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Bhilai Steel Plant, a unit of SAIL, has dismissed privatization rumors as false and misleading. The Ministry of Steel and PIB Fact Check confirmed that these reports are untrue. Allegations were made by Congress leader Bhupesh Baghel regarding a potential Adani Group visit to the plant. Concerns among employees and local residents over job security and plant future were raised. View More

Durg: Bhilai Steel Plant (BSP), a Chhattisgarh-based unit of state-run Steel Authority of India Limited ( SAIL ), on Sunday dismissed reports about its proposed sale as "false and misleading", the assertion coming amid allegations from the Congress that the Adani Group was planning to visit the facility. The BSP is located in Bhilai city in Durg district. Also Read: JSW Steel gets relief as Odisha HC quashes Rs 696 crore demand; sets aside Rs 1,473 crore notice In a statement, the BSP said the Ministry of Steel has refuted the claims through its official social media handle, while the Press Information Bureau (PIB) Fact Check had also confirmed that the reports are false. The plant appealed to its employees, stakeholders and the people of Chhattisgarh not to believe or circulate unverified information and urged them to rely on official and authenticated sources. Live Events "BSP is not merely an industrial establishment; it is an integral part of Chhattisgarh's identity, pride and industrial legacy. Since its inception, the plant has played a pivotal role in the state's industrial development by generating employment, supporting ancillary industries and contributing to the livelihoods of thousands of families," it said. Also Read: Agitators shut all gates of Bokaro Steel Plant; production impacted Its legacy and contribution have made it a source of pride for the people of Chhattisgarh, the statement asserted. As a major unit of SAIL, the Bhilai Steel Plant continues to contribute to the growth of the country's steel sector and strengthen India's industrial capabilities, the statement said. The BSP urged the people to refrain from spreading misinformation that could create unnecessary confusion among employees, their families and the people of Chhattisgarh. The clarification came after former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel alleged that Adani was likely to visit the plant. In a post on X on October 14, Baghel said, "It has come to light that Adani is set to visit the Bhilai Steel Plant - our BSP. Do you understand the implications of Adani's visit to the BSP? It means that Narendra Modi who is spearheading a campaign to sell off the nation, has now set his sights on our BSP. And his favored buyer is coming to conduct an inspection". "Modi ji should realize that the BSP is the soul of Chhattisgarh. And we, the people of Chhattisgarh, will not allow it to be sold under any circumstances. Not under any circumstances," Baghel added. Chhattisgarh BJP leaders should also understand that BSP is not for sale, Baghel had said. Meanwhile, Congress's Bhilai unit president Mukesh Chandrakar, in a statement on Sunday, said reports about the plant's possible privatisation and the Adani Group's alleged visit had triggered anger in the industrial town. The reports had created apprehensions among employees, local shopkeepers and residents over job security , minimum wages for workers and the future of the plant's township, he claimed. .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)

In an exchange filing on Sunday, the company said the court concluded hearings and delivered its judgments on October 16, 2026. View More

The Odisha High Court has quashed a Rs 696.32 crore demand against JSW Steel over mineral dispatch shortfalls at its Jajang iron ore block in FY21. It also set aside a separate Rs 1,472.69 crore demand for FY25, directing authorities to reconsider the matter in line with an earlier judgment. View More

