Latest Sectors News
Tata Steel's Q3FY26 profit soared multifold to Rs 2,730 crore, driven by a 14% surge in domestic delivery volumes, marking a first with over six million tonnes. Despite weak steel prices, increased capacity utilization boosted revenue by 6% to Rs 57,002 crore. Recent import tariffs are expected to further support domestic producers. View More
IMFA expects annual output to grow from about 260,000 tonnes from existing facilities to around 400,000 tonnes in FY27. View More
New Delhi: Indian Metals & Ferro Alloys Ltd (IMFA) expects gains from its newly acquired plant in Kalinganagar, Odisha, in the first quarter of fiscal 2026-27. Company Managing Director Subhrakant Panda said definitive agreements for acquiring Tata Steel's ferro chrome plant were signed in November 2025. Tata Steel's ferro chrome plant was acquired by IMFA for ₹610 crore. "We are on track to take control of the unit in the ongoing fourth quarter, in fact, probably in February itself," he told ET, adding impact of this acquisition will reflect from Q1 of FY27 onwards. IMFA expects annual output to grow from about 260,000 tonnes from existing facilities to around 400,000 tonnes in FY27. "In FY28, we expect that number to be between 475,000 to 500,000 tonnes," Panda said. To to a query on possible gains from the India-European Union (EU) Free Trade Agreement (FTA), he said, "We don't have a large exposure at the moment, only small quantities are exported. But with the expansion in our capacity, we will certainly look to diversify markets." Panda said IMFA exports nearly 95% of its total ferro chrome output but this ratio is expected to change with more focus on the domestic market. "By FY28, we expect to be 60:40, still a little bit more favoured towards exports, but significant tonnage allocation to the domestic market," he said. Live Events Panda expects IMFA's ethanol project, a diversification from its core business, to commission that in March 2026. "Once it is operational for the full year FY27, we are expecting it to contribute about ₹250 crore to the top line, he said. The company reported 702.83 crore revenue for Q3FY26, up from ₹643.22 crore in the same months a year ago. Net profit for the quarter ending December 2025 stood at ₹130.67 crore, up from ₹93.14 crore last fiscal. .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)
Sebi has approved eight IPOs across financial services, infrastructure, engineering, education and manufacturing, signalling steady primary market momentum. InCred Holdings leads the pipeline, alongside offerings from engineering, IT, metals, education, jewellery and electronics firms cleared for listing in coming months. View More
Capital markets regulator Sebi has approved eight initial public offerings, clearing a fresh pipeline of offers across financial services, infrastructure, engineering, education and manufacturing, as the primary market continues to see steady regulatory traction. Among the approvals, InCred Holdings stands out as the most prominent. InCred Holdings is the 100% holding company of InCred Financial Services, one of India’s fastest-growing new-age NBFCs. InCred Group has built a diversified lending franchise spanning personal loans, student loans, specialised MSME loans, secured business loans and lending to financial institutions. Since inception, the platform has disbursed loans worth over Rs 25,000 crore to more than 4 lakh customers through a network of over 140 branches and a workforce of more than 2,600 employees. As of FY25, InCred Finance reported assets under management of Rs 12,585 crore, reflecting 39% year-on-year growth, supported by technology-led underwriting and disciplined risk management. Engineering consultancy firm Aarvee Engineering Consultants has also received approval for its IPO, which will comprise a fresh issue of Rs 202.5 crore along with an offer for sale of up to 67.5 lakh equity shares by promoter Venkatachala Chakrapani Redla. The company provides infrastructure engineering and project management services across transportation, water and urban development segments. IT infrastructure and system integrator ArMee Infotech has secured Sebi’s nod for a pure fresh issue of Rs 300 crore. Headquartered in Ahmedabad, the company operates across 14 locations and serves government, BFSI, corporate and education clients, with offerings ranging from IT hardware and software deployment to managed services and digital infrastructure projects. Live Events Kolkata-based cable and conductor manufacturer Laser Power and Infra has been cleared to raise Rs 1,200 crore through its IPO. The company is targeting a valuation in the range of Rs 5,500 crore to Rs 6,500 crore, with the issue aimed at strengthening its balance sheet and supporting expansion plans. Education infrastructure platform Elevate Campuses has received approval for its Rs 2,550 