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In a pivotal move, NMDC, the state-owned giant, is set to hike iron ore prices effective April 5, 2026. Following an unprecedented production year with record outputs from its flagship mines, the prices for Baila Lump and Baila Fines will see an increase. This adjustment is expected to ripple through the steel manufacturing sector, affecting raw material costs significantly. View More
New Delhi: State-owned NMDC has increased the prices of iron ore by up to 11.1 per cent, according to a regulatory filing. The company, which is the country's largest iron ore producer, has increased the prices with effect from April 5, 2026. As per the regulatory filing, the prices of Baila Lump -- high-grade (65.5 per cent Fe) iron ore lump produced by the company from the Bailadila mines in Chhattisgarh, have been increased by 10.4 per cent. While prices of Baila Fines -- high-grade iron ore product (64 per cent Fe) sized below 10 mm sourced from the Bailadila sector mines in Chhattisgarh, the prices have been hiked up by 11.1 per cent. In a filing to the BSE, NMDC said that "the prices of iron Ore w.e.f. 5th April 2026 has been fixed as under: Baila Lump (65.5 per cent, 10-40 mm) -- Rs 5,300/- per ton. Baila Fines (64 per cent, -10 mm) - Rs 4,500/- per ton." Live Events The revised prices are on a free-on-rail (FOR) basis and exclude statutory levies such as royalty, District Mineral Foundation (DMF) charges, National Mineral Exploration Trust (NMET) contributions, GST, environmental cess, and other taxes, the filing said. NMDC has reported a record production of 53 million tonnes (MT) of ore in the just-concluded 2025-26 financial year. The company's total sales of iron ore, a key raw material for steel manufacturing, reached 50.23 MT. The company's production was 21 per cent higher compared to 44.07 MT in FY25, while sales grew 13 per cent from 44.40 MT in 2024-25. The PSU produced 5.35 million tonnes (MT) and sold 5.90 MT of iron ore in March. The record output is driven by robust performance from NMDC's major iron ore mines -- Kirandul and Bacheli in Chhattisgarh and Donimalai in Karnataka, recording their best-ever performance in company history. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Jindal Steel has successfully used syngas in its galvanizing and color coating furnaces. This move counters shortages of natural gas, LPG, and propane. It allows the company to maintain operations amid supply disruptions. Jindal Steel is a pioneer in using syngas for steelmaking. This innovation strengthens energy security and supports low-carbon steel production. View More
Jindal Steel on Monday said it has deployed syngas in galvanising and colour coating line furnaces to counter the shortage of natural gas, LPG and propane, enabling the company to sustain operations amid supply disruptions. Syngas, or synthesis gas , is a clean-burning fuel that offers a way to convert waste and biomass into valuable energy, acting as a circular energy source. The innovative switch to syngas -- produced through gasification of coal -- has allowed the company to mitigate fuel constraints in these critical finishing processes, where high-temperature furnaces are essential for applying zinc and colour coatings to steel strips used in construction, appliances and automotive sectors. Galvanizing line furnaces apply protective zinc coatings to steel, while colour coating line furnaces cure organic paints on metal, both operating in continuous, high-speed lines to enhance corrosion resistance and durability. "In response to shortages of natural gas, LPG, and propane, Jindal Steel has now successfully deployed syngas in galvanising and colour coating line furnaces - marking the first such application in the steel industry. This has helped the company better mitigate fuel shortages in these unprecedented times," the company said in a filing to BSE. Live Events The company achieved a global first by setting up the country's first coal gasification-based Direct Reduced Iron (DRI) plant, using syngas for iron-making, the filing added. Jindal Steel further said it has pioneered syngas injection into its blast furnace, reducing dependence on imported coking coal and lowering carbon emissions per tonne of steel. "This integrated deployment of syngas across the steelmaking value chain sets a new benchmark for efficiency, sustainability, and energy self-reliance," it said. "Synthesis gas from swadeshi coal can replace imported methanol, ammonia, ammonium nitrate, and LNG. India must utilise its vast coal reserves to future-proof low-carbon growth and reduce forex outflow. " Coal gasification ... will lower emission intensity, support CBAM (Carbon Border Adjustment Mechanism) compliance, and strengthen our export competitiveness," P K Biju Nair, Executive Director Angul, Jindal Steel, said. Jindal Steel said that it has pioneered the use of indigenous coal through advanced coal gasification, significantly strengthening the country's energy security while enabling low-carbon steel production . With an investment footprint exceeding 12 billion dollars, Jindal Steel runs facilities in Angul in Odisha, Raigarh in Chhattisgarh and Patratu in Jharkhand, and maintains strategic operations across India and Africa. