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The reserve price for the bids, with a June 17 deadline, is Rs 200 crore, showed a document on the website of the process advisor, BoB Capital Markets. It said the residual liabilities represent the net balance remaining following the mandatory deduction of recoveries realised under the resolution plan whereby ArcelorMittal India had taken over Essar Steel in a bankruptcy administration. View More
MUMBAI: A consortium of banks led by the State Bank of India ( SBI ) has invited bids for personal guarantees of Essar Group promoters - Prashant and Ravi Ruia - against Rs 13,751 crore of residual liabilities after adjusting for the recoveries linked to the 2019 debt resolution at Essar Steel . The reserve price for the bids, with a June 17 deadline, is Rs 200 crore, showed a document on the website of the process advisor, BoB Capital Markets. It said the residual liabilities represent the net balance remaining following the mandatory deduction of recoveries realised under the resolution plan whereby ArcelorMittal India had taken over Essar Steel in a bankruptcy administration. "These recoveries are in lieu of personal guarantees issued by Prashant and Ravi Ruia and corporate guarantees by companies like Essar Investments, Essar Steel Mauritius, Essar Steel Asia and Essar Steel," said a person aware of the details. "The total amount of Rs 13,751 crore has been calculated after taking into account the residual recoveries from Essar Steel, including accumulated interest post the ArcelorMittal deal." India, Japan discuss steps to fix energy supply disruptions Live Events Lenders led by the State Bank of India had recovered close to 90% of more than Rs 49,000 crore in dues from Essar Steel when the bankruptcy process was completed after a Supreme Court order in 2019. Banks are now moving to recover the residual ?7,000 crore to Rs 9,000 crore, which has compounded to Rs 13,751 crore with interest. Personal guarantees were brought under the bankruptcy purview in December 2019, allowing lenders to initiate recoveries against promoters guarantees separately while also pursuing corporate repossessions. Government assures 78 days of oil amid MPs' concerns In 2023, the Supreme Court dismissed challenges by promoters against invoking guarantees, allowing banks to restart pursuing these cases. In this case, BoB Capital Markets has set June 16 for bidders to access the data room for due diligence. In case more than two expressions of interest are received, lenders will conduct an electronic auction to find the highest bidder, the document said. .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)
India has become a net importer of finished steel. In April, imports rose significantly while exports also saw an increase. Major suppliers to India included China, South Korea, Japan, Vietnam and Russia. Domestic consumption of finished steel grew, and crude steel production also climbed. View More
NEW DELHI: India turned a net importer of finished steel in April, according to provisional government data reviewed by Reuters on Monday. Here are some highlights: * India imported 0.7 million metric tons of finished steel in April, up 30.8% from a year earlier * India exported 0.5 million tons of finished steel in April, up 24.9% * China, South Korea, Japan, Vietnam, and Russia were the top exporters of finished steel to India, data showed Live Events Also read | India's steel ministry flags met coke shortage, seeks withdrawal of anti-dumping duty * Finished steel shipments to the United Arab Emirates and the United Kingdom rose, while exports to Belgium and Italy fell * Finished steel consumption reached 13 million tons in April, up 8.2% on-year * Crude steel production reached 13.8 million tons in April, up 3.9%. Also read | India, six others flags UK steel curbs at WTO .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 UK has extended safeguard measures on select steel imports; starting from July 1, 2026, it will reduce tariff-free quotas by 60% and impose a 50% duty on shipments beyond the limit. View More