crore IPO, which will be entirely a fresh issue. The company focuses on developing and operating student housing and campus infrastructure and plans to list on both NSE and BSE. Jewellery retailer Shankesh Jewellers was cleared for a small-sized IPO comprising a fresh issue of up to Rs 3 crore and an offer for sale of up to Rs 1 crore, with shares proposed to be listed on NSE and BSE. Metals recycling and recovery player Ardee Industries secured approval for an IPO that includes a fresh issue of up to Rs 320 crore and an offer for sale of up to 3.77 crore shares. Founded in 1995, the company operates across lead recycling, smelting and refining. Auto and industrial electronics firm SEDEMAC Mechatronics has also been cleared for a pure offer-for-sale IPO of up to 0.8 crore shares, with no fresh capital raising involved. .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)
Tata Steel reported a consolidated net profit of ?2,688.70 crore for Q3FY26, a remarkable increase of 723% compared to ?326.64 crore from the same quarter last year. View More
India's copper market is on a promising upward trajectory, with consumption anticipated to climb by 10-12 percent annually over the next two years. Despite recent spikes in metal prices likely dampening short-term demand, foundational factors such as rapid urban development and the transition to renewable energy continue to fuel growth. View More
New Delhi: The country's domestic copper consumption is likely to grow at 10-12 per cent annually over the next two years, though at a moderated pace from the 14-15 per cent surge seen in the first seven months of FY26, due to higher prices of metal tempering near-term demand, Icra said on Friday. Copper usage in India is surging, driven by rapid urbanisation, infrastructure development, and the green energy transition. "Domestically, higher copper prices are likely to temper near-term demand growth, even though underlying demand drivers remain healthy," the rating agency said in a statement. Over the medium-term, copper demand is expected to be increasingly driven by energy-transition-linked applications, including renewable energy, power grids, data centres and electric vehicles, it added. On the supply side, the domestic refined copper deficit is projected to gradually narrow with announced capacity additions and improving supply adequacy. Live Events The rating agency said it also expects margin trends across the copper value chain to diverge, with upstream copper entities benefiting from firm prices and supporting operating profitability. However, downstream smelting and refining entities are likely to face margin pressure due to sharply lower treatment charges, with credits providing only partial offset, it said. Global copper prices have recorded a sharp uptrend in the current fiscal year, reaching around USD 13,000 dollar per tonne by January 2026, reflecting an increase of nearly 40 per cent since the beginning of the fiscal year. The rally has been driven by persistent mine-side supply disruptions, declining ore grades, and inventory dislocations across exchanges. Tariff-related uncertainties in the US and the risk of renewed trade actions have led to inventory build-ups at COMEX and drawdowns at LME, tightening ex-US availability and supporting prices. .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)
Day 1 of the Black Swan Summit India in Bhubaneswar focused on skills, jobs and global investment under the BharatNetra initiative. View More
Day 1 of the Black Swan Summit India positioned Odisha as an emerging centre for policy-led innovation and digital economic growth, as policymakers, industry leaders, technologists and global investors convened in Bhubaneswar to discuss the role of next-age technologies in India’s fast-expanding digital finance ecosystem. The two-day summit is being co-organised by the Government of Odisha and Singapore-headquartered Global Finance & Technology Network ( GFTN ), an entity of Singapore’s central bank, under the BharatNetra initiative. The event places Odisha at the centre of discussions around regulated digital finance, artificial intelligence (AI), and sustainable job creation, as India’s global capability centre (GCC) ecosystem expands beyond traditional Tier I cities. With more than 1,700 delegates from 24 countries and nearly 100 speakers from five continents, the summit brings together global and national policymakers, regulators, financial institutions, technology firms, start-ups, investors, and academics for what the organisers describe as an “execution-focused dialogue.” The discussions come at a time when multinational firms are increasingly evaluating emerging locations with scalable talent pools and lower operating costs, as India’s GCC footprint widens beyond Bengaluru and Hyderabad. Organised under the BharatNetra platform, the event aims to lay the