The Odisha High Court has quashed a Rs 696.32 crore demand against JSW Steel over a shortfall in mineral dispatch from its Jajang iron ore block in FY21 and set aside a separate Rs 1,472.69 crore demand for FY25, referring the latter to the concerned authority for fresh consideration, the company said in a regulatory filing on Sunday. The judgments were pronounced on October 16, 2026, in response to separate petitions filed by JSW Steel challenging demands raised by mining authorities in Joda, Odisha. Also read: CCI approves JSW internal restructuring, three more deals The company said the court disposed of the FY21 case in accordance with its April 20, 2026, judgment in another petition and related matters. Based on the conclusions and directions in that judgment, JSW Steel believes the demand letter dated September 6, 2021, and a corrigendum issued the following day stand quashed. FY25 demand referred for fresh consideration In the second case, the High Court set aside a demand letter dated August 21, 2025, issued by the Deputy Director of Mines, Joda, and remitted the matter to the concerned authority to decide afresh. Live Events The company said the authority must reconsider the matter in light of the legal position set out in the court's April 20 judgment. The Rs 1,472.69 crore demand related to an assessment of shortfalls in mineral dispatch from the Jajang iron ore block during the fifth year of the Mine Development and Production Agreement, covering June 27, 2024, to June 26, 2025. The demand was raised under Rule 12-A of the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016. Also read: JSW Steel doubles down on India growth with massive capex plan Earlier demand related to FY21 The Rs 696.32 crore demand concerned the first year of the agreement, from June 27, 2020, to June 26, 2021. The Joint Director of Mines, Joda, issued the demand in September 2021 over an assessed shortfall in mineral dispatch. JSW Steel approached the High Court in both cases seeking, among other reliefs, the quashing of the respective demand letters. The company said the disclosure was delayed because it needed time to review the judgments. .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 Ltd has doubled its zinc production capacity at Gamsberg in South Africa with a significant investment. The expansion was inaugurated by South African President Cyril Ramaphosa and Vedanta officials, emphasizing the company's commitment to the region. Vedanta aims to achieve a total zinc production of 3 million tonnes annually, contributing to industrial growth and job creation. View More

Vedanta Ltd has doubled its annual zinc production capacity in South Africa to 500,000 tonnes with an investment of nearly $600 million in the second phase of its Gamsberg project, the company said on Sunday. South African President Cyril Ramaphosa and Vedanta Ltd Director Priya Agarwal-Hebbar inaugurated the expanded capacity at Gamsberg in the Northern Cape province. The expansion is part of Vedanta's broader plan to achieve annual zinc production of 3 million tonnes across India and South Africa. The company aims to produce 2 million tonnes annually through its subsidiary Hindustan Zinc Ltd , the world's largest integrated zinc producer, while Vedanta Zinc International targets an annual contribution of 1 million tonnes. Gamsberg is the flagship zinc mine of Vedanta Zinc International and is located in South Africa's Northern Cape province. Vedanta described the expansion as one of the largest mining investments in South Africa this decade. The investment is part of a commitment of 21 billion South African rand, or nearly $1.5 billion, made by Vedanta at the 2018 South Africa Investment Conference. "We have come to celebrate an investment that has moved from commitment to construction, and from construction to production. We welcome Vedanta’s ambition to establish zinc smelting capacity in the Northern Cape. Government must work with Vedanta and other partners to address their requirements," Ramaphosa said. Live Events Zinc is used in galvanisation to protect steel from corrosion, with applications across construction, automotive and manufacturing industries. Vedanta said the expansion would strengthen its ability to serve growing global demand for the metal. "For Vedanta, Gamsberg Phase II is more than an expansion of its zinc business. It is a commitment to South Africa’s future. My father, Vedanta founder and Chairman Anil Agarwal, made that commitment with the belief that the country’s mineral wealth could become a foundation for industrial growth, jobs and opportunity. Today, I am proud to see that vision coming to life. Our ambition is to build a globally significant zinc and industrial hub in the region., creating lasting value for the country and its people. The true measure of our success is not just what we produce, but the prosperity we help create for generations to come," Priya Agarwal-Hebbar said. Vedanta also said it had invested nearly $20 million in community initiatives in South Africa since acquiring Vedanta Zinc International in 2011. The initiatives cover healthcare, education, sports, livelihoods, infrastructure and social welfare, and benefit more than 32,000 people annually. The company said Vedanta Zinc International opened an oncology centre in Namakwa earlier this year. .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)

Tata Steel Q2 results 2026: Nuvama report says company's EBITDA per tonne may decline on sequential basis View More

Trained apprentices at Bokaro Steel Plant have blocked all 11 factory gates as part of their protest. This ongoing agitation, which entered its eighth day, includes an indefinite hunger strike. Protesters, mainly from displaced families, demand regularisation of their jobs and a clear recruitment policy. BSL management claims 204 of the 950 apprentices are already engaged as contractual workers. View More