India’s free trade agreement ( FTA ) with the UK has hit an early hurdle just ahead of its implementation after the latter tightened steel safeguard measures. The Indian exporters and trade experts have raised concerns, saying that the curbs could dilute gains under the India-UK Comprehensive Economic and Trade Agreement ( CETA ), particularly for steel and engineering exports. Last May, India and the UK finalised their trade negotiations and signed the agreement in July 2025. The pact’s implementation was initially expected by May 2026. However, the tightened safeguards, according to Commerce Secretary Rajesh Agrawal, “have emerged as a concern”. “India, along with Brazil, Turkey, Japan, Korea, Switzerland, and Australia, has raised concerns at the WTO over the UK’s new restrictions on tariff-free steel imports,” Agarwal told reporter recently on the sidelines of an event. Notably, the UK has extended safeguard measures on select steel imports. Starting from July 1, 2026, it will reduce tariff-free quotas by 60% and impose a 50% duty on shipments beyond the limit. The move comes amid rising global trade tensions, steel overcapacity, and the emergence of climate-linked trade barriers, such as the EU’s Carbon Border Adjustment Mechanism ( CBAM ). Mixed signals to exporters Experts said the measures could significantly curb access and dilute the pact’s expected gains. Pankaj Chadha, Chairman of the Engineering Export Promotion Council (EEPC) India, described the UK’s action as “not a fair deal”. “We have conveyed to the government that the UK cannot abruptly impose such tariffs after the FTA has already been signed,” Chadha said, adding that exporter sentiment has been negatively impacted by the uncertainty surrounding both the safeguard measures and the UK’s proposed carbon-related regulations. iStockLegal and trade experts said the UK’s move may not technically breach the FTA, but it raises concerns over the pact’s practical benefits. Rajib Maitra, Partner at Deloitte India, said the UK’s tighter steel curbs show market access will remain conditional, with safeguard measures and quotas reflecting domestic industrial priorities. The UK has cited rising global steel overcapacity, projected at 721 million tonnes (MT) by 2027, and a more than 50% fall in domestic crude steel production over the past decade as reasons for stricter import controls. Live Events “For Indian exporters, especially micro, small, and medium enterprises (MSMEs), there are dedicated country quotas in three steel categories: non-alloy and other alloy hot-rolled sheets and strips at 12,405 tonnes per year, metallic coated sheets at 125,796 tonnes per year and gas pipes at 8,777 tonnes per year, split across quarterly allocations. While this provides assured access, it also limits flexibility, as exporters may not be able to utilise the annual quota freely, making shipment timing critical. FTA provisions for immediate tariff elimination, where duties on iron and steel products were previously as high as 10%, still create a significant opportunity for India’s ferrous sector, particularly its large MSME base,” Maitra said. “With the UK steel market valued at around $ 32.13 billion in 2024 and projected to reach $42.74 billion by 2033, the long-term prospects remain positive. However, the effectiveness of these gains will depend on how exporters navigate quota restrictions and other non-tariff barriers in practice,” added Maitra. Steel becomes the first test for the FTA Shashi Mathews, Partner at CMS INDUSLAW, said the UK’s protectionist steps ahead of the FTA rollout risk diluting the deal’s expected market access gains. He added that alongside steel safeguards, the UK’s proposed CBAM for carbon-intensive goods could disrupt trade flows, hurt exporter confidence, and create uncertainty around the pact’s broader objectives. However, Mathews said it would be overstating the case to suggest the measures directly undermine the credibility of the trade pact. “Broadly speaking, trade agreements such as CETA generally preserve the right of contracting countries to adopt protective measures in sensitive sectors, including trade remedy tools such as safeguards, anti-dumping measures, and countervailing duties. However, their application may sit uneasily with the long-stated objectives of such agreements, namely promoting market access and trade liberalisation,” he said. Legal and trade experts said the UK’s move may not technically breach the FTA, but it raises concerns over the pact’s practical benefits. Safeguard measures are allowed under WTO rules and FTAs if justified by injury to domestic industry, but imposing them just before the agreement’s rollout could hurt business confidence, said Mathews, adding that once Indian exporters exhaust country-specific quotas, the 50% tariff would effectively wipe out any FTA tariff advantage for steel exports . In FY26, India exported iron, steel and related products worth $897.68 million to the UK, accounting for a notable share of the country’s overall merchandise exports of $13.44 billion to the UK. By volume, India exported nearly 0.14 million tonnes (MT) of steel to the UK in FY26, about 2.1% of its total steel exports. “A 60% cut in tariff-free quotas will lead to a large share of current and projected export volumes to either face a 50% tariff or need to be deferred to the next quota cycle. For categories like metallic coated sheets (India’s largest UK steel quota), even the reduced quota will impact the Indian steelmakers as they scale up capacity,” said