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Leonardo said Thursday that it is on "a path of strong growth," as defense companies see opportunities in the wars in Iran and Ukraine. View More
In this articleRADA-ILBA.-GBHO-FRLDO-ITRHM-DEFollow your favorite stocksCREATE FREE ACCOUNT Workers assemble a Leonardo AW139 helicopter on the production floor at the Leonardo plant in Varese, Italy, on Thursday, March 20, 2025.Bloomberg | Bloomberg | Getty Images Italian defense firm Leonardo said it is "positioned on a path of strong growth" on Thursday, as European defense companies stand to gain business from the war in Iran, as they have been boosted by the war in Ukraine.Leonardo unveiled plans to double profits by 2030, the day after German peer arms maker Rheinmetall forecast its sales could grow as much as 45% this year, as both companies have record-high order backlogs.Leonardo CEO Roberto Cingolani told investors that war was "getting faster and more dangerous," and warned of the rise of hybrid threats that "increase uncertainty and operational complexity."Rheinmetall said that it was in a "prime position" to arm the U.S. amid the war in Iran, with CEO Armin Papperger telling investors that "over the next 10 years, there is a huge need" for its products. Rheinmetall shares fell 8% after the guidance, which was described as "realistic but soft" by a Jefferies analyst, who added investors had high expectations for a share price that has risen 1,700% since the start of 2022. The war in Iran, which has entered its 13th day, has renewed focus on defense companies, which are seeing increased demand regardless of their specific focus within the sector.Leonardo is positioning itself as a digital defense player, investing in defense electronics and interconnected platforms such as the "Michelangelo Dome," which can detect and neutralize air threats similar to Israel's Iron Dome. Rheinmetall is a leading supplier of land systems like tanks and ammunition. Sweden's Saab specializes in fighter jets, while Britain's Bae Systems, the largest of the European defense firms by sales and market cap, has a broad portfolio of military equipment from nuclear submarines to the Eurofighter Typhoon jet. Annual revenue for Rheinmetall, Leonardo, Bae Systems, France's Thales, Germany's Hensoldt, and Saab rose an average of 57% between 2021 and 2025.These companies also saw big increases in their order intake, an indication of future sales, over the same period.Rheinmetall and Saab have seen the most explosive growth of 323% and 284%, respectively, based on unaudited 2025 figures.On average, order intake grew 135%. Thales' order intake grew 27% between 2021 and 2025. Barclays analysts earlier this week upgraded their recommendation on Leonardo to Overweight from Neutral, saying that the U.S.-Iran conflict helps the narrative of a booming defense sector in the short-term, but Leonardo has greater earnings momentum relative to peers.Its diversified portfolio and low exposure to Ukraine also offer resilience to potential impact from a cease-fire, they added. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Navi Mumbai is evolving beyond a Mumbai alternative, driven by strategic planning and infrastructure growth. Today Group, with over two decades of experience, is shaping this urban landscape by focusing on creating communities and understanding residents' lives. The developer's approach democratizes urban living, catering to diverse buyer profiles and emphasizing human-centric design. View More
Navi Mumbai has moved well beyond being seen as a practical alternative to Mumbai, designed to alleviate the strain on the older city. This satellite city is steadily coming into its own, shaped by strategic planning, expanding infrastructure, and a growing preference for planned urban development. In this environment, developers are no longer judged only by the structures they deliver, but by how closely they understand the lives those spaces are meant to serve. That is where Today Group places its story. The company states that over more than two decades, it has played a role in shaping Navi Mumbai’s skyline, with over 30 completed projects, four ongoing developments, and the confidence of more than 3,000 families. The group’s journey began with founder and managing director Bhadresh Shah, whose shift from a decade in furniture and steel manufacturing into real estate led to the establishment of Today Group in 2005. Today Group positions itself as the group presenting urban living as a larger ecosystem, not simply the delivery of an apartment. Its residential presence stretches across both emerging and established locations such as Airoli, Nerul, Juinagar, Kharghar, Upper Kharghar, and Panvel. The group follows the philosophy of ‘happiness first’, and places that thinking at the core before building a home. As a developer operating across both accessible and premium segments, the group espouses a strategy of democratisation of urban living across cross-sections of society. This also reflects the larger real estate shift in Navi Mumbai, with the city no longer being restricted to one single buyer profile. It now attracts first-time homeowners, upwardly mobile families, investors, professionals seeking better value, and buyers looking for a more comfortable lifestyle away from the pressure of old Mumbai. Today Group believes that any developer hoping to remain relevant in such a market has to understand this breadth and respond to it without making every project feel interchangeable. The company’s stated intent to work across both affordable and luxury living is a response to this larger shift The company