Page 6 - Tata Steel

Tata Capital seeks shareholders' nod on related party deals with Tata Steel

RPTs with Tata Steel to rise to Rs 12,000 cr

Tata Steel, JSW Steel among bidders for mines under coal block auction

Tata Steel, JSW Steel and Rungta Sons are among the 27 companies which have submitted bids for coal blocks put up for commercial mines auction, the government said on Tuesday. "A total of 27 companies including major companies like Tata Steel Ltd, JSW Steel Ltd, Rungta Sons Pvt Ltd., etc. have submitted their bids in the auction process," the coal ministry said in a statement. Other companies which submitted bids include ACC Ltdd, J K Cement and Thriveni Earthmovers. A total of 27 coal mines have been put up for auction in the ninth round of auction. A total of 33 bids were received for 13 coal mines. Under the second attempt of the seventh round of auction, a total of five coal mines were put up for auction and seven bids were received against three coal mines, the coal ministry said. "The online bids were decrypted and opened electronically in the presence of the bidders. Subsequently, sealed envelopes containing offline bid documents were also opened in the presence of bidders

NCLT allows Tata Steel's proposal to withdraw merger with TRF Ltd

The NCLT has approved Tata Steel's proposal to withdraw merger with TRF Ltd, according to an exchange filing. On February 7, Tata Steel had said that its board has decided not to pursue the amalgamation of TRF Ltd, as the associate company is witnessing a turnaround in its business performance. "We would like to inform that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated February 8, 2024, has allowed the withdrawal of the scheme," the steel major said in the filing. Tata Steel had earlier announced the amalgamation of nine of its strategic businesses, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd, S & T Mining Company. As per Tata Steel, TRF Ltd is in the business of undertaking turnkey projects of material handling for the infrastructure sector such as power and ports and the industrial sector such as steel plants, cement, fertilisers and mining. TRF is ...

TPREL, Tata Comm sign Rs 105 cr deal to set up captive solar project

Tata Power Renewable Energy Ltd (TPREL) has signed an agreement worth Rs 105 crore with Tata Communications to set up a 18.75 MW captive solar plant in Maharashtra. Located in Aachegaon, Maharashtra, the plant is projected to generate approximately 40 million units (MUs) of power while offsetting more than 30,000 tonne of CO2 emissions annually, Tata Power said in a statement. TPREL has signed a power delivery agreement with Tata Communications for a 18.75 MW group captive solar power plant, it said. "We partner with Tata Communications to support their transition to renewable energy and duly enable their progress in the digital ecosystem arena for being a market leader in Commtech space. Our customised green energy solutions such as group captive solar will not only reduce operating costs but also increase energy efficiency," TPREL CEO and MD Deepesh Nanda said. TPREL, an arm of Tata Power, has achieved a milestone by surpassing a capacity of over 1.5 gigawatts (GW) in group capti

To break glass ceiling', Tata Steel invites applications from transgenders

Tata Steel has taken a "significant step towards promoting inclusivity" by inviting applications from transgender candidates for various positions across multiple locations, the company said. As a leading global steel company, Tata Steel recognises the importance of breaking the glass ceiling and mainstreaming transgender people in society, it said. "Transgender candidates with any of the following qualifications can apply: Matriculation in English or ITI or graduation in any discipline or diploma in engineering in any discipline from any institute recognised by AICTE or UGC or Degree in BE/B Tech in any discipline from any institute, recognised by AICTE or UGC," Tata Steel said in a notification. The last date for filing applications is February 15. All shortlisted candidates will undergo a selection process, which may include a written test and interview as per the requirement, it said. In February 2022, the steel giant had expanded its transgender employee base by onboarding 12

Tata Steel completes amalgamation of five businesses, TRF merger called off

TRF mentioned in its regulatory filing that an application to withdraw the scheme of amalgamation has been filed with the National Company Law Tribunal (NCLT), Kolkata Bench

Tata Steel, South East Railway join hands to develop sustainable infra

Private steel major Tata Steel on Wednesday said it will jointly work with South Eastern Railway (SER) to develop sustainable rail infrastructure by utilising its slag-based aggregates. A deliberation on the project execution was held between officials of the SER and Tata Steel, the company said in a statement. Utilisation of sustainable alternatives is the need of the hour, and it will also help in conserving the ecology, SER General Manager Anil Kumar Mishra said at the event on Tuesday. Tata Aggreto, a greener substitute of natural aggregates used in road construction, and Tata Nirman, used as a raw material in manufacturing of fly ash bricks and cement making, will be used in construction of blanketing layers in railway tracks. During the deliberation, Rajeev Shrivastava, Chief Administrative Officer (Construction) apprised participants of the plan chalked out to strengthen the rail infrastructure by the Ministry of Railways. In the endeavour to transform steel slag into ...