Maitra. iStockAnalysts said tighter European carbon norms could help India counter cheap Chinese steel by raising compliance costs for polluting producers. Two steel exporters said the UK’s move may not undermine the overall credibility of the India-UK CETA, but it could weaken near-term gains for the steel sector, turning steel into a test case for balancing FTA market access with safeguard measures. They added that an India-specific quota within the UK’s new regime could help protect a fixed volume of Indian steel exports. CBAM and the green trade shift Ajay Srivastava, Co-founder of GTRI, said the broader concern extends beyond steel tariffs. If Indian exports, such as steel, aluminum, and cement, face additional carbon-linked levies in the UK while British products continue enjoying preferential access to the Indian market, Indian industry could face a structural competitive disadvantage, he emphasised. Srivastava said the India-UK FTA does not grant Indian exports any direct exemption from the UK’s proposed CBAM but reportedly includes provisions for consultations and possible corrective measures if future carbon taxes disproportionately impact Indian exports. Indian steelmakers face a major challenge because the sector remains significantly more carbon-intensive than the global average. Maitra noted that India’s steel sector contributes roughly 10-12% to the country’s total emissions, with emissions intensity estimated at around 2.5 tonnes of carbon dioxide per tonne of crude steel against a global average of nearly 1.85 tonnes. “This means Indian exporters are likely to face higher carbon-compliance pressure in markets like the EU and the UK, unless they accelerate emissions reduction and reporting systems,” said Maitra. Chadha also pointed to the uncertainty surrounding the UK’s CBAM-related framework. “There is no clarity in the FTA regarding CBAM either; and now, this new safeguard issue has come up,” he said. Analysts said tighter European carbon norms could help India counter cheap Chinese steel by raising compliance costs for polluting producers. But they cautioned that China’s steel overcapacity and weak domestic demand continue to drive excess exports and intensify global competition. Diplomacy before litigation Despite growing concerns, most experts said India should avoid immediate legal escalation and instead prioritise negotiations. Mathews said formal litigation under WTO rules or dispute mechanisms within the FTA should remain a “last resort,” particularly because both countries remain economically and politically invested in preserving the broader agreement. iStockAccording to stakeholders, India should prioritise good-faith consultations over immediate litigation. “We are in this critical stage where the implementation details of the change are still evolving, actual trade injury is not yet measurable, and both sides are economically and politically quite invested in preserving the trade agreement, even though the FTA did not carve out steel from such safeguard measures. In this context, any formal challenge to such safeguard measures, either through dispute mechanisms that the trade agreement has to offer or before the WTO, should ideally be the last resort,” said Mathews. According to stakeholders, India should prioritise good-faith consultations over immediate litigation. Even experts believe the India-UK steel issue may be an early test of whether next-generation trade deals can withstand rising protectionism, carbon regulation, and geopolitical realignment. On whether India should rethink its approach while negotiating future trade agreements, Chadha said countries must ensure that additional duties or restrictive measures are not imposed after an agreement is concluded. However, he stressed that the current issue is likely to be resolved through dialogue rather than legal action. “FTA negotiations are always about give and take. If you are taking something from me, I will also have to take something from you,” he said. “India may eventually need to reconsider whether its current Bilateral Investment Treaty (BIS) model is flexible enough to secure agreements with major investment partners. Several countries have expressed concerns over India’s existing BIT framework, particularly provisions requiring investors to exhaust domestic legal remedies for extended periods before initiating international arbitration, as well as the broad exclusion of taxation-related measures from treaty protection. As India negotiates more comprehensive FTAs and seeks greater foreign investment, it may have to strike a balance between preserving regulatory sovereignty and offering investors a more predictable and internationally acceptable dispute-resolution framework,” noted Srivastava. .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!