frames its larger messaging as leaning towards the idea of creating communities rather than simply constructing buildings. Its overview speaks of long-term value, human-centric design, and spaces built on trust and belonging. Buyers increasingly look for social infrastructure, emotional confidence, and a stronger sense of how a project fits into everyday life. In that context, the group places its premium on customer-centric development, showcasing that planning decisions have genuinely been shaped by lived behaviour. Live Events ET Spotlight If Bhadresh Shah represents the entrepreneurial base of the company, Bhavesh Shah represents the discipline needed for scale. As Joint Managing Director and a gold medallist with an MBA in Finance from New York, Bhavesh has contributed significantly to financial planning, operations, banking relationships, and the group’s overall financial health. Sustainable growth depends on capital allocation, operational control, and the ability to sustain confidence among lenders, partners, and customers. By that measure, Today Group appears keen to position Bhavesh as the executive who turns momentum into stability. That discipline matters even more in the current market climate. Knight Frank’s H2 2025¹ report on Mumbai notes that the city’s residential market showed consolidation rather than slowdown, with demand remaining steady and buyer activity continuing to move towards peripheral locations offering better value. At the same time, Cushman & Wakefield’s 2025² report on Navi Mumbai points to modern infrastructure, cost-effective rentals, and stronger connectivity as key drivers of demand, particularly with the Mumbai Trans Harbour Link now operational and the Navi Mumbai International Airport adding fresh energy to the region’s growth story. Put simply, the market still has appetite, but it is rewarding clarity and substance over noise. Navi Mumbai’s edge, today, lies in the fact that its growth story is increasingly supported by actual infrastructure rather than just optimistic projections. The MMRDA states that the Mumbai Trans Harbour Link was conceived to improve connectivity between Mumbai and Navi Mumbai, ease congestion, and support development across the wider region. Cushman & Wakefield notes that the operational link has significantly improved access to South Mumbai. Meanwhile, Navi Mumbai International Airport began commercial flight operations in late December 2025, moved to 24-hour operations by the end of January 2026, and is targeting international operations in the first quarter of FY27. For developers in the region, this changes the tone of the conversation. Navi Mumbai is no longer simply “upcoming.” It is entering a more decisive and better-connected phase of urban relevance. That creates a significant opportunity for companies such as Today Group. The group’s portfolio already extends across residential and commercial development, with the website listing commercial avenues in locations such as Thane, Airoli, Nerul, and Juinagar. The next stage, then, is not only about increasing the number of projects. It is about building with a sharper understanding of how Navi Mumbai is evolving, where demand is moving, and what buyers will expect from both affordable and premium developments in the years ahead. To address this, Today Group is launching Today HomeXpo, where it will introduce 12 projects across seven locations. Homebuyers should stay tuned till March 14 to save up to Rs 15 lakhs. After proven credibility spanning more than two decades in the market, the challenge for Today Group is to show that it can help shape Navi Mumbai’s next chapter with the same consistency that helped it earn trust in the first place. If it succeeds, its story will not be only about growth. It will be about timing, discipline, and a clear understanding of what urban life in Navi Mumbai is becoming. .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)
President Donald Trump speaks to supporters during a rally at the US Steel-Irvin Works on May 30, 2025 in West Mifflin, Pennsylvania.Jeff Swensen | Getty Images The U.S. decision to launch a slew of new investigations into key trading partners has raised eyebrows among analysts, who question both the timing and objectives of the probes.The investigations, targeting China, Mexico, the EU and more than a dozen other economies, are being carried out under Section 301 of the Trade Act of 1974. Here's CNBC's brief guide to Section 301s â what they are, why the White House has resorted to using them, and what President Donald Trump's administration hopes to achieve. 'Section 301' Put simply, Section 301 of the Trade Act of 1974 enables the investigation of perceived unfair trading practices to determine whether "the acts, policies, or practices of a foreign country are unreasonable or discriminatory and burden or restrict U.S. commerce."The Office of the United States Trade Representative's (USTR) Jamieson Greer announced a series of new investigations on Wednesday targeting 16 trading partners, ranging from Singapore and Switzerland, to India and Norway. A full list is here.Section 301 investigations are not new, with several probes into Brazil and China ongoing. The first Trump administration investigated foreign trade practices under Section 301 six times, with two probes into China and the EU resulting in the imposition of tariffs. Former President Joe Biden's administration also carried out Section 301 probes. The latest investigations will examine whether these acts, policies, or practices burden or restrict U.S. commerce, and what action, if any, should be taken. If the probes find against the