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The Economic Times

Govt approves sale of FSNL to Japan's Konoike Transport Co for Rs 320 cr

The government has approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese company Konoike Transport Co Ltd for Rs 320 crore. FSNL, a subsidiary of MSTC Ltd under the Steel Ministry, received two bids, with Konoike's being the highest. The sale includes 100 per cent equity shareholding and management control transfer.

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.

The Economic Times

Goodluck India begins trial production of hydraulic tubes at Sikandrabad facility in UP

Goodluck India has commenced trial production of hydraulic tubes at its Sikandrabad facility, which was established with an investment of Rs 200 crore. The plant in Uttar Pradesh has a capacity of 50,000 metric tonnes. Commercial production is set to begin in January, with plans to export 40% to the US and Europe.

CNBC TV18

Japanese firm Konoike Transport wins ₹320-crore bid for MSTC arm Ferro Scrap Nigam

FSNL is a wholly-owned subsidiary of MSTC Ltd under the Ministry of Steel, while Konoike Transport is listed on the Tokyo Stock Exchange and has a longstanding presence in the steel industry. Shares of MSTC Ltd ended at ₹722.65, up by ₹10.55, or 1.48%, on the BSE.

The Economic Times

Steel firm Rhetan TMT plans to set up 2 MW solar plant for captive use

Rhetan TMT Ltd plans to establish a 2 MW solar power plant at its Kadi manufacturing facility in Gujarat. The solar plant will be for captive use, reducing power costs and promoting green energy. The company's board will meet on Friday to approve the project. Rhetan TMT produces TMT Bars and Round Bars for the construction industry.

CNBC TV18

Arkade Developers IPO subscribed nearly 70 times on Day 3; GMP surges on strong demand

The proceeds from the fresh issue will be used for the development of the company's ongoing as well as upcoming projects and funding the acquisition of future real estate projects and general corporate purposes.

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.

The Economic Times

Discussions on how to protect domestic steel industry going on: Union Minister

The steel ministry is discussing with the finance ministry to implement policy measures to curb rising steel imports, including a minimum import price. Efforts are also being made to strengthen the domestic alloy industry, which faces challenges like high power tariffs and inadequate raw materials. The minister aims to revive Rashtriya Ispat Nigam Limited.

Business Line

Rhetan TMT to set up 2 MW solar power plant

Steel products maker to set up captive solar power plant at factory in Kadi, Gujarat

Mint

Tata Steel share are down by -0.63%, Nifty up by 0.54%

Tata Steel Share Price Today on 19-09-2024: On the last trading day, Tata Steel opened at ₹151.6 and closed at ₹149.65. The stock reached a high of ₹152.25 and a low of ₹149.65 during the session.

The Economic Times

Buy Jindal Steel & Power, target price Rs 1240: ICICI Securities

Jindal Steel & Power Ltd. key Products/Revenue Segments include Iron & Steel Items, Other Operating Revenue, Scrap and Export Incentives for the year ending 31-Mar-2024.

The Economic Times

Kalana Ispat IPO: Check issue size, price band, GMP and other details

Kalana Ispat's SME IPO will open for subscription today and close on September 23. The company aims to raise Rs 33 crore by offering shares at Rs 66 each. The funds will be used for capital expenditure, including a solar power plant and rolling mill setup. Shares are expected to list on September 26.

The Economic Times

ETMarkets Smart Talk: Mutual Funds drive Indian market higher despite global challenges, says CIO of Reliance General Insurance

The market reflects two major factors: sentiment and flows. Sentiment in India has been positive, especially with political uncertainty now behind us. India continues to lead the world in GDP growth.

The Economic Times

JSW Steel Share Price Live Updates: JSW Steel Closes at Rs 956.70, Achieving 4.56% Returns Over Three Months

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Business Standard

PFC pays Rs 462 cr final dividend for 2023-24 to govt; BHEL pays Rs 55 cr

State-owned Bharat Heavy Electricals Ltd (BHEL) on Wednesday said it has paid a final dividend of Rs 55 crore for 2023-24 to the government. To this effect, a cheque towards the final dividend on the equity (63.17 per cent) held by the Government of India, was presented to H. D. Kumaraswamy, Union Minister of Heavy Industries and Steel by K Sadashiv Murthy, Chairman and Managing Director, BHEL, a company statement said. The total dividend paid to the company's shareholders for 2023-24 amounted to over Rs 87 crore.