Bokaro: A section of trained apprentices of the Bokaro Steel Plant on Saturday blocked all 11 gates of the factory as part of their continuing agitation , including an indefinite hunger strike , adversely affecting production, an official said. The agitators belonging to families displaced during the establishment of the Bokaro Steel Limited's (BSL) plant decades ago have been demanding regularisation of their jobs, and the current protest entered its eighth day on Saturday. Also Read: India's steel industry growing while global output falls: FM Nirmala Sitharaman BSL spokesperson Manikant Dhan told PTI that agitators had blocked all 11 gates of the steel plant from Saturday morning, making it impossible for workers to enter or exit the factory. "We had to continue with work in the morning with workers who were inside the plant for the night shift. With all gates closed, no staff could either go inside or come outside. The production and other official work has been severely affected," the official added, without divulging details of production loss. Live Events Also Read: India fastest-growing major steel market; demand to grow 7.9% in 2026: World Steel Association Arun Kumar Mahato, president of Visthapit Naujawan Sangharsh Morcha, an organisation spearheading the agitation, said they had warned the authorities on Thursday by closing gates that they would close all of them if their demands are not met. He said that they were on an indefinite hunger strike demanding permanent jobs and a clear recruitment policy by the SAIL unit. As many as 106 people have been agitating near the BSL plant under the banner of the Morcha, with Congress Bokaro MLA Shweta Singh, BJP Dhanbad MP Dhullu Mahato and JLKM MLA Jairam Mahato lending support to the agitation. "The protesters want regular appointments for 1,500 trained apprentices from displaced families. They also want the earlier reservation arrangement in Class-IV jobs restored. And they want a clear employment policy spelt out for displaced families ," said Arun Mahato. SAIL, a Central Public Sector Enterprise, has maintained the statutory quota system for Class-IV jobs -- non-executive or trainee level positions. Besides, it has an employment policy for Local Displaced Persons for those posts to hire people from families that surrendered land for setting up the plant. Arun Mahato alleged that the agitator's families gave up their land for the plant's establishment and claimed that their children are still struggling to find work. BSL spokesperson said that the company is committed to ensuring that all available apprentices are prioritised for contractual employment within the plant by its contractors. He said that though the agitators are talking about 1,500 trained apprentices, the figure is 950 as per the company's record. "Out of the 950 available apprentices, 204 have already been engaged as skilled workers on a contractual basis as of October 3. Besides, more than 50 additional young apprentices are currently in the process of securing contractual employment following the completion of their safety training," Dhan said. Additionally, for BSL's expansion and all other projects, 10 per cent of the total manpower-hired through outsourcing agencies-has been reserved for those displaced by the project, the spokesperson said. Bokaro Deputy Commissioner Ajay Nath Jha has appealed to the agitators to postpone their agitation during the festive season. He also asked the BSL management to hold dialogues with the protesters and end the deadlock. Conceived in the late 1950s, the Bokaro Steel Plant was established in collaboration with the former Soviet Union. Incorporated as a limited company in 1964, it became a part of SAIL in 1978. .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)

Berkshire Hathaway shares are at their highest level since Warren Buffett told shareholders at the May 2025 annual meeting he planned to step down as CEO at the end of that year. View More