economies in question, the USTR has the authority to impose new tariffs or other import restrictions, which could emerge in the summer.The trade agency could also withdraw or suspend trade agreement concessions, or reach deals with the economies in question if they agree "to either cease the conduct in question or compensate the U.S.," USTR said.Retaliatory action should "affect goods or services of the foreign country in an amount that is equivalent in value to the burden or restriction being imposed by that country on" U.S. commerce, it added. Why has the U.S. launched new probes? The Section 301 probes follow the U.S. Supreme Court ruling that the Trump administration's "reciprocal" tariffs â imposed on a raft of trading partners in April 2025 under the International Emergency Economic Powers Act 1977 â were unlawful. That left the administration scrabbling for other ways to reimpose duties that were struck down. The White House initially responded to the Supreme Court's ruling by imposing a temporary 10% "universal" tariff (and threatening a higher 15% levy, which could be implemented soon) on all imported goods by using Section 122 of the Trade Act of 1974. These tariffs are only temporary, however, and Trump has made no secret of wanting to find a way to restore tariffs that were disallowed.The latest Section 301 investigations relate specifically to "structural excess capacity and production in manufacturing sectors", amid claims that rival economies are "dumping" excess production on U.S. markets and threatening domestic manufacturers. Workers listen as US Vice President JD Vance speaks, during a tour of Nucor Steel Berkeley in Huger, South Carolina, on May 1, 2025.Kevin Lamarque | AFP | Getty Images USTR noted Wednesday that such practices pose a "serious challenge" to Trump's reindustrialization efforts and make it harder "to re-shore critical supply chains and create good-paying jobs for American workers." The U.S. blames these dynamics for persistent trade deficits with trading partners, and for hampering growth."The United States will no longer sacrifice its industrial base to other countries that may be exporting their problems with excess capacity and production to us," Greer said Wednesday What happens next? Consultations will now take place with the economies whose trade practices are in the spotlight. The USTR will hold a public hearing covering each investigated economy starting on May 5. "After all of that, the USTR, we will have our findings and our analysis, and we will propose, if necessary, a responsive action," Greer said. "Responsive action can take a number of forms. It can be tariffs, it can be fees on services, it can be other things," he said.China and the EU are among the economies who have pushed back against the probes, warning that trade deals reached with Washington over the past year could be jeopardized. Greer is due to announce on Thursday another Section 301 probe investigating imported goods made using forced labor. What do experts say? Analysts say the timing of the latest trade probes is curious, given the White House's focus on the ongoing military operation against Iran. Using Section 301 is seen as an overt attempt to resurrect Trump's global tariffs strategy, which is currently subject to time restrictions, with temporary duties due to expire in July."The timing is curious. You would think that the U.S. administration has got its hands full right now, but apparently not, " John Woods, Asia chief investment officer at Lombard Odier, told CNBC on Thursday. watch nowVIDEO6:1806:18CIO: Section 301 probe badly-time for Asia, long-term impact limitedSquawk Box Asia Section 301 "will be essentially a proxy for the trade tariffs that hitherto were imposed but subsequently blocked by the Supreme Court," he said, adding that the U.S. would use the investigations as leverage for further negotiations over trade deals.Goldman Sachs' Tim Moe said it's no surprise that the Trump administration is resorting to using Section 122 and Section 301s to target trade partners after the Supreme Court decison."It should not be a total surprise that this has been announced. The timing, of course, is always unexpected, but I think it should not be a total surprise. That's number one. Number two is that Section 301 requires a process; there has to be an investigation, and there's got to be factual developments ... [so] this will take some time to to play out. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The steelmaker won a state government auction for the Rengalaberha North-East Extension and Nuagan West iron ore block on Wednesday by offering a 111.15% premium over the base price, they said. View More
Mumbai: Jindal Steel has secured one more iron ore mine in Odisha with estimated reserves of nearly 38 million tonnes, people in the know told ET. The steelmaker won a state government auction for the Rengalaberha North-East Extension and Nuagan West iron ore block on Wednesday by offering a 111.15% premium over the base price, they said. "This mine has a mix of high-grade and low-grade iron ore, but nearly 29 million tonnes of this are high-grade fines and some lumps which have Fe (iron) content of around 60%," one of the people said. "Because the Fe content is high, we can use the iron ore directly in furnaces or for making sinter and pellets," the person said. Including the low-grade ore, the mine has an average Fe content of 57.87%. The company did not respond to a request for comment till press time Wednesday. On Tuesday, ET reported that the company won the Thakurani A1 iron ore block that has reserves of more than 50 million tonnes. In an exchange filing Wednesday, Jindal Steel confirmed that it won this block in Odisha's Keonjhar district. .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)
