Steel demand in India is expected to remain high, derived by strong fundamentals and the sector is expected to see an investment to the tune of about Rs two lakh crore in coming years, domestic giant Tata Steel has said.
The government has decided to give firms, including JSPL and Tata Steel, more time to seek clearances from Environment Ministry and furnish proof on the same to Coal Ministry by December 1, failing which their mines would be deallocated.
Metal stocks have been seen a sharp fall today on the back of weak economic data from China. The S&P BSE Metal index slipped over 1% in today’s trade with stocks like Tata Steel, NMDC, SAIL and Hindalco sliding in the range of 1.1 – 2.1%.
The coal ministry has asked the environment ministry to assess the feasibility of grant of forest clearances (stage II) with regard to 10 coal blocks allocated to companies like Hindalco, JSPL, Tata Steel and Essar Power and send its comments by this
Worries over growing debt, prolonged capex cycle and macro factors affecting the domestic industry saw Tata Steel's shares correct four per cent to Rs 374.35 after the company announced its results on Tuesday after market hours.
Tata Steel, the world’s sixth largest producer, reported consolidated net sales of Rs 36,410 crore in the December quarter, up 14 per cent from the corresponding period last year, led by 5.6 per cent growth in deliveries at 3.2 million tonnes (mt)
The Central Electricity Authority has asked companies including NTPC, Hindalco, Tata Power and Tata Steel to expedite production from captive coal blocks allocated to them and inform it about any constraints.