BRITISH STEEL
RIL, SBI lift muted D-Street; investors' wealth soars Rs 450 lakh crore
The 30-stock S&P BSE ended with minor declines at 79,996.60, losing 53.07 points or 0.07%. Meanwhile, the broader Nifty closed with 21 points or 0.09% gains at 24,323.85.
When a desi gets lost in McBritain's
In the 15th century, Christopher Columbus landed in what he thought was India, but it was America. This case of mistaken identity caused the Italian navigator to call the local inhabitants 'Indios', Indians, an appellation that would be used for centuries to refer to indigenous Americans.
Tata Steel apprehensive of UK media reports over investment plans
Tata Steel expressed concerns about UK media reports indicating potential impact on the 1.25 billion pounds investment in Port Talbot plant due to policy differences between UK government and opposition. They had signed a joint agreement in September 2023 for decarbonisation plans. Tata Steel plans to proceed with the closure of heavy-end assets at Port Talbot, emphasising their commitment to sustainability and transition to low-emission electric arc furnace process within three years.
Tata Steel CEO says co wants to move fast on UK decarbonisation
Tata Steel is aiming to accelerate efforts towards decarbonisation in Britain, despite trade unions voting against the company's plans to cut jobs. The company is closing two blast furnaces in Britain, causing up to 2,800 job losses at its Port Talbot steelworks in Wales. The British trade union community has voted for strike action against these job-cut plans. Tata Steel CEO and Managing Director T. V. Narendran said timelines are clear for the company to move quickly and build the new electric arc furnace faster.
Tata Steel signs grid agreement to make its UK project green
"This will help us replace our aging and carbon-intensive blast furnaces with a state-of-the-art electric arc furnace capable of producing our customers' most demanding steel products," said Rajesh Nair, chief executive of Tata Steel UK, in a website statement.
Sachin Tendulkar tribute timepiece set to headlines AstaGuru's ‘The Exceptionals’ auction
AstaGuru is gearing up for an exciting auction titled 'The Exceptionals', featuring an array of exquisite jewelry, vintage silver pieces, and luxury timepieces. One standout item is an Audemars Piguet Royal Oak Offshore watch paying tribute to cricket icon Sachin Tendulkar. This limited edition watch, inspired by the Indian cricket team's uniform, is highly coveted by horological and sports enthusiasts alike.
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Ahead of Market: 10 things that will decide stock action on Monday
Domestic benchmark equity indices experienced a decline on Friday, primarily due to weakness in the financial sector. However, these losses did not overshadow the weekly gains, which were fueled by a post-results rally in key index constituents and reduced concerns regarding the Middle East.
Tata Steel to proceed with its £1.25 bn investment to build Furnace in Port Talbot; closure of two Blast Furnaces by end of June, Sept
Tata Steel plans to continue its £1.25 billion investment in a state-of-the-art Electric Arc Furnace for steel production in Port Talbot, in collaboration with the UK government. The company will also shut down its existing two Blast Furnaces by the end of June and September.
Index heavyweights, firm global cues drive Sensex 200 pts higher; Nifty nears 22,400
Indian equity indices open higher, tracking Asian markets. In-line U.S. inflation data fail to impact expectations of a Fed rate cut in June. Domestic consumer prices ease slightly in February. BSE Sensex trades 0.31% higher at 73,893, Nifty50 at 22,377, up 0.19% at 9.25 am.
Steel-to-software Tata Group now has a chip on its shoulder
Tata Electronics Private Limited will set up a semiconductor fab in partnership with Powerchip Semiconductor Manufacturing Corp, Taiwan. The plant will attract Rs 91,000 crore investment.
Tata Steel to consider additional investment in UK plant, if more government funding available: T V Narendran
Tata Steel's CEO, T V Narendran, stated that the company would consider additional future investments in its Port Talbot plant if more government funding was available. The UK government has already approved a 500 million pound package to support the plant, which is facing closure due to high carbon emissions. As part of the restructuring plan, Tata Steel will replace blast furnaces with electric furnaces to reduce carbon emissions, resulting in the loss of 2,800 jobs. Despite this, Narendran expressed willingness to explore greener ways of making steel with available funding.
Tata Steel to close UK blast furnaces with loss of up to 2,800 jobs
Tata Steel plans to close its blast furnaces in Britain, resulting in up to 2,800 workers losing their jobs at its steelworks plant in Wales. The move comes as part of a plan to switch to lower carbon electric arc furnaces, which is supported by £500 million of government funding. Tata Steel will begin a consultation process and aims to maximize voluntary redundancies. The company employs over 8,000 people in the UK.
Tata Steel to cut 3,000 jobs in Wales: source
Indian-owned Tata Steel is to cut about 3,000 jobs at a plant in Wales, a source said Thursday, as the industry struggles to finance greener production of the metal. The company will on Friday confirm the closure of two blast furnaces at the Port Talbot steelworks, resulting in the loss of over one-third of staff, the source told AFP. ode-bcp/js
Trump sues ex-British spy over dossier containing 'shocking and scandalous claims'
Donald Trump is suing the company founded by Christopher Steele, the former British spy who compiled a report containing unverified claims about Trump's ties to Russia. Trump's lawyer argued in court that the report was false and damaged his reputation. The lawsuit is taking place in London's High Court, where Steele's company, Orbis Business Intelligence, is seeking to have the case dismissed. Meanwhile, Trump is facing legal troubles in the US, including a civil fraud trial and multiple criminal cases. The report in question contained allegations of Trump's involvement with prostitutes and bribery of Russian officials.