Oil prices above $100 per barrel, rising fuel costs for consumers and shortages of metals and petrochemicals refined in the Gulf region could hurt automakers. View More
watch nowVIDEO4:4204:42The risks of the Iran war to the global auto industryAutos The auto industry keeps getting hit by supply constraints at a time when it is making some of the biggest transitions in its more than century-long history. The war in Iran could be just the latest of those issues. Though the region is not a major maker of automotive parts, it does produce key resources such as oil and aluminum. About 20% of the world's oil travels through the Strait of Hormuz, according to the U.S. Energy Information Administration, a major shipping artery that is bordered on two sides by Iran and Oman. Oil prices surged above $100 a barrel on Monday with concerns about supply as the war continues. Drivers are already paying more at the pump. Gas in Iowa, for example, is now above $3 per gallon, according to GasBuddy analyst Patrick De Haan. That's still a ways from the peak prices hit in 2022, De Haan said. But there have been two 12 cent increases nationwide in the past two weeks. That's two of the largest single day increases going back to 2005 in terms of nominal increase in cents per gallon, according to GasBuddy. "I think it's the pace of the increases this week that's really catching Americans off guard, and that might be making them feel a little bit nauseous about the prospect of driving, getting out, road trips," De Haan said. Diesel and jet fuel prices are rising as well, which puts pressure on shipping and freight, he added. High oil prices stand to drive up the cost of petrochemicals, which is what plastics are made of. Some estimate that about 30% of the parts on a car are plastic. "It's not just raw crude coming out [of the Strait]," said Dan Hearsch, managing director at AlixPartners. "There's a lot of refining capacity. So ethylene, propylene, a lot of the aromatics, also ship out of that region. Those are not ports that are well connected over land. So it's kind of by ship or by not."That region is also a large producer of aluminum, particularly in Bahrain and the United Arab Emirates. Like plastic, aluminum has become an increasingly important material for car manufacturers, in part because it is lighter than steel. Lightweighting vehicles is a top priority for automakers trying to improve fuel efficiency or offset battery weight in electric vehicles and hybrids. Bahrain and the United Arab Emirates account for 9% of the world's total aluminum smelting, according other AlixPartners. The U.S. imports between 80% and 90% of its aluminum, and about 20% of it comes from the Gulf.The concern for automakers and suppliers is that even though the region is not a large producer of auto parts per se, it could be a chokepoint for key materials that form those parts. Duncan Wood, a visiting fellow at the Washington, D.C.-based think tank Wilson Center, said there are reasons to think these high prices won't last, and that oil will not rise to $200 per barrel, as some have speculated. "Although the Strait of Hormuz is responsible for so much of the traffic, you will see other countries beginning to boost production," he said. "That will help. You've already seen the Saudis trying to move some of their production away from that channel to other outlets to world economies. Probably the Russians will try to replace a lot of the Iranian oil in the Chinese market."But for the auto industry, a further step back reveals a larger and troubling pattern: repeated global shortages the industry doesn't have a playbook for. The pandemic brought raw materials shortages, a microchip deficit and oil spikes, while the Ukraine war cut off an important source of wire harnesses â a key component in cars. "Since Covid, some very fundamental things seem to have broken," Hearsch said. Meanwhile, geopolitical tensions are rising. A second chip shortage erupted in 2025 when the Netherlands-based chipmaker Nexperia found itself at the center of a trade standoff between the European Union, the U.S. and China. "What you had was years, even decades of, of really relative stability," he said. "The global supply chain, the world is flat. All of this was was pretty stable. The disruptions were kind of long cycle and everybody was interested in cooperating."Automakers are facing the fallout from conflict in Iran while already paying out billions in tariff costs due to trade disputes. These disruptions are stretching the industry's resources at a time when it is trying to enact two fundamental and interrelated transitions: making profitable electric vehicles and rolling out new hardware and software."It's not just perception," Hearsch said. "It's not just how it feels. These things are continually disruptive. There's no silver bullet for predicting or dealing with all of these crises, because they each have some unique thing that you would have to do differently. That's what we're experiencing." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The block, covering 202 hectares, was secured at a premium of 101.20 per cent, highlighting the strong demand for iron ore resources in the state View More
Shares of Tata Steel, Reliance Industries, Wipro and Sun Pharma gained, with Reliance rising after Donald Trump said it would back a new Texas refinery. Kotak Mahindra Bank, ICICI Bank and Apollo Hospitals declined View More
