Latest Sectors News

Vedanta Copper announced plans to invest $2.3 billion over three to four years to increase its output. The company aims to produce 500,000 tonnes of copper in India and 500,000 tonnes in Saudi Arabia. Officials are in advanced discussions to potentially restart the Tuticorin smelter, which has been inactive since 2018. If approved, they will invest $250 million to refurbish and restart this facility to enhance operations. View More

Mumbai: Vedanta Copper plans to spend around $2.3 billion over three to four years to help expand output beyond 1 million tonnes by the end of the decade, a top executive told ET. This includes a possible restart of its smelter on the Tamil Nadu coast in India, which has been shut for more than eight years, a key executive told ET. Vedanta Copper is currently a part of Vedanta Ltd , which also houses its zinc-lead and silver business. Other group companies have operations across aluminium, zinc, lead, silver, oil and gas, power, iron and steel. Also Read: Vedanta plans $200 million push to lift Rajasthan oil output "We are going to produce 500,000 tonnes of copper in India, and another 500,000 tonnes in Saudi Arabia," Puneet Khurana, chief executive officer, Vedanta Copper, told ET. "We are already producing 100,000 tonnes in Fujairah in the UAE." Around $2 billion of the company's planned capital expenditure will be used for integrated operations in Saudi Arabia - where it is planning a rod mill, a smelter and mining. "The rod mill, on which we spent $33 million, is on the verge of commissioning," Khurana said. "We have a mine in Jabal Sayid (in Saudi Arabia), which is very rich in copper, gold and zinc, and we are also working on that," he said. Live Events For the copper smelter in the region, the company is in advanced discussions with the government, and is likely to take a call in the current quarter itself, Khurana said. In India, it had an output of 170,000 tonnes of copper cathodes from its plant in Silvassa in fiscal 2026. "As of now, we are producing more than 245,000 tonnes (annually) in Silvassa, which is at 95% capacity. We are also working to start the Tuticorin smelter," he said. Also Read: Vedanta group announces Rs 1 lakh crore investment drive in Odisha; targets 50,000 jobs The company's 400,000-tonne smelter at Tuticorin in Tamil Nadu, which was operational for over two decades, was ordered shut by the government in 2018 on account of environmental concerns. "Once the Tuticorin asset is back, it will contribute 250,000 tonnes. A green copper proposal is already in court, and we are expecting a decision in three months' time," Khurana said. If the proposal gets a go-ahead, Vedanta plans to spend $250 million on refurbishing and restarting operations at the plant within an eight-to-nine months time frame, with an additional focus on renewable energy, recycling, and environmental compliance, 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)

"Operation Economic Outcast" was touted by President Donald Trump as Iran's "economic D-Day" when Treasury Secretary Scott Bessent unveiled it in August. View More

U.S. Treasury Secretary Scott Bessent testifies during a House Committee on Financial Services hearing in the Rayburn House Office Building on Capitol Hill on Sept. 15, 2026 in Washington, DC.Chip Somodevilla | Getty ImagesThe Treasury Department on Thursday sanctioned Iran's automotive and rail sectors as part of the Trump administration's wartime effort to hobble Tehran by cutting off its remaining financial lifelines.Several companies connected to Iran's metals industry, including the Chinese subsidiary of Middle East machinery company HEPCO, are also being designated by the Office of Foreign Assets Control, Treasury said in a news release.In a separate release, the department announced additional sanctions on the A7 Network, described as a "shadow banking network with ties to Russia used by the Iranian regime to evade sanctions." The actions are the latest to come from "Operation Economic Outcast," the beefed-up sanctions effort that President Donald Trump and Treasury Secretary Scott Bessent touted as Iran's "economic D-Day" when it was unveiled in late August.Read more CNBC politics and policy coverageInside the China espionage case that ensnared former Fed advisor John RogersAI's coming roadblock in regulation: Antitrust hawksTrump holds up to $1 billion in bonds tied to institutions he can affectRep. James Comer expands House investigation into prediction market insider tradingAs with previous sanctions announcements, it was not immediately clear how much of an impact the new penalties would have on Iran, which has faced heavy sanctions for years. Several entities connected to the A7 Network were previously designated in August 2025. "The Iranian regime's ability to fund its war machine and inflict terror on the world has been severely diminished thanks to Operation Economic Outcast," Bessent said in Thursday's news release. "Today's action directly targets Iran's enablers and lays the groundwork for the United States and our partners to drain the regime's revenue once and for all," Bessent said.Treasury alleges Iran's automotive sector is deeply enmeshed with the country's Revolutionary Guard and serves as a "lucrative cash cow" for the regime, despite sustaining annual losses over $1 billion.In addition to targeting Iran's two main auto companies, OFAC is sanctioning foreign suppliers that continue to export auto parts to Iran. They include UAE-based Integrated Auto Parts LLC, Hong Kong's Hessenberg Co. and Tanex Global Trading Hong Kong Limited, Indonesia's PT Golden Motorcycle International and Turkey-based Troy Trading Arac Parcalari Sanayi Ve Ticaret Limited Sirketi.Treasury is also designating several Iranian rail companies, alleging Tehran has come to rely on the sector amid an ongoing U.S. naval blockade in the Gulf of Oman. And the department is designating two China-based steel companies, Shanghai Ruimi Import and Export Trade Co., Ltd. and M and R Steel Co., Ltd., among others.Operation Economic Outcast has drawn questions about whether the U.S. would extend its reach to China, Iran's top trading partner and oil buyer. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Inox Air Products has unveiled a draft red herring prospectus as it seeks to raise substantial funds through an initial public offering. As a leading entity in India’s pure-play industrial gases sector, the firm, led by Pavan Kumar Jain, is set to sell existing shares specifically from its promoter group. View More