India fastest growing economy in world, says Tata Steel CEO T V Narendran

Tata Steel CEO and Managing Director T V Narendran claimed India is the fastest growing economy of the world and the next three decades are important for the country on the development front. China has emerged rapidly during the last 30-40 years and the next 30 years are important for India, which is the fastest growing economy of the world, Narendran said while addressing the members of Singhbhum Chamber of Commerce and Industry (SCCI) here on Tuesday evening. "Currently, China is the largest steel-producing country in the world and we are second. In view of the global challenges being faced by the steel sector, we have to move forward keeping in mind the steel prices", the Tata Steel MD said. "Today, India is the world's fastest-growing economy and the infrastructure sector witnessed rapid momentum during last two/three years, which resulted in growing steel supply by the private steel major", he said. As Tata Steel's Jamshedpur plant is located in a densely populated area, there

Tata Steel board decides not to merge TRF Ltd as company sees turnaround

Tata Steel on Wednesday said its board has decided not to pursue the amalgamation of TRF Ltd, as the associate company is witnessing a turnaround in its business performance. Tata Steel had earlier announced the amalgamation of nine of its strategic businesses including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd, S & T Mining Company. In a statement, Tata Steel said "the boards of both the companies have decided not to pursue the amalgamation process. With the active support from Tata Steel, TRF has successfully navigated a highly challenging operating environment, witnessing a turnaround in its business performance." Since the announcement of the intended merger, Tata Steel has been providing significant operational and financial support by way of placement of orders and infusion of funds. Tata Steel further said it has successfully amalgamated five businesses after duly completing the ...

TRF zooms 20%, Tata Steel nears record high on calling off merger plan

In the past two trading days, the stock of the Tata Group firm has zoomed 29 per cent. Currently, it is trading at its highest level since September 2022

Tata Steel proposes additional support package for Port Talbot workers: CFO

Tata Steel UK will be closing its first blast furnace by mid-this year while the second furnace is planned to be shut down in the second half of 2024, he said

'Tata Steel to consider investment in UK plant, if govt funding available'

Tata Steel would consider additional future investments in its Port Talbot plant in the UK, if more government funding was made available, the company's Chief executive T V Narendran said on Wednesday. The UK government has already agreed to a 500 million pound package to support the loss-making steel plant which was facing shutdown over high carbon emission. The plant employs around 8,000 people. As part of its restructuring plan backed by the government funding, Tata Steel will replace the blast furnaces at the unit with electric furnaces to use recycled steel in order to reduce carbon emission. However, the installation of low-emission system will lead to a loss of 2,800 jobs as electric furnaces need less manpower. "The electric arc furnaces need not be the end, it is the beginning," Narendran told the Welsh Affairs Committee of the House of Commons. Earlier, steel unions had also suggested the UK government to put more money into securing the future of Tata Steel. The company

IMFA Q3 results: Profit climbs to Rs 109 cr, total income at Rs 695.02 cr

Indian Metals & Ferro Alloys Ltd (IMFA) has posted manifold jump in its consolidated net profit to Rs 108.95 crore in the December quarter, pushed by higher income. It had clocked a profit of Rs 11.04 crore in the October-December period of 2022-23 financial year, the company said in an exchange filing on Tuesday. The company's total income rose to Rs 695.02 crore over Rs 631.84 crore in the year ago quarter. Its expenses reduced to Rs 549.44 crore from Rs 605.61 crore in the third quarter a year ago. Subhrakant Panda, Managing Director, IMFA, said, "The third quarter earnings numbers are creditable in a difficult global environment where stainless steel demand has been muted and ferro chrome prices have softened, though costs have come down significantly too. The moderation in the Chinese economy has had an impact across the commodities spectrum but we do not expect any further downside." Bhubaneswar-based IMFA is a leading integrated producer of value added ferro chrome with ...

Mixed outlook for Tata Steel stock as global demand remains soft

In Q3FY24, Tata Steel's standalone revenue increased by 2 per cent year-on-year (Y-o-Y) to Rs 34,700 crore, in line with consensus

Job cuts in Britain 'least bad option', will continue talks: Tata Steel CEO

The steelmaker will close its two blast furnaces in Britain by the end of this year, axing up to 2,800 jobs at its Port Talbot steelworks in Wales

We expect losses in the UK to be lower: Tata Steel CEO & MD T V Narendran

UK, is more of a structural problem and that's why we're doing the restructuring. But we expect the losses to be lower going forward as we start shutting down the blast furnaces

Job cuts in Britain 'least bad option', will continue talks: Tata Steel CEO

The steelmaker will close its two blast furnaces in Britain by the end of this year, axing up to 2,800 jobs at its Port Talbot steelworks in Wales

F&O expiry: Nifty ends Jan series near 21,350; Sensex drops 360 pts

Stock market highlights on January 25, 2024: The frontlines were dragged by Tech M, Axis Bank, Bharti Airtel, HCL Tech, Kotak Bank, HDFC Bank, Wipro, Asian Paints

Jindal Steel cuts export forecast on Red Sea crisis, weaker EU, US demand

The company is exploring "new options" and a "variable freight model", Jindal said, as part of efforts to deal with the challenges posed by attacks launched by the Iran-allied Houthi militia on ships

Stocks to Watch today: Bajaj Auto, Tata Steel, Tech M, TVS Motor, IOC, BoB

Stocks to watch on Thursday, January 25, 2024: Among companies announcing Q3 results yesterday, Tata Steel reported a turnaround while IOC and Ceat postged a 10-fold and 5-fold jump in net profit.