STEEL PRICE
Steel body wants merger of three Companies with SAIL for synergy
The Steel Executives Federation of India (SEFI) has proposed merging state-run Rashtriya Ispat Nigam Limited (RINL), Ferro Scrap Nigam Limited (FSNL), and Nagarnar steel plant with Steel Authority of India Limited (SAIL) to create a stronger public sector entity. It emphasised the potential benefits in achieving capacity expansion targets and addressing resource challenges faced by the individual firms, while questioning the wisdom of FSNL disinvestment.
Former SAIL CMD Chandra Shekhar Verma joins Shyam Metalics as independent director
Shyam Metalics and Energy Ltd has appointed former SAIL CMD Chandra Shekhar Verma as its independent director. Verma will join the strategic advisory board and participate in key decision-making processes for the company's growth and development. Prior to joining, Verma served as Chairman and Managing Director of SAIL.
Lloyds Metals and Energy likely to launch Rs 1,200 crore QIP this week
Lloyds Metals and Energy shares rallied 5% on Thursday, closing at Rs 775. The stock has gained 31% in the last six months, compared to an 11% rise in the Sensex index. In March, the board of Lloyds Metals approved raising up to Rs 5,000 crore through QIP in one or more tranches.
Vraj Iron and Steel makes a healthy debut. What should investors do now?
Vraj Iron and Steel has a proven track record of consistent profitability over the past three years, demonstrating its ability to generate healthy returns. However, analysts said investors should acknowledge certain risks, such as the concentration of manufacturing facilities in a single region and the lack of long-term customer contracts.
M&M, Power Grid, 11 other stocks outperform Sensex in its fastest 10,000 points marathon
As a NEWS EDITOR, investors are urged by Nilesh Shah to maintain a long-term perspective and proper asset allocation as Sensex reaches the 80,000 milestone. He draws parallels with Nasdaq's history and notes Gold's outperformance compared to Nifty in the first half of 2024.
Vraj Iron and Steel shares list at 16% premium over IPO price
Vraj Iron and Steel's strong listing surge correlates with its exceptional 126.36 times subscription rate, reflecting robust investor confidence. Analysts highlight risks including regional facility concentration and absence of long-term customer contracts, advising cautious consideration amidst the company's promising outlook.
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Bansal Wire IPO offers exposure to domestic manufacturing opportunity
Bansal Wire Industries plans to raise Rs 745 crore through an IPO to reduce debt and meet working capital needs. The company doubled its installed capacity with a Rs 500 crore investment, expecting full benefits this fiscal year. Additionally, the IPO will reduce long-term debt by two-thirds, leading to lower interest expenses. Bansal Wire Industries' EBITDA margin expanded to 6% in FY24, with RoE and RoCE above industry averages.
Vraj Iron and Steel IPO share allotment likely today. Here's how you can check status
Vraj Iron and Steel IPO, oversubscribed 100 times, plans to utilize proceeds for Bilaspur plant expansion. The company's shares trade at a premium in the unlisted market. Product offerings include TMT bars and Dolochar. Loan from HDFC Bank to be repaid with IPO funds, with internal accruals contributing to the balance amount.
Vraj Iron and Steel IPO picks up pace on Day 2. Check subscription, GMP and other details
The initial public offer (IPO) of Vraj Iron and Steel picked up pace on the second day of the bidding process. The issue was subscribed over 8 times so far, driven by strong interest from retail and non-institutional investors.
Vraj Iron and Steel IPO opens. Should you subscribe to this issue?
Considering the Vraj Iron and Steel IPO, investors can explore the opportunity to invest in a company with manufacturing plants in Chhattisgarh, focusing on Sponge Iron production and various steel products. The IPO presents a chance to be part of a well-established firm with growth prospects and strategic manufacturing facilities.
Tata Steel workers in UK call first strikes in 40 years
Around 1,500 Tata Steel workers at Port Talbot and Llanwern in Wales will launch an "all-out indefinite strike" starting July 8 in protest against Tata's plans to cut 2,800 jobs and shut down blast furnaces. This marks the first major strike action by UK steelworkers in over 40 years, following earlier measures like working to rule and an overtime ban. Unite the Union, representing the workers, emphasized that the strike aims to resist Tata's restructuring plans, asserting that it jeopardizes jobs and the future of the Welsh steel industry.
Domestic demand for steel soars in India, country turns net importer in FY24: CRISIL Report
India has shifted from being a net exporter to a net importer of steel in fiscal 2024, with a trade deficit of 1.1 million tonnes. Surging domestic demand led to increased imports from China, South Korea, Japan, and Vietnam. Despite a rise in exports, India faces challenges from Chinese competition. Strong domestic demand and production growth indicate positive prospects for the Indian steel industry. Strategic adjustments are needed to manage imports and maintain export competitiveness.
Vraj Iron and Steel IPO price band fixed at Rs 195-207/share. Issue to open on June 26
Vraj Iron and Steel, which is set to launch its initial public offering (IPO) on June 26, Wednesday, has disclosed a price band of Rs 195 to Rs 207 per equity share. The IPO includes a fresh issue worth Rs 171 crore.
