Tag Archives: steel

Share Market updates: Sensex closes 177 points higher, Nifty rises to 11,665; Tata Steel, Vedanta, Bajaj Finance top gainers

After logging a positive start in early trade, Sensex and Nifty pared gains on account of profit booking in afternoon session. However, bulls refused to be cowed down by bears on Dalal Street as Sensex closed 177 points or 0.46% higher at 38,862 level and Nifty rose 67 points to 11,665 level. Tata Steel (3.36%),  Vedanta (2.38%) and Bajaj Finance ... Read More »

Bank of Baroda to sell Essar Steel debt to Hong Kong’s SC Lowy

Bank of Baroda had reported gross NPAs of ₹ 56,480 crore as on 31 March 2018 compared to ₹ 42,719 crore a year ago. Photo: Pradeep Gaur/Mint Mumbai: State-owned Bank of Baroda is in the process of selling its domestic loan exposure in Essar Steel Ltd worth ₹ 1,200 crore to Hong Kong-based loan and bond trading firm SC Lowy, two ... Read More »

Stock market update: Hindalco, Tata Steel boost metal pack

Tata Steel, Reliance Industries, Bajaj Auto, ONGC, Vedanta and Larsen & Toubro climbed over 2 per cent in the Sensex index.  NEW DELHI: Gains in Hindalco Industries (up 3.76 per cent), Nalco (up 2.82 per cent), Jindal Steel & Power (up 2.76 per cent) and Tata Steel (up 2.71 per cent) gave a boost to BSE Metal index during afternoon ... Read More »

NCLAT to hear NuMetal, ArcelorMittal petition in Essar Steel case on May 17

The National Company Law Appellate Tribunal (NCLAT) on Friday agreed to hear cross petitions filed by Essar Steel bidders NuMetal Ltd and ArcelorMittal India Ltd on May 17 . The two bidders have challenged the eligibility criteria for companies allowed to bid for the stressed steelmaker. The NCLAT issued notices to a committee of Essar Steel creditors, the resolution professional ... Read More »

China files trade complaint with WTO against US steel tariffs

China has filed a World Trade Organization complaint challenging US President Donald Trump’s tariff hike on imported steel and aluminum, the trade body said Tuesday. The tariff spat is one element of a wide-ranging trade dispute between Trump and Chinese President Xi Jinping’s government. Trump also has threatened to increase duties on $50 billion of Chinese goods in a separate ... Read More »

Tata Steel announces successful $1.3 bn dual tranche bond offering

Tata Steel said on Friday its wholly own subsidiary incorporated in Singapore, Abja Investment Co Pte Ltd, has successfully issued dual tranche of $1.3 billion of unsecured bonds in the international markets. The issue comprises $300 million 4.45% unsecured bonds due on July 24, 2023 and $1 billion 5.45% unsecured bonds due on January 24, 2028. “The transaction was launched ... Read More »

Now’s the right time to buy steel stocks

Supply cuts by China to boost domestic steel prices MUMBAI, DECEMBER 6:   Analysts expect a robust second half for domestic steel companies on account of supply cuts imposed by the Chinese government beginning November 15 on its key steel producing provinces (forming 50 per cent of total Chinese steel output) due to environmental reasons (read winter), which can extend till ... Read More »

Steel stimulus drive China’s strongest economic growth since 2015

China’s economy expanded faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years. Growth of 6.9 percent was the fastest in six quarters, with forecast-beating March investment, retail sales and exports all suggesting the economy may carry solid momentum into spring. But ... Read More »

Tata Steel UK workers accept cuts to pension benefits

Tata Steel’s (TISC.NS) British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company’s plan to spin off its entire UK pension scheme still faces regulatory hurdles. Wednesday’s vote allows Britain’s largest steelmaker to close its 15 billion pound British Steel Pension Scheme (BSPS) to future accrual and replace ... Read More »

WTO rules largely in favour of Taiwan in steel row with Canada

A dispute panel of the World Trade Organization (WTO) largely ruled in favour of Taiwan on Wednesday on its complaint over anti-dumping duties imposed by Canada on some of its steel goods. The ruling, related to certain carbon steel welded pipes and certain provisions of Canada’s underlying legislation, found that Canada had contravened the WTO’s Anti-Dumping Agreement but that Taiwan ... Read More »