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An ancient iron cauldron, potentially from the medieval or Iron Age, was found submerged under water. Underwater archaeologist Gary Bankhead led a team of divers in this ambitious recovery mission. Experts are currently investigating the cauldron's design and historical relevance. This intriguing find prompts speculation about its origin and journey into the river, with plans underway for a public exhibition at a nearby museum. View More
Amit, who is the Vice Chairman and Joint Managing Director of Bharat Forge Ltd, has been closely associated with the Kalyani Group's businesses for over 25 years and has led the Group's expansion into aerospace, defence, electric mobility and advanced materials, a statement said. View More
Mumbai: Kalyani Group firm Kalyani Steels Limited on Wednesday announced the appointment of Amit Kalyani as chairman of the board in a planned leadership transition from Babasaheb Kalyani , who has chaired the company since its incorporation in 1973. His appointment to the post is effective at the close of business hours on October 28, the company said in a statement. Also read | India has navigated impact on costs and supply chains well: JSW Steel CEO Jayant Acharya The company also said that Babasaheb will continue to offer his counsel to the Board, reinforcing the Group's vision of nation building through manufacturing excellence. The leadership transition positions the company for growth in green steel , advanced materials and global markets, Kalyani Steels said. Live Events Amit, who is the Vice Chairman and Joint Managing Director of Bharat Forge Ltd, has been closely associated with the Kalyani Group's businesses for over 25 years and has led the Group's expansion into aerospace, defence, electric mobility and advanced materials, it said. Over several years, he has worked closely with R K Goyal, Managing Director, Kalyani Steels, to shape and drive the company's growth strategy, as per the statement. "Institutions endure when leadership evolves with the times. Amit's active engagement has made a significant impact on the company's growth strategy, and I am confident that under his leadership, Kalyani Steels will build on its foundations and set new benchmarks for the industry," said Babasaheb Kalyani. Also read | JSW Steel and Japan's JFE to add 5 MT steel capacity at Odisha JV plant with Rs 7,500 cr investment "As India's manufacturing ambitions demand materials that are greener, smarter and world-class, we will accelerate our journey in green steel, advanced materials and digitalised operations, deepen our presence in strategic sectors and global markets, and set new benchmarks for the Indian steel industry," said Amit Kalyani, Chairman (Designate), Kalyani Steels Ltd. .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 metals-to-oil conglomerate's profit in Q2 was boosted by higher base metal prices. Vedanta attributed its robust Q2 show to higher commodity prices and favourable foreign exchange movements, among other things. View More
Vedanta Ltd delivered its strongest quarterly financial performance in the September quarter, with record revenue, earnings and profit reflecting robust operating performance across its businesses, earnings numbers released on October 28 showed. The metals-to-oil conglomerate's profit in Q2 was boosted by higher base metal prices. Vedanta attributed its robust Q2 show to higher commodity prices and favourable foreign exchange movements, among other things. Also read | Vedanta Iron and Steel’s loss narrows on year in September quarter A reduction in debt help Vedanta strengthen its balance sheet during the quarter. Q2 cash generation helped it cut net debt by Rs 4,624 crore during the quarter to Rs 3,675 crore at the end of September, compared with Rs 8,299 crore in June 2026. The net debt-to-EBITDA ratio improved to 0.1 times from 0.3 times in Q1 FY27. Live Events Free cash flow before capital expenditure stood at Rs 5,803 crore in Q2 FY27, compared with Rs 4,412 crore in the preceding quarter. Cumulative first-half free cash flow before capex reached Rs 10,215 crore. The company invested Rs 1,135 crore in growth capital expenditure during the September quarter, taking the first-half total to Rs 2,283 crore. Cash and cash equivalents increased to Rs 26,622 crore from Rs 19,992 crore at the end of Q1 FY27. Vedanta Ltd's overall borrowing cost remained at about 8.3% a year. Both ICRA and CRISIL reaffirmed the company's credit rating at AA+/Stable. During the first half of FY27, Vedanta Resources Ltd (VRL) secured $2.15 billion through international bonds at an average coupon rate of 7.4% and an average maturity of 7.6 years. It also tied up $1.85 billion in syndicated term loans at SOFR plus 265 basis points, with an average maturity of three years. Also read | Amid supply chain issues, India's strategic mining in critical state VRL's credit ratings reached a decade high, with S&P and Fitch Ratings assigning BB/Stable and Moody's assigning Ba3/Positive. Vedanta Ltd also declared its first interim dividend of Rs 5 per share. Vedanta Ltd Q2 revenue and EBITDA The company's revenue rose 57% year-on-year and 10% sequentially to an all-time high of Rs 25,812 crore in Q2, while profit after tax (PAT) surged 151% from a year earlier to Rs 6,202 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled, climbing 106% year-on-year and 17% quarter-on-quarter to a record Rs 9,938 crore. The EBITDA margin expanded by 1,055 basis points year-on-year and 293 basis points sequentially to 60%. The strong quarterly performance lifted the company's first-half revenue to a record Rs 49,268 crore, up 54% year-on-year. EBITDA for the six months ended September stood at Rs 18,407 crore, an increase of 103%, while PAT rose 151% to an all-time high of Rs 11,496 crore. Zinc, other businesses see operating milestones Zinc India recorded its highest-ever quarterly mined metal production at 271 kilotonnes (kt), up 5% year-on-year. First-half production rose 3% to a record 539 kt. Silver output increased 20% to 173 tonnes in Q2 and 10% to 321 tonnes in H1 FY27. The zinc cost of production reached its lowest level since the transition to underground mining, at $703 per tonne, down 29% year-on-year and 17% sequentially. Zinc International produced 53 kt of mined metal in Q2, down 12% year-on-year but up 9% quarter-on-quarter. First-half production fell 13% to 102 kt. The commissioning of Gamsberg Phase II during Q2 FY27 added 200 ktpa of metal-in-concentrate capacity, taking total Zinc International capacity to 500 ktpa. Copper India sales increased 16% year-on-year to 52 kt in Q2, while first-half sales rose 9% to 105 kt. Copper International sales declined 74% year-on-year and 43% sequentially to 6 kt in Q2, with first-half sales falling 64% to 16 kt, impacted by the closure of the Strait of Hormuz. The 155 ktpa copper rod plant in Saudi Arabia is progressing towards commissioning in Q3 FY27. FACOR achieved record quarterly ore production of 50 kt, up 6% year-on-year, and record first-half output of 202 kt, up 31%. Ferrochrome production rose 26% to 24 kt in Q2 and 13% to 53 kt in H1. The business also successfully extracted underground ore from the Ostapal Mines to strengthen ore supply security. At the Vizag General Cargo Berth, quarterly dispatch volumes reached a record 1.74 million metric tonnes (MMT), up 26% year-on-year, while first-half volumes rose 18% to 3.39 MMT. Discharge volumes increased 22% to 1.83 MMT in Q2 and 32% to 4.19 MMT in H1. Record mining, strong engines drive growth Arun Misra, executive director of Vedanta Ltd, said the company had sustained strong operating performance, including record first-half mined metal production at Zinc India for the sixth consecutive year and record first-half refined metal production. He also highlighted the commissioning of Gamsberg Phase II, record chrome ore production and 100% ore procurement at FACOR, and the highest quarterly cathode production at Copper India. Misra said the growth investment was advancing capacity expansion, mine development and resource security initiatives across the portfolio. Ajay Goel, group chief financial officer of Vedanta, said the record financial results and strong cash generation had enabled further debt reduction. Goel added that the company's businesses across Hindustan Zinc, Zinc International, FACOR, Copper and Ports, alongside its portfolio of critical mineral blocks, positioned it for further growth while maintaining financial discipline and creating long-term value. .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! 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In the September quarter, Vedanta Iron and Steel reported a consolidated loss of Rs 324 crore despite a decrease in expenses, which fell by more than 9% to Rs 3,129 crore due to various operational difficulties. The company produced 532,000 tonnes of steel, reflecting a year-on-year increase of 4%. This showcases a notable enhancement in financial metrics amidst persistent issues in the iron ore sector. View More
MUMBAI: Vedanta Iron and Steel ’s consolidated loss narrowed to Rs 324 crore in the September quarter from a loss of Rs 477 crore last year, helped by lower expenses. Total expenses for the period fell more than 9% to Rs 3,129 crore. It slipped to a from a profit in the June quarter, as seasonal iron ore disruptions and plant shutdowns hit operations. In Apr-Jun, the company made a profit of Rs 121 crore on a revenue of Rs 3,662 crore. The Vedanta group company clocked in a revenue of Rs 2,788 crore, down 2% on year. It produced 532,000 tonne of steel during the quarter, up 4% on year. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter stood at Rs 83 crore, up 56% on year, while EBITDA margins improved by 112 basis points on year to 3%. Performance for the quarter was affected by seasonal disruptions in iron ore production , planned plant shutdowns and higher input and conversion costs, the company said in a statement. These factors weighed on operating profitability during the quarter, it said. For the first half of the year, Vedanta Iron and Steel had a revenue of Rs 6,450 crore, up 8% on year, an EBITDA of Rs 598 crore, up 54% on year and a loss of Rs 203 crore, which compares to a loss of Rs 622 crore in the year ago period. It produced 1.1 million tonne of steel during the first half of the year, up 4% on year. Live Events It has a net debt of Rs 2,763 crores at the end of the September quarter, marginally higher from Rs 2,733 crore at the end of the June quarter. Vedanta Iron and Steel announced its earnings after market hours on Tuesday, and its shares closed at Rs 28 on the BSE, up 5% from the previous close. .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)