Vedanta sees sale of steel operations by October, to spend $1.9 billion on capex
The plan to divest the steel business is a part of the company’s efforts to cut debt, Agarwal said in the company’s annual report for 2023-24 (Apr-Mar). At holding company Vedanta Resources, debt has been cut by $3.7 billion in two years, as against the company’s commitment of bringing it down by $4 billion. “We seek to further deleverage Vedanta Resources by US$ 3 billion over the next three years,” he reiterated.
Low domestic demand, Chinese dumping depress steel prices
Besides these, sustained Chinese steel output is also eating into India's share of metal exports to Vietnam and the United Arab Emirates (UAE). These are the two most prominent destinations for Indian steel products after the European Union.
Indian steel producers worry as weak domestic demand and Chinese dumping depress prices further
Indian steel makers are grappling with weak local demand and Chinese steel imports impacting exports to UAE and Vietnam. Steel prices in India under pressure due to low import prices.
Steel demand to grow by 9-12 pc in FY25: Ind-Ra report
India Ratings and Research (Ind-Ra) forecasts a 9-12% growth in steel demand for the ongoing 2024-25 fiscal year, driven by end-user industries like automobiles and infrastructure. Global steel demand is expected to remain steady, with China transitioning to low carbon initiatives. Domestic players are predicted to have stable credit metrics.
Buy Tata Steel, target price Rs 197: Axis Securities
Tata Steel Ltd., incorporated in the year 1907, is a Large Cap company (having a market cap of Rs 223330.38 Crore) operating in Metals - Ferrous sector
Buy JSW Steel, target price Rs 1070: Motilal Oswal
JSW Steel Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 223062.08 Crore) operating in Metals - Ferrous sector.
Tata Steel credit metrics to improve in FY25: CreditSights
CreditSights predicts Tata Steel's credit metrics to improve this fiscal year due to increased domestic steel demand, lower coking coal prices, and a strong EBITDA growth in FY25. It expected net leverage to enhance. Despite a significant drop in consolidated net profit for the March quarter, CreditSights believes Tata Steel's annual results were better than expected, with revenues and EBITDA declining due to losses in Europe and higher expenses.
Welspun Corp associate company signs Rs 3,670 crore contracts with Aramco for steel pipe supply
Welspun Corp Ltd has signed multiple agreements worth SAR 1.65 billion with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. The contracts, which will last 19 months, will impact the fourth quarter of the 2024-25 financial year to the last quarter of the 2025-26 financial year.
JSW Steel comes out with a new product for green energy space
JSW Steel is producing 'JSW Magsure', a zinc-magnesium-aluminium alloy coated steel product, to replace imports in India. The product, which had a demand of around 100,000 tonnes in 2023-24, is expected to reach 250,000 tonnes this year due to renewable energy. The company plans to supply 120,000 tonnes of JSW Magsure domestically and export the remaining 25,000 tonnes.
Pricey ore, tepid local demand, Chinese imports weigh on steelmakers' margins
This is the third time in the past decade that local producers are confronting such a situation. "The government has in the past imposed duties against Chinese steel products, including those being routed from countries like Vietnam," a top official of a steel company told ET, adding that the primary steel makers had flagged their concerns to theCentre.
Tata Steel's UK business likely to make operating profit in H2, says CEO T V Narendran
"We don't expect demand in UK to shrink beyond what it is. We will be at least $150 per tonne cheaper in the cost of production. This changes our cost position, and we will not start losing money in the UK every time steel prices drop," Narendran said in an interview with ET.
Tata Steel net falls 65% to ₹555 cr on lower India prices
The firm's consolidated revenue during the quarter fell around 7% on year to ₹58,678 crore, while its earnings before interest, tax, depreciation and amortisation (Ebitda) declined more than 8% at ₹6,631 crore. Operations in India, which are the company's mainstay and account for almost 70% of the volumes, saw a marginal decline in sales and operating profit for the quarter.
Shipping Corporation of India, NMDC Steel selloff to get fresh push after elections
The government plans to disinvest in Shipping Corporation of India (SCI) and NMDC Steel after the general election. SCILAL, a demerged entity of SCI, will be listed, setting the reserve price for SCI. The Maharashtra government waived stamp duty for SCILAL's demerger.
India only nation among top 5 to see growth in steel production
India is the only top five steel producing nation to see growth in production in April, while China, Japan, and the United States experienced a decline. India's steel production rose by 3.6% in April, with a total of 49.5 million tonnes produced from January-April this year.
JSW Steel sees highest-ever sales volume in FY24, guides for further growth
The country’s largest steel-maker has guided for consolidated steel production of 28.40 million tonne, and saleable steel sales of 27 million tonne this year.
Jindal Stainless eyes 20% volume growth in FY25, to spend over Rs 5,000 crore on capex
The country’s largest producer of stainless steel sold 2.17 million tonne of stainless steel in 2023-24 (Apr-Mar), a growth of 23%, surpassing the company’s guidance of 20% for the year.
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