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Mesabi Metallics, a proud member of the Essar Group, has successfully garnered USD 150 million in funding from Macquarie Group. This investment paves the way for the anticipated launch of its iron ore mine and pelletizing plant in Minnesota, set for the third quarter of 2026. View More
New Delhi: Mesabi Metallics Company LLC, an Essar Group company, has secured USD 150 million in financing from Macquarie Group to support the planned third-quarter 2026 startup of its Direct Reduction (DR) grade iron ore mine and pellet plant in Minnesota. The latest funding follows a previously announced USD 520 million senior secured credit facility from Breakwall Capital, adding to a series of financing moves for the project, which has also received backing from the US Export-Import Bank, the company said in a statement. Also Read: US EXIM announces USD 10 billion support to Essar's Mesabi Metallics Mesabi Metallics is developing the project on more than 16,000 acres in northern Minnesota, aiming to establish a domestic source of DR-grade iron ore as the United States seeks to strengthen industrial supply chains and reduce reliance on imports. The company is investing about USD 2.5 billion in the mine and pellet plant, which is expected to supply electric arc furnace steelmakers. More than 800 construction workers are currently on site, with Essar having invested over USD 2 billion in equity so far. Live Events "This financing from Macquarie marks another major step forward for Mesabi Metallics and builds on the strong momentum we have established with our recently announced financial partnerships," said Joe Broking, president and chief executive of Mesabi Metallics. "Together, these transactions reflect growing confidence in the quality, scale and strategic importance of our project as we build a new American source of DR-grade iron ore to strengthen domestic steel supply chains and reduce dependence on imports." Also Read: SC refuses to stay Adani's resolution plan for Jaiprakash Associates in blow to Vedanta "Macquarie has enjoyed a longstanding financing relationship with Essar Group, and we are pleased to extend that relationship to their metals and mining investments in the US," said Mike Burns, senior managing director in Macquarie's commodities and global markets business. "Mesabi is developing a high-quality and strategically important project for the US steel sector, and we look forward to supporting the company over the long term." Once completed, the facility will be the first new mine and pellet plant in Minnesota in nearly 50 years and is expected to supply DR-grade pellets to the growing electric arc furnace steel market in the United States. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
On the NSE, the stock was trading at ?1,126.70 as of 10:35 AM IST on Monday, down 0.9% from its previous close of ?1,137.90 View More
Markets will track stocks like Bharat Coking Coal, Control Print and Shree Cement following operational disruptions, strategic expansions, stake buys, and infrastructure order wins announced over the weekend View More
The primary equity market in FY26 presented a challenging landscape, with most IPOs failing to deliver returns post-listing due to heightened volatility and foreign investor exodus. While only a third of the 109 mainboard IPOs posted positive returns, select companies like Ather Energy and Belrise Industries achieved significant gains. View More
