in June and sought the withdrawal, the sources said. They added that on the advice of the conciliation officer, the representatives of the airline's management agreed to defer the inquiry process related to the charge sheets. AIXEU, which represents a section of the cabin crew at the airline, had filed a complaint before the labour department last year. Following the complaint, a conciliation process is happening under the Industrial Disputes Ac

The Economic Times

AI Express union alleges unfair labour practices; seeks intervention of labour commissioner

Air India Express' cabin crew union has alleged unfair labour practices by the airline, including in issuance of charge sheets to its members, and sought the intervention of the labour commissioner to resolve the issues. The Air India Express Employees Union (AIXEU), which is affiliated with the Bharatiya Mazdoor Sangh, has written a letter to the Chief Labour Commissioner (Central) in this regard.

The Economic Times

Economic cracks are getting exposed in the 2024 market bounty

Dispiriting trends that have been visible for months now alongside the frenzy for megacap tech stocks and private credit – are on display yet again. Companies with dicey balance sheets have underperformed anew in June. Equal-weighted stock benchmarks where disruptive AI market leaders have the same weighting as industrial bellwethers have lagged yet again.

Business Line

Nomura’s top cement stock picks: Shree Cement, Ultratech, Ramco Cements, and Nuvoco

Nomura identifies aggressive expansion targets and stronger balance sheets of major cement players as key drivers for sector consolidation