Shares of Hindalco, Jindal Steel and Power, Vedanta, Welspun Corp, National Aluminium Company (Nalco), Hindustan Zinc, APL Apollo Tubes declined over 1 per cent
JSW Steel plans to purchase 2,500 metric tons, while SAIL aims to secure 75,000 metric tons of coking coal from Mongolian
The company's total income decreased to Rs 24,842.18 crore from Rs 29,858.19 crore in the second quarter of the preceding 2023-24 financial year
State-owned SAIL on Thursday reported a 31 per cent fall in consolidated net profit to Rs 897.15 crore in the September quarter, dragged by lower income. It had posted a Rs 1,305.59 crore net profit for the period ended September 2023, the company said in an exchange filing. The company's total income decreased to Rs 24,842.18 crore from Rs 29,858.19 crore in the second quarter of preceding 2023-24 financial year. Its expenses stood at Rs 23,824.07 crore as against Rs 27,768.60 crore in the year-ago quarter. In a separate statement, the company said its crude steel output fell marginally to 4.76 million tonnes (MT) from 4.76 MT in July-September last fiscal. Sales also decreased to 4.10 MT from 4.77 MT in the same quarter a year ago. SAIL Chairman Amarendu Prakash said, "We expect H2 FY25 to bring more promising results compared to H1 FY25, which was impacted by various challenges. Moving forward, with an expected downtrend in steel imports and projected growth in GDP and capital .
PSU stocks were under pressure amid wider weakness in the market, with the BSE Sensex and Nifty 50 declining nearly 1% each
SAIL on Monday said it has signed an agreement with global resources company BHP to work on strategies for low-emission steel manufacturing technologies. Both companies signed the memorandum of understanding to support decarbonisation in steel making, the Steel Authority of India Ltd (SAIL) said in a statement. "This collaboration is an important step for SAIL and BHP in promoting lower carbon steelmaking technology pathways for the blast furnace route in India. Under this MoU, the parties are already exploring a number of workstreams supporting the potential decarbonisation at SAIL's integrated steel plants which operate blast furnaces (BF) with an initial study to assess various strategies to reduce greenhouse gas emissions (GHG)," it said. These workstreams will consider the role of alternate reductants such as the use of hydrogen and biochar for blast furnaces, to build local research and development capability to support the decarbonisation transition. SAIL Chairman Amarendu .
The government is considering merger of RINL with another state-owned steel company SAIL as one of the options to ensure survival of RINL's plant and resolve the financial and operational issues being faced by the Andhra Pradesh-based steel maker, sources said. To provide capital for continuity of operations at the RINL's steel plant, plans like sale of land parcel to NMDC and bank loans are also being worked out, they told PTI. The DFS secretary, steel secretary and top officials of public sector lender SBI also held a meeting recently over the RINL issue. SBI has significant loan exposure to RINL. "The government wants to provide a permanent solution to the issue. One of the options being discussed is the merger of RINL with SAIL," the sources said. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, owns and operates a 7.5 million tonnes plant at Visakhapatnam in Andhra Pradesh. It holds the distinction of being India's first shore-based integrated steel plant. SAIL
Shareholders of SAIL have passed a resolution to authorise its board to undertake 'material-related party transactions' up to Rs 9,000 crore with NTPC-SAIL Power Company, an exchange filing said Thursday. NTPC-SAIL Power Company is a joint venture between power generation company NTPC and steel maker SAIL. The resolution was passed by the members of the company at its 52 Annual General Meeting (AGM) in the national capital. The resolution was passed "to authorise the board to carry out the material related party transactions with NTPC-SAIL Power Company for an aggregate value of up to Rs 9,000 crore from April 1, till the AGM to be held in FY26," SAIL said in the filing. Another resolution was passed to authorise the board to carry out material related party transactions with Bokaro Power Supply Company for an aggregate value of up to Rs 4,500 crore from April 1, 2024 till FY26. Bokaro Power Supply Company is a joint venture between DVC and SAIL. The shareholders also passed a ..
