Page 21 - Tata Steel

Tata Steel subsidiary TCIL receives tax penalty notice of Rs 40 cr

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.

Metal stocks rally defies global peers, not backed by fundamentals

Metal stocks continued to rally last week, despite weakness in the overall market

Tata Steel aims to complete decarbonisation at UK plant in next 3 yrs: CEO

Tata Steel aims to complete decarbonisation journey at its plant in the UK in next three years, the company's CEO T V Narendran said. As part of its decarbonisation plan, the company will shift to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is nearing the end of life in the next couple of months. India-headquartered Tata Steel owns the UK's largest steelworks of 3 million tonne per annum (MTPA) at Port Talbot in South Wales and employs around 8,000 people across all its operations in that country. "Consultation process with the unions is going. We also need a number of (other) permissions. Some of the infrastructure needs to be upgraded. There is a lot of work that needs to be done. It has already started. We are hoping that in the next three years we should complete the entire journey," Narendran told PTI. He made the remarks in reply to a question about the timeline for the company's decarbonisation plan, which Narendran had earlier sai

Tata Steel commissions floating solar power project in Jamshedpur works

Tata Steel on Friday commissioned a 10.8-MW capacity floating solar power project on the upper cooling pond of its Jamshedpur plant in Jharkhand. A total of 20.34 MW of solar projects have been commissioned in various facilities at Tata Steel in Jamshedpur, the company said in a statement. The floating solar project was commissioned by Tata Power under an agreement with the steel major for the installation of a total of 41MW with a combination of rooftop, floating and ground-mounted solar panels across its locations. Earlier, rooftop solar projects at the central warehouse, cold rolling mill, wire rod and hot strip mills, totalling 7.65 MW and a 2 MW ground-mounted solar project at Sonari Airport have already been commissioned.

Tata Steel inks pact with IOCL to further reduce carbon footprint

Tata Steel on Thursday said it has signed an agreement with Indian Oil Corporation Limited and its business associate to further reduce carbon footprint at its Ferro Alloys plant. The agreement encompasses LPG supply, installation of LPG facilities, and the operation and maintenance of the same at the company's Ferro Alloys Plants in Gopalpur of Ganjam and Athagarh of Cuttack districts in Odisha, the steel major said in a statement. Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option - Liquified Petroleum Gas (LPG) in response to the pressing environmental concerns and the global imperative to reduce carbon emissions. This eco-friendly move is expected to bring about a considerable reduction in carbon emissions, it said. Tata Steel's Ferro Alloys and Minerals Division Executive-In-Charge Pankaj Satija said, "The agreement, which is a part of our sustainability initiatives, will help us in reducing the carbon footprint at our

Availability of green hydrogen to reduce dependence on coal: Tata Steel

The availability of green hydrogen as a fuel will help reduce India's dependence on coal for steel making, Tata Steel CEO and MD TV Narendran said on Tuesday. Narendran made the remark at the National Management Convention session of All India Management Association (AIMA) here. "The way steel is made is changing and will continue to change further, as the industry is putting up new plants... Availability of hydrogen as a fuel and reductive is the key to reducing dependence on coal," he said, adding that scrap will replace ore as the main input. In January 2023, the Union Cabinet approved the National Green Hydrogen Mission with an outlay of Rs 19,744 crore with an aim to make India a global hub for manufacturing this clean source of energy. Tata Steel plans to scale up the usage of hydrogen in the steel-making process after the successful completion of the pilot project at its Jamshedpur plant in Jharkhand, Narendran told PTI recently. In April 2023, Tata Steel commenced the firs

Smallcaps shine in weak market; PSB, IT shares slip, FMCG, defence gain

Closing Bell on September 26, 2023: The BSE Sensex closed at 65,945 levels, down 78 points, while the Nifty50 shut shop at 19,665, down 10 points

Stocks to Watch today: Banks, Nuvama Wealth, RIL, Tata Steel, Strides, M&M

Stocks to watch on Tuesday, September 26, 2023: Shares of bank, mainly state-run, are likely to be in focus amid reports that the government may spend up to Rs 60,000 crore to provide subsidised loans

Moody's upgrade Tata Steel to investment grade on debt reduction efforts

The upgrade reflects our expectation of the continued strength in Tata Steel's credit profile due to the company's solid market position in India," the ratings agency said

Emissions from Tata Steel's Dutch plant reduce life expectancy: Research

The Dutch government, which commissioned the research, said in a statement that living conditions around the plant - on the country's North Sea coast - have to be improved

British govt financial package may help Tata Steel UK narrow losses

The UK government's 500 million pound financial package to Tata Steel UK is expected to narrow the steel maker's losses on the back of lowered production and environmental compliance costs, according to CreditSights. Tata Steel's credit profile could remain resilient even amid lacklustre steel price dynamics, aided by strong captive iron ore resources, expectations of moderating coking coal input costs, and positive signs of a gradual turnaround of its loss-making European business, the Fitch Group company said in a statement on Wednesday. The UK government has announced it will pay up to 500 million pounds to facilitate the green transition of steel maker's Port Talbot plant in South Wales, UK. This will entail replacing Port Talbot's blast furnaces with environmentally friendlier electric arc furnaces (EAF) for a total cost of 1.25 billion pounds. "We see the deal as a mild credit positive for Tata, and we believe losses at Tata Steel UK could narrow on the back of lowered ...