In this articleBRK.BBRK.BFollow your favorite stocksCREATE FREE ACCOUNT (This is the Warren Buffett Watch newsletter, news and analysis on all things Warren Buffett and Berkshire Hathaway. You can sign up here to receive it every Friday evening in your inbox.)Berkshire Hathaway shares closed Friday at their highest level since Warren Buffett told shareholders at the May 2025 annual meeting he planned to step down as CEO at the end of that year.The day before that Saturday surprise, both the Class A and Class B shares had closed at all-time highs.Over the next three months, they lost more than 14% of their value as investors worried a "Buffett premium" was dissolving.It's been more than a year since their post-meeting low in August of 2025, and the recovery has not been a straight line, but BRK.A ended Friday at $798,000, just 1.4% below its all-time closing high of $809,350.The B shares finished at $532.02, also 1.4% under their all-time closing high of $539.80.Zoom In IconArrows pointing outwardsA loss Thursday broke a 10-session winning streak that added 5% to Berkshire's stock prices but they rebounded with gains of more than 1% Friday.CNBC Pro thinks investors may be happy Berkshire is spending some of its big cash pile under CEO Greg Abel, with $4.5 billion of buybacks in Q2, investments in Alphabet, Taylor Morrison Home, Lennar, (although there haven't been any buys of that stock since October 2), and now, Bending Spoons. (More on that below).It also notes Keefe, Bruyette & Woods analyst Meyer Shields believes higher short-term interest rates are helping to lift the shares.Berkshire still has roughly $360 billion in cash, "a good symbol of continued patience under the new CEO," and those higher rates mean "they'll be making more money" on that money.In addition, its insurance operations have benefited from a quiet hurricane season so far.Higher oil prices are good for its $19 billion stake in Chevron, which closed Friday at an all-time high after gaining almost 36% since the start of July. Berkshire's energy-related subsidiaries are also getting a tailwind.And recently, Berkshire may be getting a boost as investors shift away from high-flying AI and tech stocks and turn to "old" economy names.For example, Coca-Cola, a long-time Buffett favorite and now a $37.6 billion holding, also closed Friday at an all-time high, perhaps with some extra help from KFC's switch from Pepsi to Coke. It's up 34% year-to-date.Berkshire's position has gained $2.4 billion since last Friday, overtaking Alphabet to become the third largest stake in its portfolio. (See the full top 10 below.)Zoom In IconArrows pointing outwardsBerkshire's B shares have cut their June 1 deficit of 17.5 percentage points versus the S&P 500 by almost two-thirds.They are now 6.0 percentage points behind the benchmark for the year.Atypical bet on 'buzzy' Italian tech company is big win ... so farBerkshire Hathaway's surprising bet of close to $1 billion on Bending Spoons is paying off big, at least in the short term.The Italian company, which began trading on Nasdaq in the U.S. in July, buys cast-off internet names like AOL, Evernote, and Vimeo, uses AI to cut costs, and deploys the savings to make more acquisitions.In late July, CNBC Pro said, "Wall Street is buzzing," and "analysts ... see big gains ahead."The tech stock is decidedly not a typical Berkshire value play, trading at a large multiple to its earnings.Matteo Danieli, co-founder of Bending Spoons, center, during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Wednesday, July 1, 2026. Michael Nagle | Bloomberg | Getty ImagesBut before Wall Street's open Wednesday morning, a Bending Spoons news release revealed Berkshire is investing a "further" $330 million in the company by purchasing 10 million newly issued shares at $33 per share in a private placement.That was already an almost 12% discount from Tuesday's closing price of $37.86 and the news sent Bending Spoons shares even higher.They hit an intraday high of $58.56 before closing up 41% at $53.46 on Wednesday. Bending Spoons shares are up 24.3% over the three trading days since the revelation, after giving up a chunk of their earlier gains in Friday's tech sell-off to end at $47.07.That's a solid 42.6% higher than Berkshire's $33 purchase price for a profit, on paper, of nearly $141 million.Zoom In IconArrows pointing outwardsBut what's that "further" in Bending Spoon's statement?The release also disclosed, apparently for the first time, that Berkshire invested $600 million at Bending Spoon's IPO more than three months ago.The release doesn't specify how many shares Berkshire bought in July, and Bending Spoons wouldn't confirm my math, but assuming Berkshire paid the $29 per share IPO price, that initial purchase would have been almost 20.7 million shares.That puts Berkshire's holding now at close to 30.7 million shares, which would be worth more than $1.4 billion at Friday's close, a gain of 55.3% for its overall investment of $930 million.watch nowVIDEO2:3502:35Bending Spoons shares soar after Berkshire reveals $330M investment, taking a 4% stakeSquawk BoxBending Spoon's release