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Tata Steel is acquiring Martrade's stake in their joint shipping venture for Rs 335 crore. This move ends a twenty-five-year partnership with the German logistics group. The company also committed Rs 33,873 crore for capacity expansion at Neelachal Ispat Nigam. This expansion will bolster its long products portfolio and branded retail offerings. Tata Steel reported a 19% net profit rise and 15% revenue increase in Q1 FY27. View More
The Supreme Court ordered the Delhi government to treat all injured protesters. It questioned the feasibility of banning pellet guns for crowd control. The court directed the preservation of ammunition logs for effective investigation. It also emphasized the need for police to have adequate safety gear. The bench reiterated that peaceful protests can sometimes be hijacked by miscreants. View More
Tata Steel's net profit rose nearly twelve percent year-on-year for the June quarter. The company announced a substantial capital expenditure of over thirty-three thousand crore rupees for NINL. Indian operations saw profits surge more than thirty-five percent, driving overall company performance. Consolidated revenue increased more than fourteen percent, and EBITDA saw a significant rise. View More
Mumbai: Tata Steel reported a near 12% year-on-year rise in consolidated net profit for the June quarter driven by a robust performance in its home market of India. The company also announced a capital expenditure of ₹33,873 crore for expanding capacity at Neelachal Ispat Nigam Ltd (NINL). The steelmaker's consolidated profit of ₹2,318.15 crore for the fiscal first quarter beat analyst expectations. In India, which includes its standalone operations and NINL, profit surged more than 35% on-year. NINL, a wholly-owned unit of Tata Steel, is set to be merged in the company. Tata Steel had announced a plan to add 4.8 million tonne capacity to this plant in December but announced the investment details on Thursday. "This will enable Tata Steel to further expand the long products portfolio, especially in the retail space where our branded products are in high demand," it said in a statement. Consolidated total revenue for the June quarter rose more than 14% on-year to ₹60,412 crore, while earnings before interest, tax, depreciation, and amortisation (EBITDA) rose more than 25% to ₹9,370 crore. Consolidated EBITDA made on each tonne of steel climbed to ₹12,898 last quarter from ₹10,503 a year earlier. Live Events In India, revenue grew nearly 19% to ₹36,989 crore, while EBITDA was 32% higher. The EBITDA made on each tonne of steel, meanwhile, rose to ₹19,162 from ₹15,760 a year ago. "Global operating environment remained complex, with the impact of developments in West Asia on supply chains and input costs being more pronounced in the quarter," said TV Narendran, chief executive. "Our overseas operations also had to navigate operational disruptions. Despite these headwinds, Tata Steel delivered a sequential improvement in EBITDA per ton for the third consecutive quarter." In Tata Steel Netherlands, the EBITDA per tonne fell sharply to ₹279 from ₹4,074 a year ago, while in Tata Steel UK, the operating loss narrowed to ₹7,071 per tonne from ₹7,829 a year ago. "UK narrowed its EBITDA loss...reflecting the impact of targeted improvement initiatives and better pricing supported by trade measures," said Koushik Chatterjee, chief financial officer. "This improvement was achieved despite operational disruptions arising from the unfortunate pickle line fire." "In Netherlands, the performance was impacted by the temporary shutdown of Direct Sheet Plant. We are progressing towards its restart in discussion with the local regulator," he 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;width: 100%;box-sizing: border-box} .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)
Vedanta expects substantial growth in the next five to six years. Hindustan Zinc's expansion and critical mineral acquisitions will drive this growth. The company plans significant capital expenditure for capacity expansion this fiscal. Vedanta reported a strong profit jump of 152% in the June quarter. Revenue and EBITDA also saw considerable year-on-year increases. View More
Mumbai: The recently restructured Vedanta , with a much lighter portfolio than earlier, is set to see significant growth over the next five to six years, led by Hindustan Zinc and the critical minerals it adds to its portfolio, incoming CEO Arun Misra told ET. "In five to six years, this Vedanta will have the same EBITDA (earnings before interest, tax, depreciation and amortisation) it had prior to the demerger, simply because the expansion of Hindustan Zinc is a reality," Misra said in an exclusive interaction. "It is not just on paper; it is happening on the ground." Following the recently concluded five-way demerger, Vedanta's portfolio comprises zinc operations in India and abroad, ferrochrome and copper. Vedanta Aluminium Metal, Vedanta Oil and Gas , Vedanta Power , and Vedanta Iron and Steel are independently listed demerged entities, with the promoter holding more than 50% in each of these companies. "Between Vedanta and Hindustan Zinc, they have 10 new blocks of critical minerals allocated, which can add a much larger portfolio in five to six years," Misra said. Earlier the CEO of Hindustan Zinc, Misra will helm the new-look Vedanta from August 1. Live Events The company plans a capex of around ₹6,000-7,000 crore this fiscal, the majority of which will be used for capacity expansion at Hindustan Zinc. Profit Jumps 152% in Q1 For the June quarter, the company reported a consolidated net profit of ₹5,294 crore from continuing operations, up 152% year-on-year. Revenue rose 51% year-on-year to ₹23,456 crore, while EBITDA stood at ₹8,469 crore, up 98% from a year earlier. .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;width: 100%;box-sizing: border-box} .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 J&K government approved a gas agency for Insha Mushtaq eight years later. This rehabilitation pledge was approved on Thursday, reviving a commitment made in 2016. Insha lost her eyesight at fourteen after a pellet gun incident during protests. She has since learned Braille and is pursuing a bachelor's degree. The approval marks a significant turning point for her future. View More
The Mumbai-headquartered steelmaker reported a 12% year-on-year increase in consolidated net profit to ?2,318.35 crore in the first quarter, according to an exchange filing on Thursday. The company missed Bloomberg’s consensus estimate of ?2,501 crore based on a poll of 22 analysts. View More
Global operating environment remained complex, says Chief Executive Officer & Managing Director View More
The court however did not expand on what these ‘exceptional circumstances’ were which justified the use of pellet guns, nor did it ask the Union government for an explanation during the hearing View More