SAIL, the country's largest steel player, is willing to participate in the Critical Mineral Mission, which aims to secure the country's critical mineral supply chain by ensuring mineral availability from domestic and foreign sources, the company's Chairman Amarendu Prakash said on Thursday. The Union Budget 2024-25 had proposed launching a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. "FM Nirmala Sitharaman announced the Critical Mineral Mission. In that mission a lot of things will be discussed, all possibilities will be discussed. So we will be watching this and seeing what opportunities are there. "As the Critical Mineral Mission expands and things get discussed, we will be watching and seeing if there are opportunities for exploring something on SAIL's part," the Chairman told reporters on the sidelines of ISA Steel Conclave. The Critical Mineral Mission aims to secure the country's critica
In Q1FY25, Tata Steel and JSW Steel posted flat operating profit margins as higher volumes and lower input prices compensated for low steel prices
In the past two months, major PSE index constituents are experiencing profit booking. Here's how analysts view the space
Domestic steel spread is at Rs 24,330 per tonne ( the lowest since March 2024) and the price of hot rolled coil (HRC) is at Rs 51,370 per tonne (the lowest since December 2020), said Dixit
Since reaching a peak of approximately Rs 175 in May 2024, SAIL has been under significant selling pressure
The state-owned firm's consolidated net profit fell more than 61 per cent to Rs 81.78 crore (around $10 million) for the quarter ended June 30
India's coal import rose 5.3 per cent to 52.29 million tonnes (MT) in the first two months of the ongoing fiscal as against the year-ago period. The country's coal import was 49.62 MT in April and May in FY24, according to data compiled by mjunction services ltd -- a B2B e-commerce platform from a joint venture between Tata Steel and SAIL. However, coal import in May dropped marginally to 26.19 MT, from 26.57 MT a year earlier. "Coal imports... were down 1.43 per cent as against 26.57 MT imported in May 2023," it said. According to mjunction MD and CEO Vinaya Varma, the demand for imports is likely to remain subdued in the coming weeks due to the onset of monsoon while the production growth should stay healthy in the domestic market. Also, coking coal prices are expected to move up in the seaborne market due to supply tightness and this may impact buyers' interest in the country. Of the total imports in May, non-coking coal imports stood at 17.53 MT, against 18.10 MT imported in
Steel Authority of India Ltd will be investing Rs 6,500 crore towards capex during the current financial year as part of its Rs 1 lakh crore investment plan over the next few years, SAIL CMD Amarendu Prakash said on Friday. Speaking to mediapersons on the sidelines of a programme organised by Indian Steel Association here, Prakash said the steel industry approached the government seeking measures to control the dumping of cheap metal by China into India and hoped that steps will be taken to address the menace. "This year, the capex target is Rs 6,500 crore. We also have regular capex on maintaining our facilities, as well as debottlenecking exercises. Most of the capex expansion (Rs 1 lakh crore by 2030) will start flowing from FY26. In the first phase from (the capacity) 20 million tonnes, we go to 35 million tons tonnes per annum by 2031. In the next phase, we will make it 50 million tonnes," the SAIL CMD told reporters. In the past, SAIL management had informed investors about a
Individually, Welspun Corp, and Steel Authority of India dropped 8.5 per cent each, NMDC 4.9 per cent, APL Apollo Tubes 3.8 per cent, and Adani Enterprises 2 per cent in the last one month
The commercial production of R350 HT rails started at the universal rail mill in October last year after successful trials and clearance from the research wings of SAIL and the Railways
Government-owned shares witnessed intense selling pressure as analysts feared that the relatively poor showing of the Modi-government may impact its reforms agenda.
Shares of state owned companies fell on the BSE in Tuesday's early trades. The BSE CPSE index was down by 8.3 per cent at 4,025 levels.