Page 26 - Tata Steel

Tata Steel Q2 net profit plunges 90% to Rs 1,297 crore on higher expenses

Domestic steel giant Tata Steel on Monday reported a nearly 90 per cent drop in consolidated net profit to Rs 1,297 crore for the July-September quarter of 2023-23, dragged by higher expenses. The company's net profit stood at Rs 12,547.70 crore in the corresponding period of the previous financial year, Tata Steel said in a BSE filing. Its total income during July-September 2022 stood at Rs 60,206.78 crore as against Rs 60,657.98 crore in the year-ago period. The firm's total expenses rose to Rs 57,684.09 crore from Rs 47,239.63 crore earlier. Homegrown Tata Steel is among the top steel producers in the world.

Sensex rises for 3rd day, up 787 pts; Nifty tops 18K amid broad-based rally

CLOSING BELL: The Financial Services, IT, Pharma, Auto, and Consumer Durable indices gained over 1 per cent each, while others added up to 1 per cent

Sensex climbs 212 points amid mixed global cues; Tata Steel rises 3%

A strengthening rupee further bolstered sentiment, even as relentless foreign capital outflows restricted the gains, traders said.

Stocks to watch: Zee Ent, SBI Cards, Tata Chemicals, Glenmark Pharma, Dabur

Stocks to watch today: SBI Cards, Indus Towers will report July-September quarter results on Thursday, October 27; Sony India and Zee Ent plan to sell 3 Hindi channels to address anti-competition

Tata Steel inks pact with Ford to supply green steel from the Netherlands

Tata Steel has inked an agreement with American carmaker Ford to supply "zeremis green steel" from its Netherlands-based IJmuiden plant after the unit shifts to hydrogen-based steel making. In Europe, Tata Steel is working to switch to low-carbon technologies to manufacture steel in the UK and the Netherlands. The company's both businesses Tata Steel UK and Tata Steel Nederland have been developing detailed plans for transition to low CO2 technologies in line with the company's goal to produce CO2-neutral steel by 2050 in Europe, company's CEO & MD T V Narendran and Executive Director and CFO Koushik Chatterjee earlier said. "Tata Steel Nederland has signed a memorandum of understanding with Ford in Europe to supply the carmaker with Zeremis green steel once the IJmuiden steelworks switches to green hydrogen-based steelmaking," a statement said. The agreement makes Ford the first customer committed to offtake the green steel that Tata Steel plans to produce via the hydrogen route,

Tata Steel's Dutch arm signs MOU to supply Ford with green steel after 2030

Tata Steel's Dutch arm plans to supply Ford plants in Europe with "green" steel after 2030, under a preliminary agreement reached by the two companies on Tuesday

Britain in talks with British Steel and Tata to secure industry's future

Britain said on Monday it was in talks with steel makers, including British Steel, owned by China's Jingye Group, and India's Tata to help secure the industry's long-term future

Stocks to Watch: HDFC Bank, Electronics Mart, Bajaj Auto, Axis Bank, DMart

Stocks to watch today: Electronics Mart will make its debut on the bourses today. As per IPO Watch, the company could list with a healthy premium of up to 50% over issue price of Rs 59 apiece

Tata Steel says actively engaged with UK govt for financial support for biz

Homegrown steel major Tata Steel is actively engaged with the UK government for financial support for its business there, a company spokesperson said on Friday, amid reports of the Tatas looking to divest their steel business in the UK. "Tata Steel is seeking support from the UK government in two forms. In policy terms by encouraging the transition to green steel and ensuring a cost competitive landscape, and partnership in financing of the project given the size of investment and the financially constrained position of our UK business," the spokesperson told PTI. The company at present is in active and detailed discussions with the UK government with relation to the future of the business. Currently, it is not in discussions with any potential buyers for the UK business, the spokesperson added. Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company is seeking 1.5 billion pounds

Tatas mull exit from UK steel business on lack of government support

Tata Sons is considering Tata Steel's exit from its UK operations because of the absence of support from the British government for transition to green energy

Vedanta, JSW can soar up to 18% as Nifty Metal eyes 'Golden Cross' breakout

The Nifty Metal index can rally up to 11 per cent following the breakout. Among individual stocks, Tata Steel needs to conquer its 200-DMA to gain strength.

