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tata steelwork, tata, tata group

The Tata Steel board has approved the allotment of 7.58 crore shares to eligible shareholders of Tata Steel Long Products Limited.
These equity shares are proposed to be listed and traded on BSE Limited and the National Stock Exchange (NSE), Tata Steel said in a regulatory filing on Wednesday.
Tata Steel's board has approved the allotment of 7,58,00,309 shares to eligible shareholders of Tata Steel Long Products and the record date has been fixed as November 17.
According to the filing, the share exchange ratio will be 67:10, which means that 67 shares of Tata Steel will be allotted for every 10 shares of Tata Steel Long Products.
The scheme of amalgamation was approved and sanctioned by the NCLT-Mumbai Bench vide order dated October 20, 2023, and the NCLT-Cuttack vide order dated October 18, 2023.
These equity shares so allotted shall rank pari-passu with the existing shares of Tata Steel.
The above allotment, Tata Steel said, includes "14,430 fully paid-up equity shares of Tata

Press Trust of India

Tata Steel

Tata Steel Long Products Ltd on Thursday said the National Company Law Tribunal (NCLT) has approved the amalgamation of the company with Tata Steel Ltd.
Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself.
In a regulatory filing, Tata Steel Long Products said the NCLT's Cuttack bench, on October 18, sanctioned the scheme of amalgamation of the company with Tata Steel.
Earlier, Tata Steel CEO & MD T V Narendran had said the merger of the subsidiary companies with itself is expected to be completed in 2023-24.
The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

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Stocks to watch on Monday, October 16, 2023: Ceat, Cyient DLM, Federal Bank, Jio Financial and Yatra Online among 24 companies to announce results today.

Business Standard

steel company, steel firms, ArcelorMittal, JSW Steel

Tata Steel Long Products Ltd (TSLP) on Friday said its consolidated net loss narrowed to Rs 460.23 crore during the September quarter.
It had clocked a net loss of Rs 661.80 crore in the year-ago period, the company said in a regulatory filing.
The company's total income rose to Rs 3,005.46 crore from Rs 1,921.01 crore in the year-ago period, it said.
Expenses also rose to Rs 3,442.03 crore as against Rs 2,696.25 crore last year, according to the filing.
TSLP, formerly known as Tata Sponge Iron Ltd, is in the business of manufacturing high alloy steel, primarily for the auto sector and wire rope industry.
With one million-tonne capacity, it is one of the largest speciality steel plants in India in the long product segment located in Jamshedpur, Jharkhand.

TCIL

Tata Steel on Thursday said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice, imposing a penalty of about Rs 40 lakhs in connection with a demand order pertaining to the 2016-17 fiscal.
"The said demand order is presently pending appeal before the Commissioner of Commercial taxes, Ranchi," Tata Steel said in a regulatory filing.
TCIL on October 4, 2023, received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier demand order from Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to FY 2016-17, it said.
Domestic steel major Tata Steel owns a majority stake in Kolkata-headquartered TCIL, a tinplate producer.
From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic market and exports 15-20 per cent of its sales to different geographies across the world.

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