also says the "new investment brings Berkshire Hathaway's ownership to 4%."The company told me in an email it hasn't "specifically disclosed" how many outstanding shares it has now, "but we had 635 million fully diluted weighted average shares outstanding in Q2, we issued 34 million shares as part of the IPO, and we will be issuing an additional 10 million as part of this transaction."Using those numbers, Berkshire's presumed 30.7 million shares are a 4.5% stake, and that's what I've put in the Berkshire Portfolio Tracker for now.We may learn more next month about exactly how many shares Berkshire bought in the IPO when its portfolio snapshot as of September 30 is due to be disclosed.Another unknown: who at Berkshire made the call to take a stake in Bending Spoons.watch nowVIDEO4:5804:58Bending Spoons CEO Luca Ferrari: We'll buy any company as long as we think we can make it betterSquawk on the StreetBending Spoons CEO and Co-Founder Luca Ferrari shares Wall Street's enthusiasm about Berkshire's investments, saying in the news release the Omaha company "has been among the finest and most respected capital allocators in the world, and is a longstanding inspiration for Bending Spoons."Morningstar's Greggory Warren (who was one of the designated analyst questioners at Berkshire shareholders meetings from 2014 to 2019) writes the Bending Spoons buy, along with Berkshire's now $36 billion stake in Alphabet, show "the firm is finally moving out of its comfort zone to find places to put capital to work, which should be viewed as a positive for long-term investors."At Barron's, Andrew Bary says, "Many Berkshire holders would like to see the company invest more heavily in stocks given the company's $350 billion-plus in cash, but Bending Spoons was a surprise" given its high valuation.BUFFETT & BERKSHIRE AROUND THE INTERNETSome links may require a subscription:Bloomberg on Yahoo Finance: JPMorgan's Combs Directs $5 Billion in Spending Since JoiningThe Motley Fool on Yahoo Finance: Berkshire Hathaway Outperformed the S&P 500 Over a 60-Year Period Under Warren Buffett. Here's the Stock That Could Help Continue the Streak Under Greg Abel.HIGHLIGHTS FROM CNBC'S BUFFETT ARCHIVE'I am one-quarter Coca-Cola' (2015)Warren Buffett defends Coca-Cola, a big and long-time Berkshire Hathaway holding, against health concerns over sugary beverages.WARREN BUFFETT: Yeah well — people have been drinking Coca-Cola since 1886, so I imagine that there's been some — I don't know of any study that's been made on the lifetime of heavy users of Coca-Cola versus people who drink nothing but water.But speaking for myself, I'm 84, literally one-quarter of all the calories I've consumed in the last 30 years have been Coca-Cola. And I don't see how anybody can feel any better than I feel. I am one-quarter Coca-Cola, and I can tell you, I haven't missed a day of work, you know — since I had the prostate cancer — radiation — three years ago. And I don't think the prostate cancer was caused (laughs) by Coca-Cola.So — I — and all my friends drink it like crazy.So there's 1.9 billion eight-ounce servings of Coca-Cola products sold around the world today, and there will be more than 1.9 billion a year from now, and more than that five years from now, and more than that ten years from now. And that's been true.  And some people will like other things, and — and if they like broccoli and Brussels sprouts, God bless them, you know, but don't invite me for dinner.  (Laughter)BERKSHIRE STOCK WATCHFour weeksZoom In IconArrows pointing outwardsTwelve monthsZoom In IconArrows pointing outwardsBRK.A stock price: $798,000.00BRK.B stock price: $532.02BRK.B P/E (TTM): 13.38Berkshire market capitalization: $1,138,885,966,355Berkshire Cash as of June 30: $365.5 billion (Down 8.0% from March 31)Excluding Rail Cash and Subtracting T-Bills Payable: $359.2 billion (Down 3.8% from March 31)Berkshire repurchased $4.5 billion of its shares in Q2 2026.BERKSHIRE'S TOP EQUITY HOLDINGS - Oct. 16, 2026Zoom In IconArrows pointing outwardsBerkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.Holdings are as of June 30, 2026, as reported in Berkshire Hathaway's 13F filing on August 14, 2026, except for:Mitsubishi, which is as of April 30, 2026The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.QUESTIONS OR COMMENTSPlease send any questions or comments about the newsletter to me at alex.crippen@cnbc.com. (Sorry, but we don't forward questions or comments to Buffett himself.)If you aren't already subscribed to this newsletter, you can sign up here.Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website.-- Alex Crippen, Editor, Warren Buffett Watch Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The policy, which builds a roadmap up to 2027 for the sector, also focuses on decarbonisation of the Indian steel industry View More

Ukraine says Russia launched overnight strikes on critical infrastructure including Kryvyi Rih steelworks and Zaporizhzhia plant, affecting energy networks nationwide View More

The start of commercial operations in Paradip will help Jindal Steel secure dedicated long-term access to the port View More