Nifty likely to remain on a steady wicket: Deven Choksey
So maybe I am not a very big fan of buying commodities because commodity assumes a bigger amount of cycles. But I feel that I think when given opportunity corrected prices I think if the stocks are available in the course of its journey, probably one could buy them at lows.
INOX Air Products investing Rs 1,300 cr to set up air separation units at Tata Steel's Dhenkanal plant
The units will separate these gases from the air and supply it to the steel plant, Jain said, adding that the project is expected to be commissioned by March, 2025. When asked about the details of the partnership, he said his company has signed an agreement with Tata Steel for 20 years to supply oxygen, nitrogen and argon, and Rs 1,300 crore will be invested to set up the plant on land provided by Tata Steel at its Meramandali plant in Dhenkanal.
INOX Air plans Rs 3,000 crore investment by 2025 to meet rising demand
As companies embark on a new capital expenditure cycle and new sectors such as solar and semiconductors emerge, the demand for industrial gases in India will align with that of developed markets, said INOX Air Products CEO.
Enough growth opportunities within facilities to take capacity to 40 MT in India: Tata Steel CEO
"In India, basically we want to increase the capacity. We have already around 21 MT. It will be 25 MT soon because the Kalinganagar expansion is going on. We have a few more plans - Neelachal, Kalinganagar and Meramandali or Angul to achieve 40 million tonne capacity by 2030," Narendran told PTI in an interview.
Tata Steel Mining inks pact to get LNG for Odisha plant from BPCL
Rouf M Khan, Head (GAS), East, BPCL said, "We are happy to associate with Tata Steel Mining and supply them natural gas for their operations, enabling us to inch closer towards the goal of decarbonisation." This step help in reducing the carbon footprint in Odisha, said Hemant Sharma, industries secretary of the coastal state.
ETMarkets Smart Talk: As India moves from a $3 trillion economy to $8 trillion by FY30 we focus portfolio on ‘Yuva Bharat theme’: Rikesh Parikh
RBI had pre-empted and changed its stance to pause in its April meeting, now all focus is on the inflation trajectory. Historically, it has been seen it takes 6 to 9 months post pause for a shift in stance towards lowering interest rates.
Large steelmakers look for government support on path to green steel
Steelmaking is an energy intensive business, and accounts for among the highest carbon emissions globally. Production of green steel basically means doing so without the usage of fossil fuels in order to cut down on carbon emissions.
India coal imports surge to 162 MT in FY23; inbound coking coal shipment grows to 54 MT
India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel. For coking coal -- a key raw material used in steel making -- the country remains heavily dependent on imports.
Status quo in UK can't continue; bound to take decision in next 2 years: Tata Steel CEO
Tata Steel needs a decision on the fate of its UK operations within the next 12 to 24 months, according to CEO and MD T V Narendran. The assets will soon reach the end of their life and carbon footprints must be reduced. The company has requested a financial package from the UK government to replace two blast furnaces at Port Talbot, South Wales, where the UKs largest steelworks is located. Tata Steel is talking to the UK government in hopes of receiving the required package.
The Sensex fell 694.96 points or 1.13% to close at 61,054.29, a day after the index surged to its highest in four and a half months. The Nifty declined 186.80 points or 1.02% to end at 18,069. Both the indices once again turned negative for the year on Friday, pulling back about 0.5% year-to-date.
Activity in the steel trade market in India has slowed significantly as buyers hold back from stocking up on materials on expectations of prices dropping. The trade market, consisting of dealers and sub-dealers of primary steel mills, accounts for a quarter of the overall steel consumption in the country. Major players like JSW Steel and ArcelorMittal Nippon Steel India have cut prices by Rs 2,000 per tonne and Rs 2,500 per tonne respectively, while other steel mills are expected to follow. This follows a hike in list price in April, which resulted in a lower takeoff in the trade market and contributed to inventory accumulating with mills.
2 top stock recommendations from Swati Ananda Hotkar
So, the profit booking cannot be denied at the higher levels, but definitely I believe 42,800, 42,500 can come down and we can just see the support formation in that particular range and again we will witness some pullbacks rally.
How to trade Tata Steel shares after over 80% plunge in Q4 profit?
Tata Steel's Q4FY23 earnings beat estimates, resulting in positive ratings from several top brokerages. Kotak and Nuvama retained a 'Buy' rating, while Motilal Oswal maintained a 'Neutral' stance. Tata Steel reported a consolidated net profit of Rs 1,705 crore, an 82% fall YoY, but beating the ET Now poll estimate of Rs 749 crore. Revenue from operations also declined 9% YoY at Rs 62,961 crore. Kotak retained its price target of Rs 130, Motilal Oswal provided a target of Rs 110, and Nuvama maintained a target of Rs 131.
Status quo is not an option for Tata Steel UK: MD, TV Narendran
The Rishi Sunak-led government's earlier proposal barely covered a fifth of the estimated capital cost required at Port Talbot Steelworks, Narendran said. The company's European operations continued to be a drag on its consolidated financials. Edited excerpts:
Next year, Tata Steel will be back on track for reducing debt by $1 billion annually: TV Narendran
Tata Steel CEO and MD, TV Narendran, expects steel consumption to return to positive levels in Europe from next year. The companys Dutch business, the strongest in Europe, has been significantly challenged because of rising gas and electricity prices last year. The UK business still poses a long-term challenge, but the fundamentals of demand in India are still very strong due to construction activity and a revived auto industry. Narendran also spoke about the three big factors that will drive sentiment – domestic demand in India, China's recovery and resurgence, and coal prices.
Why Rakesh Arora is in no hurry to buy cement and steel stocks now
Rakesh Arora of Go India, predicts a moderate outlook for the cement and steel sectors beyond Q1 of this year. A lack of price discipline and the emergence of new competitors such as Adani Cement could hamper pricing, leading to a potential disappointment in the cement industry if companies continue to push towards volume over pricing. While cost pressures are reducing and margins are improving due to cost reduction, the picture for steel remains uncertain due to global demand risks and dropping steel prices in China.
Q4 results today: What to expect from Tata Steel, Varun Beverages, and Ambuja Cements
Tata Steel, Varun Beverages, Adani Total Gas, and Ambuja Cements will publish their Q4 earnings reports on Tuesday. Kotak Institutional Equities expects Tata Steel's realizations to increase 4.4% QoQ and Varun Beverages sees a strong 27% YoY growth in revenue. Ambuja Cements is expected to report a 7% YoY growth in net profit at Rs 530 crore. However, there are no estimates for Adani Total Gas. Stocks will fluctuate based on the Q4 earnings results.
SGX Nifty down 35 points; here's what changed for market while you were sleeping
Asian stocks rose as trading resumed in most of the regions markets following a holiday on Monday. Investors are weighing JPMorgan Chase & Co.s purchase of First Republic Bank along with expectations the Federal Reserve will hike interest rates once again this week. MSCI Inc.s Asia Pacific Index climbed 0.3%, supported by shares in Hong Kong that gained at the open.