Tata Steel announces offloading 19% equity holding in AI Rimal to Tanmia

Tata Steel on Tuesday said it has offloaded 19 per cent stake in Al Rimal Mining LLC, Oman (Al Rimal). With this transaction, the company's shareholding in Al Rimal has come down to 51 per cent from 70 per cent, Tata Steel said in a statement. "Tata Steel, through T S Global Holdings Pte Ltd, has concluded the divestment of its 19 per cent equity stake in AI Rimal to Tanmia on October 3, 2022," it said. T S Global Holdings Pte Ltd (formerly T S Global Mineral Holdings Pte Ltd), is a wholly-owned subsidiary of Tata Steel Limited. According to the statement, T S Global Holdings had entered into an agreement with Oman National Investments Development Company (Tanmia) and the existing shareholders of Al Rimal to transfer its 19 per cent shareholding in Al Rimal to Tanmia. Tata Steel did not disclose the transaction value of the deal.

Stocks to Watch: TCS, HDFC, Oil, Tata Steel, KEC, Banks, Coal India

Stocks to Watch Today: TCS is set to win $2 billion deal. Also, shares of oil related companies are likely to be in focus ahead of the OPEC+ meet on likely production cut.

Tata Steel begins operations at Neelachal Ispat Nigam plant in Odisha

Odisha-based Neelachal Ispat Nigam Ltd (NINL) has started operations nearly 90 days after it was acquired by a Tata Steel subsidiary for Rs 12,000 crore in a bidding process, a statement said on Monday. The plant with a 1.1 million tonnes steel-making capacity was closed for almost two years on account of various reasons. Tata Steel Long Products (TSLP), a Tata Steel arm, in the statement said that it achieved a milestone with the restarting of the blast furnace at its subsidiary NINL, just 90 days after the completion of its acquisition on July 4, 2022. T V Narendran, Chairman of Tata Steel Long Products Ltd & NINL said, Given that the site was not in operation for two years, we wanted to restart the furnace quickly, deploying and demonstrating Tata Steel's strong execution capabilities. Narendran, who is also the CEO & Managing Director of parent Tata Steel, said the focus is now on ramping up production gradually to rated capacity as per plan. Tata Steel has plans to invest

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

Ex-promoters can't hold stake in insolvent firm, says Supreme Court

In March 2022, the NCLAT dismissed an appeal filed by the Singhals that challenged the October 2021 NCLT order that asked the promoter group to sell their 25 mn shares at Rs 2 a piece to Tata Steel

Tata Steel erases post merger gains; slips 7% in two days to hit 2-mth low

Tata Steel is now trading at its lowest level since the stock turned ex-date for a 1:10 stock split on July 28, 2022

Tata Sons to halve the number of listed companies from 29 to 15: Report

Under the current chairman N Chandrasekaran, Tata Sons has been taking steps to consolidate its business to improve its efficiency

Followed due process to get fair valuation for amalgamation: Tata Steel CFO

In a Q&A, Koushik Chatterjee, says the decision to merge seven group firms is a priority for Tata Steel and the entities involved. He adds that rupee depreciation will influence steel prices

Merger of entities with Tata Steel will simplify management: CFO

Merger of seven entities with Tata Steel will allow simplification of management and help with sharper focus on the business, Koushik Chatterjee, CFO of the steel giant, said. On Friday, the board of Tata Steel approved the amalgamation of its seven subsidiaries -- Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF Limited, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining -- into itself. "We have been driving simplification across Tata Steel for some time. The objective is to consolidate the subsidiary businesses within Tata Steel to drive simplification of management and also have a sharper focus on the business," Chatterjee told PTI. After successfully integrating Bhushan Steel, which was much larger and more complex, this was the next natural step, the official who is also an executive director of Tata Steel, said. In 2018, Tata Steel through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL) completed the acquisition of controlling