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The Securities and Exchange Board of India has given the green light for initial public offerings from Travelstack Tech, Learnfluence Education, and Tea Post. These companies will now proceed with their plans to raise funds through the stock market. View More
MUMBAI: Sebi last week granted approval to three companies Travelstack Tech, Learnfluence Education and Tea Post to launch their IPOs. Travelstack Tech received Sebi’s observation letter on March 11. The proposed IPO comprises a fresh issue of shares worth Rs 250 crore and an offer for sale (OFS) of 2.69 crore equity shares by promoters and other shareholders. Motilal Oswal Investment Advisors is the book running lead manager (BRLM) to the issue. Learnfluence Education secured Sebi approval on March 11. The proposed IPO consists of a fresh issue of equity shares aggregating up to Rs 246 crore and an OFS of up to 40 lakh equity shares by existing shareholders. Saffron Capital Advisors is BRLM to the issue. Tea Post received Sebi’s observation letter on March 10. The proposed IPO comprises a fresh issue of up to 1.43 crore equity shares and an OFS of up to 1.43 crore equity shares by existing shareholders. Live Events Srujan Alpha Capital Advisors is the BRLM to the issue. At the same time, three companies have withdrawn their IPO proposals — Arjun Jewellers, Madhur Iron & Steel and Rays Power Infra. .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)
Propane gas is used to provide the steady heating required to melt zinc during the coating process, ensuring a smooth and corrosion-resistant finish. It is a byproduct of natural gas processing and petroleum refining. View More
New Delhi: Steel industry players, including JSW Steel and Tata Steel , have sought government intervention to remove supply chain constraints for ensuring the availability of propane gas for coated steel units , as supplies have been disrupted due to the West Asia crisis, according to industry officials. Propane gas is used to provide the steady heating required to melt zinc during the coating process, ensuring a smooth and corrosion-resistant finish. It is a byproduct of natural gas processing and petroleum refining. The gas shortage has raised concerns within the Indian steel industry, which is the second-largest globally and has invested significantly in setting up colour-coated steel production units to meet rising domestic demand, an industry official said on the condition of anonymity. "Steel companies have sought government intervention in view of the situation. ... if the situation persists, it could create major challenges," an official of a leading steel company said. Queries sent to leading steel companies, including JSW Steel and Tata Steel, seeking comments remained unanswered at the time of publishing this news. Live Events Jindal Stainless , on Friday, had said that the supply crunch of industrial gases has adversely impacted its several plants. "Due to the heavy dependence of stainless steel manufacturing on industrial gases such as propane/LPG and natural gas, several processes across our plants have been adversely impacted," the company's MD Abhyuday Jindal said. Among Indian players, JSW Group firm JSW Steel Coated Products Ltd is India's largest manufacturer and exporter of coated steel. Tata Steel arm Tata Steel Colors designs, manufactures, distributes, constructs and services a wide portfolio of colour-coated steel products and building solutions across multiple sectors. AMNS India also produces colour-coated steel at its plant in Hazira, Gujarat. .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)
The Bharat Steel 2026 summit in New Delhi will gather senior political leaders and industry experts to discuss India's ambitious steel capacity goals of 300 MT by 2030 and 400 MT by 2035, alongside the global steel supply chain's future challenges. View More
India's steel sector faces a severe gas crisis. JSW Group operations are disrupted, with one unit nearing a potential shutdown. This follows Middle East conflict affecting supply routes. The Indian Steel Association warns of a huge adverse impact on small and medium enterprises. The government has invoked emergency measures to restrict natural gas use. View More
NEW DELHI: Mounting gas shortages have disrupted operations at some steel plants of India's top metals conglomerate JSW Group , with one unit facing a potential shutdown in the coming days, according to an internal note seen by Reuters. India, the world's second-largest crude steel producer, is facing its worst gas crisis in decades after the Middle East conflict disrupted supply routes. JSW said in the note that disruptions to fuel supplies and maritime operations were starting to affect its operational stability and supply chain. As a result JSW Steel Coated Products risked missing sales and supply obligations for tinplate under the government's production-linked incentive scheme and has requested a six-month extension, it added. Also read: West Asia War: India steelmakers brace for higher input costs, risk of cheaper imports Live Events "JSW has also received force majeure notice from one of its key suppliers - Petronet LNG Ltd owing to Middle East crisis affecting LNG shipment," the note said. JSW did not immediately respond to a request for comment. HUGE ADVERSE IMPACT In a separate letter, also seen by Reuters, to the federal steel secretary dated March 7, the Indian Steel Association said a shortfall of propane and liquefied petroleum gas affected the entire value chain and would have a "huge adverse impact" on steel-based micro, small and medium enterprises and their ancillary units, which employ a large workforce. JSW Steel, Tata Steel and state-run Steel Authority of India are among the ISA's members. Also read: West Asia crisis hits stainless steel production; LPG shortages and logistics disruptions raise costs India has invoked emergency measures, restricting natural gas use to priority sectors after liquefied natural gas shipments through the Strait of Hormuz were disrupted by the conflict. The ISA has asked the government to fast-track subsidised spot imports from non-Middle East sources and ensure priority allocation to steel and allied industrial clusters. The steel association did not immediately respond to a request for comment. India's small steel producers have warned of production halts because of gas shortages, Reuters reported last week. .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)
JSW said in an internal note ?that disruptions to fuel supplies and
maritime operations ?were starting to affect its operational
stability and supply chain View More
Hindalco, JSW Steel, and Tata Steel gained 2–3%, while Jindal Stainless, Hindustan Copper, Hindustan Zinc, Steel Authority of India, and National Aluminium lost up to 3.5% View More