ET Intelligence Group: FY26 was a challenging year for the primary equity market, with most initial public offerings (IPOs) failing to earn returns since listing till March 31 amid heightened volatility. While geopolitical tensions in West Asia and weakening rupee amid the exodus of foreign investors affected the overall equity performance, there were a select few IPOs that managed to stay in the green. Of the 109 mainboard IPOs that were listed in FY26, 32 or one out of three IPOs posted positive returns while 16 IPOs yielded double-digit returns over the listing price. This also implies that by and large, the primary equity market did not earn returns after listing. Among the top gainers were electric bikes maker Ather Energy (139% return), auto ancillary manufacturer Belrise Industries (98%), and Aditya Infotech (78%), which provides video surveillance solutions. Instead of listing price, if offer price is considered, then the proportion of companies improves - 37 IPOs generated returns while 31 yielded double-digit returns. The same three companies made it to the top three slots. Aditya Infotech took the lead with 168% return over the offer price while Ather Energy and Belrise gained 143% and 116%. AgenciesIn a volatile market, just 16 IPOs yielded double-digit returns over listing price It was also the year when majority of the large IPOs based on the issue size or money raised failed to generate returns. Only a quarter of the top 12 IPOs - four to be precise - earned returns. These include Lenskart and Groww generating 26% return each, followed by 11% return by ICICI Prudential AMC and 8% by Tenneco Clean Air India. Among the worst performing IPOs of FY26 were steel products maker VMS TMT, which fell 62% from the listing price followed by construction company Highway Infrastructure and renewable energy equipment provider Solarworld Energy Solutions which lost 60% each. Live Events .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Hindustan Copper Ltd is aiming for Navratna status. This recognition signifies improved operations and strategic growth. The company is aggressively expanding its mining capacity. It plans to reach 12.2 million tonnes per annum by 2030. This expansion includes technological advancement and sustainability. Hindustan Copper is also partnering with CODELCO to broaden its global reach. View More
New Delhi: State-owned Hindustan Copper Ltd is pursuing Navratna status , with its Chairman and Managing Director Sanjiv Kumar Singh emphasising the milestone as a testament to the company's improved operations, organisational excellence and strategic growth. This comes amid Hindustan Copper's aggressive expansion plans in mining operations. It operates the country's sole vertically integrated refined copper facility, handling exploration, mining, beneficiation, smelting, refining, and casting operations. "We also remain steadfast in our pursuit of attaining Navratna status, which reflects not only our enhanced operational performance but also organisational excellence and strategic maturity. This aspiration continues to motivate us to raise our standards and push the boundaries of performance," the company's Chairman and Managing Director (CMD) said in a recent letter to his employees. Navratna status, granted by the Department of Public Enterprises to top-performing public sector enterprises, offers greater financial and operational autonomy, including the ability to invest up to Rs 1,000 crore or 15 per cent of net worth on in-house projects without government approval. The CPSEs, which are Miniratna I, Schedule 'A' and have obtained 'excellent' or 'very good' MOU rating in three of the last five years and have a composite score of 60 or above in six selected performance indicators, are eligible to be considered for the grant of Navratna status. Performance indicators include net profit or net worth, manpower cost to total production cost or cost of services and earnings per share. Live Events The CMD, further said, during 2025-26, Hindustan Copper has made steady progress across multiple fronts, including strengthening the mining operations, advancing expansion and greenfield projects, improving system and processes. The company has also taken significant steps towards digitalisation, operational efficiency and compliance. Hindustan Copper Ltd is targeting a mining capacity of 12.2 million tonnes per annum (MTPA) from the current 4 MTPA by 2030. "As we look ahead, our focus remains firmly anchored on our long-term strategic objective of achieving 12.2 million tonnes per annum mining capacity by 20230. This vision is not merely a target but a comprehensive roadmap that encompasses capacity expansion, technological advancement, sustainability integration and human capital development," he said. Hindustan Copper is a 'Mini-Ratna' Central Public Sector Enterprise company under the administrative control of the Mines Ministry . Hindustan Copper Ltd has entered into a strategic partnership with Corporacion Nacional del Cobre de Chile ( CODELCO ), the world's largest copper producer, as part of its efforts to expand its global footprint. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)