Page 14 - Tata Steel

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.

Tata Steel returns to profit in Q3, posts PAT of Rs 513 cr, revenue dips 3%

On standalone basis, the company's net profit stood at Rs 4,653.04 crore and revenue at Rs 34,681.90 crore

LIVE news: Tata Steel posts Rs 513 crore profit in Q3, revenue drops 3%

LIVE news updates today: Catch all the latest updates from around the world here

Tata Steel Q3 profit at Rs 513 crore as lower costs counter weak revenue

Subdued local prices due to cheaper shipments from top producer China hurt the country's steelmakers in the October-December period, despite sustained domestic demand

Stocks to Watch today: Axis, HDFC Bk, LTFH, Airtel, Lupin, REC, JSW Energy

Stocks to watch on Wednesday, January 24, 2024: Bajaj Auto, Canara Bank, DLF, Exide, Indian Oil, Tata Steel, Tech Mahindra and TVS Motor to announce Q3 results today.

Tata Steel to shut blast furnaces at Port Talbot plant, 3,000 jobs at risk

The closures are part of company's plan to transition to more sustainable, green steel business

Tata Steel to close UK blast furnaces; up to 2,800 jobs may be affected

Tata said it would offer a 130 million pound support package to help affected employees retrain and find new jobs

NCLT sanctions merger of Tata Metaliks into its parent Tata Steel

The National Company Law Tribunal has sanctioned the amalgamation of Tata Metaliks Ltd into its parent Tata Steel, which led to the cancellation of board meeting ahead of financial results announcement of the subsidiary firm. According to a regulatory filing by Tata Metaliks, the board meeting, scheduled for January 12, to declare company's financial results has been cancelled. The National Company Law Tribunal (NCLT) Mumbai on Thursday pronounced the order sanctioning the scheme of amalgamation amongst Tata Metaliks into parent Tata Steel Ltd, the company said. "With the pronouncement of the order...the financial results of Tata Metaliks for the quarter and nine months ended December 31, 2023, shall be considered along with the financial results of Tata Steel," the filing said. Shares of Tata Metaliks were trading 0.96 per cent higher at Rs 1,067.55 apiece on the BSE.

PSU stocks zoom past private sector peers on the bourses, shows data

Among the key reasons for the rally in PSUs are undervaluation and hopes of privatisation