Hindalco anticipates a 5% rise in raw material costs. The company is confident in keeping clients like Ford Motor Company. Subsidiary Novelis expects 2027 to be a key year for growth in aluminium can sheet production. Despite disruptions at Novelis' Oswego plant, Hindalco's India business achieved record profits. View More
Hindalco Industries expects raw material costs to rise by another 5% in the coming quarters as geopolitical tensions continue to tighten supplies and push up fuel prices, managing director Satish Pai said on Monday. “The two places where our prices have gone up are Furnace Oil and CP Coke (Calcined Petroleum),” Pai said during a post-earnings media call, adding that costs would likely ease only after shipping through the Strait of Hormuz normalises and commodity fuel prices soften. Pai said the company expects subsidiary Novelis to deliver earnings of around $500 per tonne in fiscal 2027, while expressing confidence that the company would retain key customers including Ford Motor Company . “For Novelis, the worst is over,” Pai said. The comments came after Hindalco reported a 51% year-on-year decline in consolidated net profit at Rs 2,597 crore for the fourth quarter of FY26, compared with Rs 5,283 crore a year earlier. Live Events Revenue from operations rose 20% to Rs 78,133 crore during the quarter, while consolidated EBITDA increased 9% year-on-year to a record Rs 11,197 crore. The company said disruptions caused by a fire at Novelis’ Oswego plant in New York hurt earnings in FY26 and resulted in a one-time charge of Rs 4,171 crore in the fourth quarter. Novelis, which contributes around 60% of Hindalco’s revenue, reported adjusted EBITDA of $462 per tonne for FY26. Hindalco said its India business delivered record quarterly revenue, EBITDA and profit after tax during the quarter, supported by firmer metal prices and strong seasonal demand. The aluminium upstream business reported record quarterly EBITDA of Rs 5,448 crore, up 13% year-on-year, while the copper business posted record quarterly EBITDA of Rs 907 crore, up 48%. Pai said the company expects high double-digit growth in its domestic aluminium downstream business this fiscal year, driven by ramp-up at its new rolling facility Aditya FRP and expansion into higher-value products such as EV components and construction materials. The company is also ramping up production of aluminium can sheets. Hindalco forecast quarterly copper EBITDA in the range of Rs 600 crore to Rs 700 crore, with earnings expected to remain resilient despite weak treatment and refining charges, aided by downstream products and precious metals. Pai added that India could eliminate its dependence on imported refined copper within two years through capacity additions and recycling, although reliance on imported copper ore is likely to continue. The company said the Oswego plant is expected to restart in the next few weeks, while the Bay Minette cold mill project remains on track for completion in the second half of calendar year 2026. For the full FY26, Hindalco reported record consolidated revenue of Rs 2.74 lakh crore, up 15% from the previous year, while annual consolidated EBITDA rose to an all-time high of Rs 38,097 crore. (With inputs from Reuters) .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)
German agritech firm B+H Solutions GmbH plans to invest €1 million in India in 2026 to expand its footprint in the country's growing agricultural sector. The company is strengthening its presence with its range of metal-based nano-fertilisers, driven by rising demand, favourable regulatory approvals, and increasing acceptance of nanotechnology among Indian farmers. Designed to improve crop yields, nutrient efficiency, and plant health, B+H Solutions' innovative products are gaining traction as India embraces advanced farming solutions. The investment underscores the growing potential of the Indian nano-fertiliser market and the role of sustainable agricultural technologies in boosting farm productivity. View More