foundation for India’s next phase of digital and economic growth. Live Events BharatNetra is a five-year initiative of the Odisha government, in partnership with GFTN, to build an integrated global fintech and insurtech capability hub in Bhubaneswar by training thousands of youths and attracting digital finance companies. According to GFTN, what took Singapore nearly a decade to achieve in building a fintech and start-up ecosystem could potentially be replicated in Odisha in half that time. Through a partnership with GFTN and the National University of Singapore’s Asian Institute of Digital Finance (NUS-AIDF), the Government of Odisha has launched the Integrated Global Financial Technology Capability Hub (I-GFTCH). The initiative is expected to position Bhubaneswar as a globally connected centre for digital finance, AI, innovation, and global capability services. Highlighting Odisha’s transformation and its growing appeal for global multinationals, Vishal Kumar Dev, Additional Chief Secretary, Electronics & Information Technology, Government of Odisha, told ET Online that the state’s current positioning is the result of sustained fiscal discipline and long-term investment-led growth. At the Black Swan Summit India, a set of strategic MoUs was signed in the presence of IT Minister Mukesh Mahaling, Minister for Health & Family Welfare, Electronics & Information Technology and Parliamentary Affairs, Government of Odisha. Odisha, once tagged a financially stressed state, has undergone a sharp turnaround in recent years, Dev said, noting that the state’s debt-to-GSDP ratio has declined from nearly 54% at the turn of the century to about 13.5% today—well below the 25% threshold prescribed under the Fiscal Responsibility and Budget Management framework. He added that Odisha is now a revenue-surplus state, beginning FY26 with a surplus of Rs 31,800 crore, most of which is being channelled into capital expenditure. “Our capex-to-GSDP ratio stands at 6.6%, one of the highest among major states,” Dev said, adding that sustained public investment in infrastructure has become a key driver of growth. Over the past decade, Odisha has also emerged as one of India’s top destinations for manufacturing investment, with industrial output growing at a compounded annual rate of around 10% since 2015, significantly faster than the national average, he underlined. He further pointed to Odisha’s fiscal governance as a differentiator for investors. NITI Aayog’s Fiscal Health Index released last year ranked Odisha first among Indian states, with a score of 67.8, well ahead of the next-ranked state (at rank 55). “Odisha today stands out as a model of fiscal prudence and good governance,” Dev said, while also highlighting the state’s globally recognised disaster resilience and disaster management capabilities, which have been acknowledged by the United Nations. Notably, while minerals and metals continue to anchor the economy, the eastern state accounts for about 44% of India’s mineral production, 25% of steel output and nearly 55% of aluminium production, the state has been consciously diversifying. Over the past decade, value addition through downstream industries has expanded, alongside newer focus areas such as textiles, food processing and employment-intensive manufacturing, he said. More recently, according to him, the emphasis has shifted towards emerging technologies and digital-economy jobs, where Dev sees the Black Swan Summit India as a strategic inflection point. The summit flows from a memorandum of understanding signed with GFTN during the Singapore President’s visit in January last year. Dev added that the partnership rests on three pillars. The first is global learning, aimed at skilling general graduates—particularly from science and commerce streams—for the fast-growing global fintech industry, at a time when India accounts for nearly half of global digital financial transactions through platforms such as UPI. The second pillar focuses on global innovation and global capability centres, with the state actively courting startups and GCCs to set up operations in Odisha. “That process has already begun,” Dev said, noting interest from firms and capability centres based in Japan and Singapore. The third pillar is global mindshare—creating a platform to engage policymakers, regulators, innovators, industry leaders and academics in the fintech ecosystem. “That is what the Black Swan Summit represents,” he said, calling it a signal of state governments’ increasing role in shaping India’s fintech growth in alignment with the national vision of Viksit Bharat. Anu Garg, Chief Secretary, Government of Odisha, said the state has emerged as a $112- billion economy anchored by strong fundamentals, with nearly 69% of its population in the working-age bracket. Rich in minerals and rapidly diversifying beyond traditional sectors