Page 10 - Tata Steel

Should build manufacturing economy greener than China's: Tata Steel CEO

India should build a manufacturing economy which is greener than China's, with a holistic approach that involves both the government and the private sector, Tata Steel CEO T V Narendran said on Wednesday. While addressing a panel discussion at AIMA Convention here, Narendran stressed the need to make the transition to a green manufacturing economy at a fast pace, else India would lose market share. "Unlike China which built a large manufacturing economy and now is trying to make it green, India can build a large manufacturing economy which is greener than the one that China built over the last 20-30 years," he said while replying to a question on the energy transition from fossil fuel to a cleaner future driven by two sectors cement and steel. "So that's an opportunity for India. It is also a risk for India. If India does not make the transition fast enough, we will find that large economic blocks like the US, Europe and China have already made the transition and India gets locked o

UK gets improved terms for 2,500 workers as it recommits to Tata Steel deal

Tata said in January that up to 2,800 jobs were at risk from closure of its two blast furnaces at Port Talbot, with about 2,500 job losses likely next year after 2023 govt-backed plan to shut them

Whistleblower complaints at Indian companies up 8% to 1,074 in FY24

Of the BSE-50 companies, two-year data of whistle-blower complaints were available for 14 companies

Moody's maintains stable outlook for Tata Steel, expects improved earnings

Moody's Rating on Wednesday said it has maintained a stable outlook on Tata Steel, expecting the domestic steel major to improve its earnings over the next two financial years. In a report, Moody's said it expects Tata Steel's consolidated EBITDA to be around Rs 290 billion in fiscal ending March 2025 and Rs 380 billion in fiscal 2026, from Rs 241 billion in 2023-24. "The rating affirmation and stable outlook reflect our expectation that the structural improvement in Tata Steel's earnings over the next two years will mitigate the risks associated with new state taxes on mining activities in India and developments at its operations in Europe, amid challenges in the broader steel sector," Hui Ting Sim, a Moody's Ratings Assistant Vice President and Analyst, said. Its forecast assumes that Tata Steel's India operations will generate EBITDA per tonne of Rs 14,700-Rs 15,300 in FY25 and FY26 before state mining taxes, which aligns with the company's 8-year average earnings. Further, the

British govt allocates funds to support Tata Steel's decarbonisation

The British government said it has begun supporting those affected by Tata Steel UK's decarbonisation process with the release of an initial GBP 13.5 million of funding, also available to affected workers for them to retrain or acquire new skills for the employment market. In a statement from the Wales Office on Monday, the government said the funding from the Tata Steel/Port Talbot Transition Board fund will support local businesses which are heavily reliant on Tata Steel as their primary customer, allowing them to turn towards new markets and customers where necessary. At a meeting last week, the board discussed how the funding will be allocated, monitored and evaluated to ensure value for the taxpayer. This funding is an important step towards supporting workers affected by Tata Steel's transition and businesses in the wider supply chain, said Jonathan Reynolds, UK Business and Trade Secretary. We're working in partnership with trade unions and industry to secure a green steel .

SAIL, NMDC are down up to 9% in 1 month; is it time to buy steel stocks?

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

SC verdict to hit mining firms; Tata Steel, JSW Steel to see lower profits

Tata Steel, JSW Steel, and other companies may see higher costs and reduced profitability from new state-imposed mining taxes, leading to inflation, following a Supreme Court decision

Tata Steel's Aashiyana expects to cross Rs 3,500 crore GMV in FY25

Tata Steel's retail sales volume was about 2 million tonne (mt) in FY24

Tata Steel acquires about 1.16 bn equity shares in Singapore-based T Steel

Tata Steel on Wednesday said it has acquired about 116 crore equity shares in its Singapore-based arm for USD 182 million. "Tata Steel acquired 1,15,92,35,669 ordinary equity shares of face value USD 0.157 each aggregating to USD 182 million (Rs 1,528.24 crore) in T Steel Holdings Pte Ltd (TSHP)," the company said in an exchange filing. Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it added.

Metal shares fall on adverse SC ruling; Tata Steel, Vedanta drop up to 6%

The Supreme Court ruled in favor of the State governments' authority to levy taxes on mineral rights.

Cheap Chinese imports hurting domestic market: Tata Steel's T V Narendran

Tata Steel MD and CEO warned that low-priced Chinese steel may impact Indian cos capex plans

Tata Steel, Welspun jointly develop hydrogen-compliant grade steel pipes

Tata Steel and Welspun Corp have jointly developed hydrogen-compliant grade steel pipes for transportation of the gaseous hydrogen, a statement said on Friday. The development assumes significance as hydrogen transportation is critical for its usage in different sectors. "Tata Steel and Welspun Corp achieved the significant milestone of developing hydrogen compliant API X65 grade pipes, which successfully surpassed all necessary critical sour service and fracture qualification tests for transportation of 100 per cent pure gaseous hydrogen under high pressure at RINA, Italy," Tata Steel said in a statement. Tata Steel and Welspun Corp have become the first Indian companies to produce electric resistance welded (ERW) pipes for transportation of gaseous hydrogen, it said. In 2022, Tata Steel and Welspun Corp entered into a memorandum of understanding (MOU) to develop hydrogen-compliant API-grade pipes through the ERW Pipe route. As part of the partnership, Tata Steel said it has supp

Not much scope for unlocking value if too many taxes added: Tata Steel CEO

Narendran discusses issues from the UK strategy to the potential impact of the recent Supreme Court ruling on mineral tax

NTPC, Tata Steel among top picks by Jigar S Patel of Anand Rathi for Aug 1

Apollo Pipes has recently demonstrated a classic technical pattern known as a triple bottom around its historical support level near the Rs 600-mark.

Tata Steel Q1 results: Net profit rises 51% to Rs 959.61 cr on lower costs

Weak demand weighed on steel prices, says firm's CEO & MD

Stocks to Watch Today, July 30: Tata Steel, GAIL, RVNL, HPCL, PNB Housing

Stocks to watch today, July 30, 2024: GIFT Nifty indicates a lacklustre start for the benchmark equity indices on Tuesday. Here are buzzing stocks to watch during today's trading session

Tata Steel gets 5.57 bn equity shares in Singapore-based arm for $875 mn

Tata Steel on Monday said it has acquired over 557 crore equity shares in its Singapore-based arm for USD 875 million. In May, Tata Steel's board had approved infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, the company said in an exchange filing. "Further to our disclosure dated May 29, 2024... we wish to inform you that, the company has today acquired 557,32,48,408 equity shares of face value USD 0.157 each aggregating to USD 875 million (Rs 7,324.41 crore) in TSHP," Tata Steel said. Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it said.

These are top picks by Jigar S Patel of Anand Rathi ahead of Budget 2024

Recently, Tata Steel experienced a significant decline, dropping nearly 22 points after forming a double top at the 180 level.

Tata Steel seeks bigger share in auto sector, pins strategy on Odisha plant

Two crucial processing systems at Kalinganagar facility to be commissioned in the next few quarters

New UK govt pushes Tata Steel to protect local jobs before approving grant

The new UK Labour government insists on job protection at Tata Steel's Port Talbot plant as a condition for approving a £500 million support package for the company's low-carbon transition project