The Rs 255 crore Rajputana Stainless IPO entered its final bidding day with modest grey market interest. The issue was subscribed 42% by the second day, led mainly by institutional investors. With a small grey-market premium and mixed investor demand, the IPO is drawing cautious attention ahead of its expected listing. View More
The Rs 255-crore Rajputana Stainless IPO was subscribed 1.12 times against the 2.09 crore shares on offer by the final day of bidding. Demand was largely driven by Non-Institutional Investors (NIIs), who subscribed 2.59 times their allocated portion, while the retail investor segment recorded a relatively muted subscription of around 27%. In the grey market, the IPO is currently commanding a premium of about Rs 1, or nearly 1% above the upper price band of Rs 122, suggesting an expected listing price of around Rs 123. The IPO is priced in the Rs 116–Rs 122 per share band, aiming to raise approximately Rs 255 crore through a combination of a fresh issue and an Offer for Sale (OFS). The offer comprises a fresh issue of about Rs 179 crore along with an OFS of up to Rs 76 crore by existing shareholders. The company plans to list its shares on both BSE and NSE, with a tentative listing date of March 16. Rajputana Stainless IPO GMP: As of March 11, the IPO is trading at a modest grey market premium of around Rs 1, or nearly 1% above the upper price band of Rs 122, indicating a possible listing price of about Rs 123. However, the grey market premium (GMP) is an unofficial gauge derived from informal trading and should not be relied upon as a reliable indicator of the stock’s actual listing performance. Live Events Rajputana Stainless IPO subscription status By the final day of bidding, the Rajputana Stainless IPO was subscribed 1.12 times overall, according to data available on the BSE. The Retail Individual Investors (RIIs) segment recorded a 27% subscription against the 1.31 crore shares reserved for retail investors. The Non-Institutional Investors (NIIs) category saw stronger demand, with the portion subscribed 2.59 times for the 56.43 lakh shares on offer. Meanwhile, the Qualified Institutional Buyers (QIBs) segment was subscribed 2.51 times against the 20.90 lakh shares allocated to them. About Rajputana Stainless Founded in 1991, Rajputana Stainless manufactures a range of long and flat stainless steel products, including billets, forging ingots, bright bars, and flat bars. These products are used across industries such as automotive, engineering, forging, and pipe manufacturing. The company runs an integrated manufacturing facility and mainly serves business-to-business (B2B) customers across various industrial segments. The proceeds from the fresh issue will primarily be used to expand its manufacturing facility in Gujarat, with a focus on forward integration into stainless steel seamless pipes. A portion of the funds will also be used to repay or prepay certain borrowings and for general corporate purposes. On the financial front, the company has maintained steady profitability growth. For the six months ended September FY26, Rajputana Stainless reported revenue of Rs 501 crore and a profit after tax of Rs 24.4 crore. In FY25, it posted revenue of Rs 932 crore and net profit of Rs 40 crore, reflecting gradual improvement in margins in recent years. The industry outlook remains positive, as India is among the largest producers and consumers of stainless steel globally. Domestic demand is expected to grow steadily, supported by infrastructure development, manufacturing expansion, and rising industrial activity. However, the sector also faces risks, including volatility in raw material prices and competition from low-cost imports, particularly from countries such as China and Indonesia. Should you subscribe? Brokerages tracking the issue have largely recommended subscribing for long-term investment, citing the company's integrated manufacturing setup, diversified product portfolio and steady financial performance. Adroit Financial Services has advised investors to subscribe to the IPO for long-term investment, noting that the company’s expansion into value-added products such as stainless steel seamless pipes could improve margins and strengthen its market position. Similarly, Anand Rathi Research believes the IPO is fairly valued at around 21 times post-issue earnings at the upper price band. The brokerage highlighted the company’s consistent track record and stable financial metrics and recommended that investors subscribe to the issue. That said, analysts caution that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.) .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)
The steelmaker won the block by committing a premium of 101.20% to the government. Bidding for the mine, conducted online on Tuesday, started at a premium of 101.05%. View More
Mumbai: Jindal Steel has emerged as the preferred bidder for the Thakurani A1 iron ore block in Odisha's Keonjhar district, sources aware of the development told ET. The mine is expected to strengthen the company's iron ore supply as it ramps up capacity at its plant in Angul. The steelmaker won the block by committing a premium of 101.20% to the government. Bidding for the mine, conducted online on Tuesday, started at a premium of 101.05%. The block has reserves of more than 50 million tonnes (mt) of iron ore, and Jindal Steel is likely to be allowed to mine 1.5-2 mt a year, the sources said. The company will have up to three years to develop the mine and start operations. The Thakurani A1 mine was part of a recent auction round for 12 mineral blocks notified by the Odisha Directorate of Mines and Geology in December 2025. .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)