Business Standard

Oswal Pumps files IPO papers with Sebi to raise Rs 1k cr via fresh issue

Haryana-based Oswal Pumps has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is a combination of fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of up to 1.13 crore equity shares by promoter Vivek Gupta, according to the draft red herring prospectus (DRHP) filed on Tuesday. The company may consider raising up to Rs 200 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue will be used for funding certain capital expenditures of the company; investment in wholly-owned subsidiary, Oswal Solar in the form of debt or equity, setting up new manufacturing units at Karnal, Haryana, payment of debt, and for general corporate purposes. Oswal Pumps commenced its operations in 2003 by manufacturing low-speed monoblock pumps and over the years, it expanded its operations to manufacture grid-connected high-speed

Mint

AM/NS India bets on high-margin, value-added steel for solar, automotive sectors

The joint venture between ArcelorMittal and Japan’s Nippon Steel is setting up a production line at its flagship plant in Hazira, Gujarat

Business Standard

Quality Power files draft papers with Sebi to raise funds via IPO

Quality Power Electrical Equipments, an energy transmission equipment and power technologies company, has filed preliminary papers with capital market regulator Sebi to raise funds through a initial public offering. The initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 225 crore and an offer for sale (OFS) of up to 1.2 crore equity shares, according to the draft red herring prospectus filed on Monday. As part of the OFS, promoter Chitra Pandyan will offload the shares of the IPO-bound company. The Pandyan family holds 100 per cent stake in Sangli-based Quality Power. Proceeds from the fresh issue are proposed to be utilised for the acquisition of Mehru Electrical and Mechanical Engineers Pvt Ltd, funding capital expenditure requirements for purchasing plant and machinery. Besides, the company will also use the funds for inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. Quali

Hindustan Times

Richest and poorest Indian states: Which ones contributed the most GDP and had the highest income?

Southern Indian states surged ahead of northern states in general when it comes to GDP contribution as well as having higher-than-average per capita incomes

The Economic Times

Google wins legal bid to overturn 1.5 billion euro antitrust fine in EU digital ad case

The European Union's General Court said it was throwing out the 2019 penalty imposed by the European Commission, which is the 27-nation bloc's top antitrust enforcer.

Business Standard

Centre's support to help attain $1 bn exports of alcoholic beverages: CIABC

Support from the Centre and state governments will help the country to achieve USD 1 billion worth of alcoholic beverages exports in the coming years, the Confederation of Indian Alcoholic Beverage Companies (CIABC) said on Wednesday. CIABC Director General Anant S Iyer also said that promoting ease of doing business for the sector is key at both the Central and state government levels. Easy and timely permissions for bottling and branding; transport permits; and promoting online paperwork are some of the areas which need special attention for the growth of the sector. "We need ease of doing business across the operations, besides easy tax structures and market-determined prices to boost the exports. At present, rules for the sector differ from state to state," Iyer said. He said the USD 1 billion target is "ambitious, but possible". In 2023-24, the exports stood at USD 389 million. He added that the industry should give a try for this target as it needs about 14-15 per cent ...

Business Standard

India in talks to tackle rising steel imports: Steel minister Kumaraswamy

Earlier in the month, Steel Minister Kumaraswamy had said his ministry will try to convince the finance ministry to raise tariffs on steel imports

The Economic Times

India in talks to tackle rising steel imports, says Steel Minister H.D. Kumaraswamy

India is in talks to address rising steel imports, according to Steel Minister H.D. Kumaraswamy. The country, a major crude steel producer, has been a net importer of steel recently, with China as the top exporter. Local steel prices have dropped significantly due to higher imports.