Tata Steel to get £500 million from UK for Port Talbot
Tata Steel has secured a £500 million grant from the UK government to support the transition of its Port Talbot plant to more sustainable technologies. The grant will help the plant shift to electric arc furnaces, with the project estimated at £1.25 billion. The rest of the capital is expected to be provided by Tata Steel.
Tata Steel to get £500 mn from UK govt for Port Talbot
Tata Steel and the UK government have agreed to invest £1.25 billion in Electric Arc Furnace steelmaking at the Port Talbot site. The government will provide up to £500 million. The project aims to reduce direct emissions by 50 million tonnes over ten years and restructure Tata Steel's balance sheet.
Britain in talks with Tata Steel over $629 million aid package
The British government is reportedly in discussions with Tata Steel to provide £500 million ($629 million) in funding for the Port Talbot steelworks. This funding would be alongside $881 million from Tata Steel's parent company in India and a commitment to build electric arc furnaces.
Independence Day: How the Tatas struck back at the British empire
As India celebrates its 77th Independence Day, here is a look at a tale of a steely Indian entrepreneurial resolve. When Sir JN Tata dreamt of putting up a steel plant in India, the British administrators felt it was not a job that Indians could excel at. Nearly 100 years later, the Tatas acquired the same company.
Tata Steel CEO TV Narendran says company not so keen on any other new acquisitions
Tata Steel CEO TV Narendran on Sunday said that the company, which is in an expansion mode in India, is not keen on any new acquisitions. According to PTI, the statement from Narendran has come amid Vedanta Ltd reviewing and evaluating its steel and steel-making raw materials businesses.
Call on UK plant must be taken within next year: Tata Steel MD
Tata Steel will have to take a call on the future of its operations in the United Kingdom within the next year as some of its assets there approach the end of their operational life, managing director TV Narendran said.
Fate of Tata's UK steel business hinges on government support
To be sure, the British Prime Minister has assured Tata group that the government will sweeten its earlier subsidy offer to modernise and decarbonise the company's Port Talbot plant, executives close to the development said.
Tata Steel offers Rs 83 lakh funding for R&D projects in low carbon segment
Tata Steel will fund research and development (R&D) projects in low carbon hydrogen segment under the partnership with British High Commission in India. As part of the 'UK-India Hydrogen Partnership Sprint Series', Tata Steel said it will grant 80,000 pounds (Rs 83 lakh) funding for two innovative projects in the low carbon hydrogen segment.
Steel demand to grow on infrastructure development, urbanisation, supportive policy reforms: Tata Steel Chairman N Chandrasekaran
The steel industry was also impacted by the volatility in the global environment, which affected the steel demand-supply balance and resulted in volatility in steel prices.
Status quo in UK can't continue; bound to take decision in next 2 years: Tata Steel CEO
Tata Steel needs a decision on the fate of its UK operations within the next 12 to 24 months, according to CEO and MD T V Narendran. The assets will soon reach the end of their life and carbon footprints must be reduced. The company has requested a financial package from the UK government to replace two blast furnaces at Port Talbot, South Wales, where the UK’s largest steelworks is located. Tata Steel is talking to the UK government in hopes of receiving the required package.
Talks with UK govt on financial package still on, says Tata Steel CEO T V Narendran
"Tata Steel is still pursuing it (request) with the government there (UK)," he told PTI on the sidelines of an event in the national capital. There has been no conclusion to the request made for a financial package, he said. India-headquartered 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.
UK govt offers to sweeten package for Tata Steel UK
Tata Steel has been requesting fiscal aid from the UK government and has conveyed its stance to the UK that it cannot move forward with its British growth plan based on the government's previous offer. The steelmaker is seeking half of the capital costs pegged at £1-2 billion from the UK government as it doesn't see the business justifying such a large investment.
Tata Steel 'studying' UK government support package
According to 'The Financial Times', Tata Steel - which owns the UK's largest Port Talbot steelworks in Wales - is set to receive around 300-pound million to introduce green furnaces at its UK operations.
Tata Steel to await British government's response before taking a call on UK business, says CEO T V Narendran
"Obviously plans are being made in case we don't get the support that we seek form the (UK) government, but it's too early to talk about (it), but again a lot of conversations are going on internally to how we plan for all situations," Narendran said in a conference call today in response to a question on the company's plan in case the UK government does not accept the Tata Steel's proposal.
Tata Steel threatens to shut UK operations
As part of its decarbonisation effort, Tata Steel would close its two blast furnaces at the Port Talbot plant, stop primary steelmaking and instead build two electric arc furnaces, people familiar with the details told FT. The Port Talbot plant has a capacity to produce 5 million tonnes of steel a year.
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