Stocks across sectors such as PSUs, metal, realty, IT, new-age, power, energy have key triggers View More
A special court made a unique decision, refusing to proceed with an Enforcement Directorate money laundering case. This happened even though the accused were already convicted in the original offence. The court found no direct financial gain from the coal allocation. It also stated that not every transaction after an offence is proceeds of crime. View More
New Delhi: Arguably a first, a special court last week refused to take cognisance of a prosecution complaint (equivalent to a charge sheet) filed by the Enforcement Directorate (ED) in a money laundering case despite the conviction of the accused in the scheduled offence filed by the CBI . The court refused to take cognisance of ED's prosecution complaint against M/s Rathi Steel and its top executives, who were booked by ED under the Prevention of Money Laundering Act (PMLA) in connection with a coal allocation case . The said allocation was made in Chhattisgarh to the company in August 2008. The court also ordered that all properties attached by ED be detached. Also Read: Excise policy case: Arvind Kejriwal, Manish Sisodia approach SC after request to transfer CBI plea to another HC judge declined It is pertinent to mention that all the accused named in ED's prosecution complaint had earlier been convicted by a special CBI judge for cheating and criminal conspiracy and were sentenced to three years of rigorous imprisonment in 2016. ED had alleged that the letter of allocation of coal block received by M/s Rathi Steel constituted proceeds of crime, as it had been obtained by overstating the land in possession of the company in the feedback form. ED further contended that ₹3.08 crore, received by M/s Rathi Steel & Power Ltd from the issue of shares pursuant to its disclosure of having a letter of allocation issued in its favour in its annual report, also constituted proceeds of crime. Appearing on behalf of M/s Rathi Steel and the other respondents, advocate Vijay Aggarwal, citing a Supreme Court judgement, contended that the allocation letter was merely a grant of largesse. Aggarwal argued that if the letter of allocation itself were to be termed "proceeds of crime," it would obliterate the distinction between the scheduled offence and offence of money laundering, and money laundering would cease to be an independent and distinct offence. He contended that no financial gain or property had been derived through allocation letter, as no coal had been extracted and even a mining lease had not been executed. Live Events Also Read: Supreme Court bats for enactment of uniform civil code Finding merit in these contentions, the court ruled that the company, having not obtained any direct financial benefit or economic gain from the allocation letter, could not be prosecuted under PMLA, as the valuable right associated with the allocation letter had not been converted into financial or commercial gains by obtaining a mining lease and extracting coal. On the aspect of the ₹3.08 crore being proceeds of crime, the court held that the ED does not possess jurisdiction to treat every subsequent commercial transaction of an accused as "proceeds of crime" in the absence of a demonstrable nexus with the scheduled offence, and that not every transaction by an accused after the commission of the scheduled offence can be termed proceeds of crime. .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)
Hindalco Industries assures stakeholders that its aluminium extrusions division is fully operational. A standard communication went out regarding potential gas supplier interruptions, but it's important to note that such geopolitical factors do not disrupt our core operations or financial stability. This situation is confined to a minor aspect of the extrusions sector, while the rest of our business runs smoothly. View More
New Delhi: Hindalco Industries on Sunday said that it has not halted operations of its aluminium extrusions business and emphasise d that the customer communication -- issued after force majeure claims by some gas suppliers -- was just a routine business intimation regarding potential supply disruption . Amid evolving geopolitical developments affecting global trade and the economy, Hindalco Industries clarified that there is currently no impact on the company's overall operations or financial performance. "Any potential disruption is limited to a small portion of the Aluminium Extrusions business," it said in a statement. The statement comes in the wake of a report which said the company has halted aluminium product sales amid the West Asia crisis. Also Read: Packaged food companies slash production amid LPG crunch "Hindalco has not halted operations of its aluminium extrusions business," the company statement added. Live Events "The communication issued to aluminium extrusions customers follows a force majeure declaration by certain gas suppliers and was a routine business intimation regarding a potential supply disruption in a segment of the extrusions business," the statement said. The aluminium extrusions segment constitutes a small portion of Hindalco's total production capacity, with the potential impact confined to under 0.1 per cent of the company's overall operations. All other downstream and upstream operations including primary aluminium, continue to operate normally, supported by captive power and alternate energy arrangements, the company said. Aluminium extrusions are widely used across industries for their lightweight, high-strength, and corrosion-resistant properties. Also Read: LPG shortage threatens Agra’s iconic petha industry Major applications include architectural framing, transportation, automotive parts, heat sinks in electronics, and structural components for solar energy systems. Hindalco manufactures a wide range of customised aluminium extrusions from 100 per cent premium quality billets which are made inhouse. The company added that its core aluminium smelting operations continue to run normally, as these facilities are powered by coal-based captive power, ensuring operational stability. The situation is therefore confined to a limited downstream segment, and the overall effect on the company's production and performance remains minuscule. Hindalco operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary Novelis, Hindalco is the global leader in flat rolled products and the world's largest recycler of aluminium. .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)
The upcoming facility will house 10 GW capacity each for solar ingots and wafers, forming a key part of India’s solar photovoltaic value chain View More