New Delhi: German agricultural technology company B+H Solutions GmbH is eyeing the Indian market to expand its presence, with plans to invest 1 million euros in 2026, banking on rising demand for its metal-based nano-fertilisers and a recent regulatory breakthrough to accelerate growth in the country. Ola Electric is witnessing a strong sales recovery, with current-quarter registrations already surpassing the previous quarter's total. The EV maker expects quarterly volumes to nearly double as demand rebounds, supported by a focus on disciplined growth, operational efficiency, and market expansion.Ola Electric is witnessing a strong sales recovery, with current-quarter registrations already surpassing the previous quarter's total. The EV maker expects quarterly volumes to nearly double as demand rebounds, supported by a focus on disciplined growth, operational efficiency, and market expansion. The company, which markets its products through its Indian subsidiary Dr Heinisch Agro Solutions India Private Limited — incorporated in 2022 — reported global sales of 20 million euros for 2025. "Given the FCO ( Fertiliser Control Order ) nano registration, we are very enthusiastic for this year and plan on investment of 1 million euros in India in 2026," Dr Laura Wieler, General Manager and Chief Scientific Officer at B+H Solutions GmbH, told PTI in an interview. Live Events Also Read : Top fertiliser companies float tender to buy 600k t Sulphur Unlike conventional nitrogen-based fertilisers such as nano urea, the company's products are metal-based nanotechnology solutions — primarily silver and copper nanoparticles — that function as what Wieler calls "fertiliser plus." The products aim to strengthen the plant's immune system, reduce disease pressure, and serve as plant protection agents. "We believe we are not affected by the same issues facing traditional fertiliser markets," Wieler said, adding that the company expects strong growth in 2026 as market awareness deepens. The company currently offers eight products in India, including AgroBeize — developed exclusively for Indian agriculture — which combines silver and copper nanoparticles and is also registered as a disinfectant. Also Read : Fertilisers not easily available in international market, pushes for organic farming: Union Minister Shivraj Singh Chouhan B+H Solutions recently secured FCO (Fertiliser Control Order) registration for its AgroCopper (nano copper) product, and is now pursuing FCO registration for nano iron. Farmer receptiveness a positive surprise. Wieler noted that Indian farmers have been more open to nanotechnology than their counterparts in Germany. "In Germany, introducing nanotechnology often requires significant convincing, but in India, farmers already understand and welcome the concept," she said. Trials conducted at ICAR Bangalore on tomatoes showed that AgroBeize delivered 24 per cent higher yield compared to conventional fungicides, alongside improved fruit quality and reduced incidence of early and late blight. The company claims its products can increase crop yields by up to 30 per cent across a range of crops, including tomatoes, chillies, black pepper, pomegranates, and flowers. B+H Solutions began its India operations in Himachal Pradesh, Haryana, and Karnataka, and is now expanding actively into Rajasthan. The company operates through a mix of its own sales staff and distribution partners, and says it is in active discussions with several large distributors. "Our approach has been steady and sustainable growth. In the long term, we aim to establish a presence across India," Wieler said. On competition, Wieler said while bio-stimulants and plant-strengthening products are widely available, the company's patented metal-based nanotechnology remains unique globally, backed by OECD studies confirming safety for humans and the environment. .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)
What S&P Sector is SpaceX likely to be in once it launches on the public markets. View More
In this articleSPGIFollow your favorite stocksCREATE FREE ACCOUNT SpaceX is on the verge of going where no initial public offering has ever gone before.The company, created and led by Elon Musk, is targeting a stratospheric valuation of $1.75 trillion on the Nasdaq Stock Market. SpaceX may be fast-tracked into broadly held indexes like the Nasdaq 100 and S&P 500 at light speed. The upper stage of a Falcon 9 rocket deploys a stack of Starlink "V2 Mini" satellites in orbit.SpaceX As market watchers and investors prepare and strategize the best ways to play the IPO, one way to get involved will be to buy the S&P Sector and Industry Indexes where SpaceX will eventually reside.When a company goes public, as SpaceX is likely to do in the coming weeks, two financial data companies, S&P Global and MSCI, determine which sector and industry indexes are the right fit. Because SpaceX is involved in so many areas of the economy - everything from space rockets, to satellite internet, to data centers and artificial intelligence agent Grok, to name a few - placement may be more complicated in this case.Here's how it works. First a newly listed company is put into one of the 163 "sub-industries." From there, it's whittled down to one of 74 "industries," and then again to one of 25 "industry groups" before being assigned to one of the 11 S&P Sectors. Those sectors include information technology, communications, industrials, real estate, materials, health care, consumer staples, consumer discretionary, financials, utilities, or energy.MSCI and S&P look at four tiers when deciding on sector placement. The first thing MSCI and S&P consider is which parts of a company create the most revenue. SpaceX's S1 filing released last week says, "Our Space and Connectivity segments contributed the substantial majority of our consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025, demonstrating the benefits of their scale and operating leverage in our vertically integrated business model." The "space" part of the equation is the rocket launches and space missions. SpaceX's filing says, "We generate Space revenue primarily through launch and mission services of Falcon 9, Falcon Heavy, and Dragon provided to commercial and government customers."When SpaceX talks about connectivity, it means Starlink, which supplies customers with high-speed internet service all over the world. That part of the business brought in more than $11 billion in revenue in 2025. New construction rises above the SpaceX production facility as preparations continue for the 12th test flight of the Starship spacecraft and Super Heavy booster at Starbase in Texas, U.S., May 16, 2026. Steve Nesius | Reuters The space business was responsible for about $4 billion in revenue last year. Another part of SpaceX's business is xAI, which includes Musk's artificial intelligence platform known as Grok. The S1 filing shows the AI business brought in $3.2 billion in 2025. xAI also derives revenue from data centers in Memphis, Tennessee, and Southaven, Mississippi. Representatives for MSCI and S&P say that while revenue is a key driver in judging which sector a company will ultimately fall, "Earnings and market perception, however, are also recognized as important and relevant information for classification purposes, and are taken into account during the annual review process."Based on revenue from Starlink, SpaceX is likely destined for the S&P Communication Services Sector which currently includes companies like Alphabet, Meta, Netflix, and Echostar â a company that owns between 2% and 3% of SpaceX. AT&T, Verizon, Netflix, Charter Communications, and Walt Disney are also members of the Communication Services Sector.SpaceX could also be a candidate at some point for the industrials sector, which houses space and defense companies including Howmet, Boeing, GE Aerospace, Northrop Grumman, L3, and General Dynamics. FILE PHOTO: Elon Musk gives a tour to U.S. President-elect Donald Trump and lawmakers of the control room before the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, U.S., November 19, 2024 .Brandon Bell | Via Reuters While SpaceX includes some earth-based data centers, at the U.S.-Saudi Investment Forum in November 2025, Musk made it clear the future of that part of the business is in space. "If you want to have something that is producing a million times more energy than earth can possibly produce you must go into space, that's where it is kind of handy to have a space company," he said. "Even in the four- or five-year time frame the lowest cost way to do AI compute will be with solar powered AI satellites."While most terrestrial data center companies are in the S&P Real Estate Sector, a space-based competitor such as the one Musk envisions may be classified differently as it wouldn't be taking up land.In the S1 filing released last week, SpaceX made the case it is also a data center company: "We believe SpaceX is uniquely positioned to deploy and operate data centers in orbit that can eventually achieve a lower cost than terrestrial data centers over time due to our extreme vertically integrated approach across launch, satellite manufacturing at scale, network connectivity, and terrestrial data center expertise." Right now the S&P Real Estate Sector is home to three major data center-focused companies including Equinix, Digital Realty Trust, and Iron Mountain. All three stocks are up significantly so far in 2026. 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Following a bridge collapse, residents demanded accountability for corruption and construction quality. The safety of multiple bridges in Bihar is under scrutiny, with visible damage prompting state investigations. View More
The agreement is part of JSL's ongoing nationwide drive to create awareness regarding the application of corrosion-resistant and high tensile stainless steel View More