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India aims to lead in sustainable critical mineral production, per Hindustan Zinc's Chairperson Priya Agarwal Hebbar. These minerals, including cobalt, copper, lithium, nickel, and rare earths, are crucial for clean energy technologies such as wind turbines and electric cars. View More

India is on a mission to become the world's leading and the most sustainable producer of critical minerals , Vedanta group firm Hindustan Zinc 's Chairperson Priya Agarwal Hebbar has said. Critical minerals , such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies , from wind turbines to electric cars . Critical minerals are particularly in demand for the production of batteries for electric cars. Speaking at Bank of America Securities Global Metals, Mining and Steel Conference 2024 in Miami recently, Hebbar said the mining and metals sector will play a crucial role in helping the world meet the net-zero goals. "We take our role as champions of India's natural resources very seriously and we are well positioned to capitalize on this economic growth," Hebbar, who is also Vedanta Director, was quoted as saying in a statement on Saturday. The mining and metals sector holds the key to unlock the future. The transition to net-zero goals globally will be mineral intensive and meeting this demand will be not easy, she said. Hindustan Zinc had earlier announced its plans to make foray into strategic mineral exploration with the formation of subsidiary Hindmetal Exploration Services Pvt Ltd . (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
JSW Steel Q4 Results Live : Revenue decreased by 1.48% YoY & profit decreased by 64.55% YoY View More

Stocks in news: Nuvama analysis says Trent Ltd and Bharat Electronics could replace LTI Mindtree and Divi's Labs in the Nifty50 by end of September View More

Share Market Today Live Updates: Follow Mint's market blog for real-time updates on your favourite companies. This blog keeps you informed on all things Dalal Street and global markets. View More

Nippon Steel Corp. is stepping up efforts to win over US workers and politicians for its $14.1 billion takeover of United States Steel Corp. despite stiff opposition from union leaders and the Biden administration. View More

"I extend gratitude to all stakeholders who played a crucial role in resolving the crisis of transportation of essential raw material from Adani Gangavaram Port Ltd to RINL. Their collective efforts have been instrumental in ensuring the continuity of RINL's operations and sustaining economic growth in the region," Bhatt said in a statement. View More

The issue of transportation of coking coal from Adani Gangavaram Port Ltd (AGPL) has been resolved, RINL CMD Atul Bhatt said on Friday. The movement of key raw materials for making steel from AGPL to RINL plant through a conveyor belt resumed from Friday. On May 8, Bhatt said the operations of RINL were badly affected as coking coal was stuck at Gangaravam Port since April 12 due to agitation of AGPL workers. "I extend gratitude to all stakeholders who played a crucial role in resolving the crisis of transportation of essential raw material from Adani Gangavaram Port Ltd to RINL. Their collective efforts have been instrumental in ensuring the continuity of RINL's operations and sustaining economic growth in the region," Bhatt said in a statement. In a letter to the Visakhapatnam district collector , Bhatt had said RINL employees and trade union leaders have interacted with the agitating workers of AGPL and persuaded them to allow transfer of coking coal to RINL immediately. RINL, the corporate entity of Visakhapatnam Steel Plant (VSP) under the Union steel ministry , is among the country's top six steel makers . It has three blast furnaces of 2.5 million tonnes each. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Use of ore with less iron content needs beneficiation – process by which impurities are removed View More

Use of ore with less iron content needs beneficiation – process by which impurities are removed View More

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. View More

MUMBAI: JSW Steel has guided for further growth in its sales volume in the current fiscal after its consolidated steel sales were at an all-time high of 24.78 million tonne in 2023-24 (Apr-Mar), up 11% as compared to the previous year. 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. “Rising utilisation levels and healthy balance sheets are expected to boost private capex, with investments in energy transition and the government’s Production-Linked Incentive scheme adding tailwinds,” the company said in its outlook. “The outlook for both public and private housing, as well as the auto sector, remains favourable”. The company’s revenue from operations was also at an all-time high of 1.75 lakh crore during the year, while net profit more than doubled to Rs 8,973 crore. The robust bottomline for the year came despite the March quarter seeing a sharp 65% drop in net profit to Rs 1,299 crore. While consolidated steel sales rose as compared to the previous year, the company’s sales in India were lower on both a sequential and year-on-year basis because of elevated imports, the company said in a statement. It, meanwhile, ramped up exports to 20% of sales from India, liquidating its inventory given the restocking demand in global markets. Consolidated sales for the March quarter fell a marginal 1% on year to Rs 46,269 crore, while operating profit of Rs 6,124 crore was down by nearly a fourth on year, hit by higher costs of coking coal. CAPEX, BUYOUT JSW Steel has acquired a hard coking coal mine in Mozambique as it looks to strengthen its coking coal sources, and will tentatively complete the buyout by January 31 next year. Minas de Revuboe Limitada owns one of the largest pre-development stage premium hard coking coal projects globally, with and has reserves of more than 800 million tonne, and JSW Steel has paid $73.75 million for a 92.19% stake in the company. JSW Steel has also guided that it will spend Rs 20,000 crore on capital expenditure at a consolidated level this year, up from Rs 16,752 crore last year. It currently has a consolidated production capacity of nearly 30 million tonne, which it plans to increase to more than 43 million tonne by September 2027. JSW Steel has also announced a dividend of 7.30 rupees per share for FY24, with a total outflow of Rs 1,785 crore. The company announced its earnings after market hours, and its shares closed at 907.45 rupees on the NSE, up 2.4% from the previous close. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

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