into electric vehicles, electronics and green energy, Odisha is prioritising value-added manufacturing, infrastructure expansion and ease of doing business. The state is targeting the creation of 10 million jobs by 2027 and aims to scale up to a $500 billion economy by 2036 and $1.5 trillion by 2047. Sopnendu Mohanty, Group CEO of GFTN, said India’s digital economy, backed by platforms such as UPI, strong public digital infrastructure and supportive policy, now needs to translate scale into broader economic and social outcomes. He said the next phase will be about skilling, inclusive access and global collaboration in a multipolar world. Mohanty added that GFTN’s decision to deepen engagement with Odisha reflects its east-facing strategy, positioning Bhubaneswar as a gateway to ASEAN and Asia-Pacific growth. “Odisha offers the right mix of talent, policy intent and geography,” he said, underlining that BharatNetra is a long-term effort to build sustainable jobs, innovation and global capability centres beyond India’s traditional hubs. Industry experts at the event and familiar with GCC location strategies said India’s rapid expansion as a global capability centre hub, particularly in financial services, analytics and technology, has pushed multinational firms to look beyond traditional Tier-I cities, creating an opening for states such as Odisha that combine a young talent pool with improving digital infrastructure. Notably, GFTN is a not-for-profit organisation established by the Monetary Authority of Singapore. With offices across Singapore, Southeast Asia, Japan, the Middle East, Africa and Europe. Its mission is to bridge policy, capital and technology to build resilient, efficient and inclusive financial systems. For Odisha, GFTN’s global ecosystem spanning innovators, entrepreneurs, capital providers and policymakers acts as an institutional bridge into trusted global digital finance networks. A major focus of the summit is the role of FinTech and InsurTech in promoting financial inclusion, stability and resilience. Odisha is aligning its education, skilling and certification frameworks with industry needs, recognising that nearly 69% of its population is of working age. Executing this vision, the first cohort of BharatNetra—a five-month hybrid FinTech and InsurTech programme launched by the Odisha government in collaboration with the National University of Singapore’s Asian Institute of Digital Finance and GFTN—graduated this week. Launched on July 31, 2025, the programme began its first cohort in September with 385 participants, of whom 195 have successfully completed the course. Seven students have been selected under the MUFG Young Innovators programme and six under the Singapore Pathfinders initiative. Momentum from Day 1 builds towards Day 2, which is expected to welcome President Droupadi Murmu as Chief Guest. The upcoming sessions will focus on sectoral transformation and capital markets for frontier technologies, setting the stage for strategies aimed at accelerating India’s leadership in the digital economy. (The author is in Bhubaneswar at the invitation of GFTN and the Government of Odisha) .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!
ArcelorMittal anticipates a 2 percent rise in global steel demand this year, excluding China. The company expects steel production and shipments to grow in all regions by 2026. European mills are set to benefit from new trade measures. ArcelorMittal's sales saw a slight dip in 2025, but net income significantly increased. View More
Mumbai: ArcelorMittal , among the world's largest integrated steel producers, Thursday projected a 2% increase in global demand for steel this calendar year, ex-China. "The company forecasts steel production and shipments to increase across all regions in 2026 versus 2025, supported by operational improvements and the impact of trade protections," it said. "In Europe in particular, ArcelorMittal is expecting to benefit as domestic mills progressively regain market share from imports with the combined effect of CBAM ( Carbon Border Adjustment Mechanism ) and the new TRQ (tariff rate quota) mechanism strengthening through the year," the company said in an earnings release. In 2025, ArcelorMittal's sales fell to $61.35 billion from $62.44 billion a year ago. Net income for the year rose to $3.15 billion from $1.34 billion a year ago. .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 Government has floated a consultation paper on making partial use of green steel mandatory in public sector projects of Railways and infrastructure sector View More
Dilip Oommen, CEO, said the company would have the first mover advantage in meeting the demand for green steel in domestic markets View More
At 500 billion yen, the convertible bonds ?issuance would be the ?largest of its kind in Japan, according to LSEG data. View More