Truly a turning point in resetting competitiveness: Tata Steel ED & CFO

Tata Steel ED & CFO, Koushik Chatterjee, discusses how the structural issues of the plant are going to be fixed and impact of carbon border adjustment mechanism

Top headlines: Sovereign wealth funds bullish on RRVL,Tata steel and more

Business Standard brings you the top headlines at this hour

Weekend Bites: FM's wish, 15 yrs since Lehman fell, Taper Tantrum, Apple

In which we munch over the week's platter of news and views

Britain to pump $621 million into Tata Steel to decarbonise Welsh plant

Tata Steel currently employs more than 8,000 people, raising the prospect that there will be as many as 3,000 redundancies as the lower-carbon electric furnaces are less labour intensive

Tata Steel sets up 3,500 ton/month downstream manufacturing facility in UP

Tata Steel on Monday inaugurated a fully automated construction service centre in Uttar Pradesh to manufacture reinforced products. The centre in Ghaziabad, which is the company's second such unit after Cuttack in Odisha, will also provide solutions to the construction industry, Ashish Anupam, Chairperson, Marketing & Sales, Long Products, Tata Steel, said while addressing the media here. "The company has partnered with channel partner Vikrant Ispat Udyog to launch its first such service centre in western UP to offer customised reinforcement products and solutions to the construction industry," he said. This facility will produce customised "cut and bend Tata Tiscon TMT rebars, along with coupler threading". The unit provides downstream solutions like welded wire mesh and bore pile cages to the construction industry. The fully automatic downstream manufacturing facility has a production capacity of 3,500 TPM (tonnes per month), and the company plans to set up another 10 such ...

Sensex extends rally to 6th day, ends 333 pts higher; Nifty reclaims 19,800

CLOSING BELL ON SEPTEMBER 08, 2023: L&T, Airtel and banks were the major movers on Friday; the S&P BSE Sensex has rallied 1,767 points in the last six straight trading sessions.

AVAADA, Tata Steel SEZ to set up green hydrogen, ammonia unit in Odisha

AVAADA Group on Thursday said it has signed an agreement with Tata Steel Special Economic Zone Ltd (TSSEZL) to set up a green hydrogen and ammonia manufacturing unit in Odisha. The unit will be set up at Gopalpur Industrial Park in Ganjam district in Odisha. In a statement, AVAADA Group announced "an initiative to establish a cutting-edge green hydrogen and ammonia manufacturing unit in Odisha. This significant move comes in the wake of a Memorandum of Understanding (MoU) inked with Tata Steel Special Economic Zone Limited (TSSEZL)". The company did not disclose financial details related to the proposed project. The project is expected to generate around 1,600 direct and 4,000 indirect employment opportunities and aims to curtail nearly 2 million tonne of Co2 emissions annually. AVAADA Group Chairman Vineet Mittal said, "The collaboration is geared towards fast-tracking the shift to green energy and bolstering India's ambition to emerge as a global green hydrogen manufacturing hub

Tata Steel, ABB India partner to develop tech to reduce carbon footprint

Automation company ABB India and Tata Steel have partnered to jointly work on technologies for reducing the carbon footprint of steel production. The steelmaker has a medium-term target to reduce carbon emissions to less than two tonnes of Co2 per tonne of crude steel in its Indian operations by 2025, ABB India said in a statement. "Tata Steel Ltd and ABB India have signed Memorandum of Understanding (MoU) for a project and will work together to co-create innovative models and technologies to help reduce the carbon footprint of steel production," the statement said. Under the MoU, the two companies will focus on system-level assessments of Tata Steel's manufacturing plants and production facilities for evaluation and co-development of short and long-term options for energy efficiency, decarbonization and circularity. ABB and Tata Steel will explore energy optimization via hydrogen as an alternative fuel for upstream processes and energy reduction as well as substitution through ful

Will the Nifty Metal index sustain its upward momentum? Check here

While the Nifty Metal index seems headed towards its crucial resistance zone, select stocks such as Hindalco, Nalco and SAIL still have the potential to rally up to 15 per cent, charts suggest.