Business Standard

Revised norms: CCI can appoint agencies to monitor implementation of orders

Competition Commission can now appoint agencies to monitor the implementation of its orders, with the notification of amended regulations. The move also comes amid instances of some entities flagging concerns about non-compliance with certain orders of the regulator, which works to ensure fair competition in the market place. The Competition Commission of India (General) Regulations, 2024 were notified on Tuesday. Now, agencies can be appointed by CCI to monitor the implementation of its orders. The agencies can be accounting firms, management consultancy or any other professional organisation or chartered accountants, company secretaries or cost accountants. "Where the Commission is of the opinion that the implementation of its orders passed under Section 31 or Section 48A or Section 48B or any other provisions of the Act and regulations made thereunder, needs monitoring, it may appoint agencies to oversee such implementation, on such terms and conditions as deemed fit by the ...

Mint

Jsw Steel share are down by -0.49%, Nifty up by 0.22%

Jsw Steel Share Price Today on 18-09-2024: On the last trading day, Jsw Steel opened at ₹964.7 and closed at ₹959. The stock reached a high of ₹970.5 and a low of ₹959 during the session.

The Economic Times

Innomet Advanced Materials shares list at 90% premium over IPO price

Innomet Advanced Materials shares listed on the NSE SME platform with a 90% premium, debuting at Rs 190 against an issue price of Rs 100. The IPO saw a robust subscription of 300 times. The company manufactures diamond tools and metal powders, and plans to use the proceeds for working capital, machinery, debt repayment, and general corporate purposes.

Business Standard

DGCA investigates IndiGo tail strike incident, derosters flight crew

Aviation watchdog DGCA is probing the incident of tail strike involving an IndiGo aircraft on September 9 and the flight crew has been derostered, a senior official said on Tuesday. In a statement, IndiGo said its A321 aircraft was grounded in Bangalore due to a tail strike on September 9. It was operating the flight from Delhi to Bengaluru. "The aircraft is currently under maintenance and will be back in operation post necessary repairs. The incident is under investigation," the airline said. According to the senior official at the Directorate General of Civil Aviation (DGCA), the flight crew has been off rostered and the incident is under investigation.

The Economic Times

Will ensure Vizag steel plant operations streamlined: AP CM Chandrababu Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu has vowed to prevent the privatisation of Rashtriya Ispat Nigam Ltd (RINL), a state-owned steel plant facing financial difficulties. He urged employees and trade unions to implement better management policies and hinted at possible central government assistance. The plant currently operates with one out of three blast furnaces.

The Economic Times

DGCA probes tail strike incident involving IndiGo plane; derosters flight crew

The Directorate General of Civil Aviation (DGCA) is investigating a tail strike incident involving an IndiGo A321 aircraft on September 9. The aircraft, which was operating a flight from Delhi to Bengaluru, has been grounded in Bangalore for maintenance. The flight crew has been derostered pending the investigation, and the plane will return to service after necessary repairs.

Business Standard

Network18 Media & Investments gets 3 months extension for convening AGM

Network18 Media & Investments, which owns Reliance Industries' media assets, has received a three-month extension for convening its Annual General Meeting for FY24. The Registrar of Companies (RoC) on Tuesday granted its approval for extension of time for holding the AGM, accepting the application of the company, according to a regulatory filing from Network18 Media. Reliance is in the process of merging its media assets, including Network18 with global media giant The Walt Disney Co India business, which will create the country's largest media empire worth over Rs 70,000 crore. "This is to inform you that pursuant to the application filed by the company for extension of time for holding the 29th AGM of the company for financial year 2023-2024, Ministry of Corporate Affairs (office of the Registrar of Companies, Mumbai ) vide its order dated September 17, 2024, granted its approval for extension of time for holding the AGM," it said. Media ventures of Reliance are housed in ...