Coca-Cola stock has climbed about 32% so far this year, raising the beverage company's market cap to roughly $398 billion. View More
In this articleKOFollow your favorite stocksCREATE FREE ACCOUNT Multipacks of Coca-Cola Original Taste glass bottles, 4x200ml, line a supermarket shelf in Bari, Italy, on September 15, 2026. Matteo Della Torre | Nurphoto | Getty ImagesCoca-Cola on Tuesday raised its full-year outlook for the third straight quarter, despite lackluster demand in its home market.For the full year, Coke now expects comparable earnings per share to grow at least 11%, up from its prior forecast of an increase in the range of 9% to 10%. The beverage giant also anticipates that its organic revenue will climb at least 5%, a slight increase from its previous outlook of approximately 5% growth.CEO Henrique Braun attributed the company's strong results to its "speed and discipline" despite the "uneven environment," he said on the company's earnings conference call. Looking ahead to 2027, the company expects consumer behavior to remain unchanged, CFO John Murphy said. In recent quarters, Braun and other executives have said North American shoppers are under pressure, stretched thin by inflation and economic uncertainty, and looking for value. But the beverage giant has also said consumers are still buying its drinks, from premium brands like Fairlife to its namesake soda. Shares of the company fell less than 1% in morning trading on its gloomy forecast for the consumer environment.Here's what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting: Earnings per share: 91 cents adjusted vs. 88 cents expectedRevenue: $13.4 billion vs. $12.92 billion expected Coke reported fiscal third-quarter net income attributable to shareholders of $4.01 billion, or 93 cents per share, up from $3.7 billion, or 86 cents per share, a year earlier.Excluding transaction gains and other items, Coke earned 91 cents per share.Net sales rose 7% to $13.4 billion. Coke's organic revenue, which strips out acquisitions, divestitures and foreign currency, also climbed 7% in the quarter.For the second straight quarter, the company's unit case volume increased 5%, helped by higher demand outside of North America. Coke's home market reported flat volume. However, the company's North American business would have reported volume growth if not for the timing of the Fourth of July holiday and the monthslong shortage of Topo Chico, a sparkling water brand Coke owns, Murphy told CNBC."The underlying momentum remains quite strong," he said. "Consumer sentiment is largely unchanged in the sense that, wherever you are on the income scale, you're looking for value, and I think our system here has done a good job interpreting that."In North America, Coke's at-home business is faring better than its away-from-home segment, which includes restaurants, movie theaters and amusement parks. The restaurant industry is still under pressure, and Coke expects that to continue through the rest of the year, Murphy told analysts on the company's earnings conference call.Globally, Coke's sparkling soft drinks business saw volume increase 5% during the quarter, lifted by growth of Coke, Coke Zero Sugar and Diet Coke. Diet Coke is having a "resurgence," Murphy told CNBC. Gen Z consumers in the U.S. have nicknamed it a "fridge cigarette," while consumers in India threw Diet Coke parties as shortages tied to the U.S.-Israeli war with Iran have made the drink scarce."It's a brand that's almost reinventing itself with the next generation of consumers," he said.Coke has also gained market share as rival PepsiCo sees its soda business struggle, according to Murphy. Still, some of Coke's soda brands, like Sprite, have "some work to do."Coke's water, sports, coffee and tea division also saw volume climb by 5%. Increased demand for its water, which includes its premium Smartwater brand, fueled the growth. Demand for its tea and coffee was flat, while sports drinks declined.The company's juice, value-added dairy and plant-based beverages business reported flat volume, despite growth in brands like Fairlife and Minute Maid. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The company said it is exploring a potential public listing of Hindustan Coca-Cola Holdings, the parent of Hindustan Coca-Cola Beverages View More
The Indian steel producer also expects margin pressure to ease with efficiencies including larger blast furnaces, better raw material mix and cost management View More
Aditya Birla Money sees a durable upcycle for Indian steel, driven by tightening supply, resilient demand and trade protection. It rates JSW Steel and SAIL Buy, and assigns Add to Tata Steel and Jindal Steel. It also initiates Positive coverage of ArcelorMittal. View More
Achievable milestones are needed to make the steel policy’s 2047 goal for cleaner output meaningful. Success should be measured not only by how much steel can be produced, but also by whether the industry can get there without leaving a far larger carbon burden for future generations. View More