Business Standard

India, UK may hold next round of talks on proposed trade agreement in Oct

India and the UK are expected to hold the next round of talks for a proposed free trade agreement in October to resolve the pending issues and close the negotiations, a senior official said on Tuesday. Commerce Secretary Sunil Barthwal said the officials of the UK are briefing their new ministers about the proposed free trade agreement (FTA). The two sides have already taken stock of the progress of talks at secretary and minister levels. "The briefings are going on in the UK...they are briefing their new ministers and based on that, the negotiations will start. We are hoping that in October, the negotiations should resume," Barthwal told reporters here. He also said India is progressing on all FTAs, but there are certain things which are not in control of anyone. The India-UK talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. Due to the elections in India and Britain, both the countries

Business Standard

PMEA Solar Tech Solutions files for IPO, eyes Rs 600 cr via fresh issue

PMEA Solar Tech Solutions has filed preliminary papers with capital markets Sebi to raise funds through an initial public offering (IPO). The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Monday. The company may consider raising up to Rs 120 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for purchase of machinery/equipment; Rs 240 crore for payment of debt and remaining funds for general corporate purpose. Founded in 2006, PMEA Solar Tech Solutions specialises in solar tracking mounting systems and equipment and has an annual installed ..

Business Standard

Increase in airfare not linked to rise in airport charges, says ACI

Airport charges are an important element of the commercial aviation ecosystem for infrastructure development and increase in airfares is not linked to a rise in the charges, according to the Airports Council International (ACI). Against the backdrop of the International Air Transportation Association (IATA) flagging concerns over a steep rise in airport charges, ACI also said that the charges will remain a critical source of revenue for airports. "Airport charges are an important element of the commercial aviation ecosystem for infrastructure development. Failing to address the capital expenditure requirements to accommodate the projected growth could have serious socio-economic consequences," Stefano Baronci, Director General, ACI Asia Pacific & Middle East, said. In a statement to PTI, he noted that airports are highly infrastructure-intensive businesses, with their cost structures dominated by significant fixed costs for the operation and upkeep of essential infrastructure such

Business Standard

ArcelorMittal's India joint venture seeks duty-free LNG imports: Report

India, the world's second biggest crude steel producer, levies a 2.5 per cent basic customs duty and an additional 0.25 per cent social welfare tax on LNG

Business Standard

Dental products firm Laxmi Dental files draft papers with Sebi for IPO

Dental products company Laxmi Dental Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is a combination of a fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of 1.28 crore shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP) filed last week. As a part of the OFS, investor OrbiMed Asia II Mauritius Ltd will offload shares of the IPO-bound company. Besides, the company may consider raising Rs 30 crore in a pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue will be kept aside for investment in subsidiary Bizdent Devices, purchase of new machinery for the company, payment of debt and for general corporate purposes. Laxmi Dental, an end-to-end integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded

The Economic Times

Industry body sees domestic zinc consumption doubling in less than decade

The International Zinc Association predicts that India's zinc demand will double in less than a decade, driven by energy transition, battery technology, automobiles, infrastructure, and steel sectors. Currently consuming around 1.1 million tonnes of zinc, India is ahead of global consumption patterns. Zinc's role in reducing carbon emissions and supporting renewable energy infrastructure is crucial.

The Economic Times

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

Tata Motors, Eicher Motors, Adani Ports SEZ, Coal India Ltd and Tata Steel were among the top losers on NSE in today's trade.

The Economic Times

Nifty, Sensex scale new peaks but end flat ahead of Fed decision

The majority of Nifty stocks saw declines today, with 29 stocks falling and only 21 advancing. The top performing stocks included Hero MotoCorp, Bajaj Auto, Bharti Airtel, NTPC, and Mahindra & Mahindra, while the biggest losers were Tata Motors, Eicher Motors, Tata Steel, Coal India, and JSW Steel.

Business Line

Hindalco to launch copper alloys for high-speed mobility

Hindalco to expand copper smelting capacity at Dahej facility

Mint

Jindal Steel & Power stock breaks downtrend, jumps 11% in Sep after 3-month slump. More gains ahead?

Jindal Steel & Power shares rose 11% to 1,051.95 in September, ending a three-month slump. Analysts predict continued growth, with potential to hit a new record high. Despite recent corrections, the stock has surged 1,000% since April 2020.