Inox Air Products has filed a draft red herring prospectus with Securities and Exchange Board of India for an initial public offering (IPO) that could target raising ₹10,000 crore. The DRHP did not mention the issue size. The company is among the largest by revenue in the pure-play industrial gases segment. It is promoted by Pavan Kumar Jain and US-based Air Products and Chemicals Inc. The IPO comprises only an offer for sale of shares by existing shareholders belonging to the promoter group. No new shares are being issued by the company. The selling shareholders are Prodair Corporation, an arm of Air Products and Chemicals, and entities of the Pavan Jain family. They are collectively selling 77 million shares. The company has 517 million paid-up equity shares. Live Events Inox Air Products had revenue of ₹3,033 crore in 2025-26. The company's major customers are in the steel, healthcare and pharmaceutical, and automotive end-use industries. .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

At the White House on Wednesday, Essar Group co-founder Ravi Ruia announced an $18 billion investment to build America’s largest steel plant in Iowa. View More

Vishal Nirmiti IPO entered Day 2 of bidding with the Rs 178-crore issue subscribed 5% on Day 1, led by 6% subscription in the retail category. The IPO comprises a Rs 145-crore fresh issue and Rs 33-crore OFS, with the issue closing on October 5. premium listing. Shares are expected to list on NSE and BSE on October 8. View More

Vishal Nirmiti IPO entered its second day of bidding on Thursday, with the Rs 178-crore public issue open for subscription for three days. The IPO comprises a fresh issue and an offer for sale (OFS). In the grey market, the issue is commanding a premium of Rs 35, or 16%, over the upper end of its price band, signalling expectations of a premium listing. On Day 1, the Vishal Nirmiti IPO was subscribed 5% overall against the 84.71 lakh shares on offer. The retail investor portion was subscribed 6% against the 59.29 lakh shares reserved for the category. The Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of 65.91 lakh shares aggregating to Rs 145 crore and an offer for sale of 15 lakh shares worth Rs 33 crore. The IPO will close on October 5, while the basis of allotment is expected to be finalised on October 6. The shares are proposed to list on both the NSE and BSE, with October 8 as the tentative listing date. The company has fixed the IPO price band at Rs 208-220 per share. The lot size is 68 shares, meaning retail investors will need to invest a minimum of Rs 14,960 at the upper end of the price band. Saffron Capital Advisors Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue. Live Events Vishal Nirmiti IPO Subscription Status On Day 1, the IPO was subscribed 5% overall against the 84.71 lakh shares on offer. The retail investor portion was subscribed 6% against the 59.29 lakh shares reserved for the category. The Non-Institutional Investors (NII) portion was subscribed 1% against the 24.56 lakh shares on offer. The Qualified Institutional Buyers (QIB) portion was subscribed 96% against the 84,710 shares reserved for the category. Vishal Nirmiti IPO GMP Today The grey market premium (GMP) for the Vishal Nirmiti IPO stood at Rs 35, or 16%, over the upper end of the price band. Based on the upper price band of Rs 220 and the prevailing GMP, the implied estimated listing price is around Rs 255. GMP note: Grey market premiums are unofficial indicators and can change before listing based on market conditions and investor sentiment. They should not be considered a reliable indicator of the actual listing price or future performance of the shares. Analyst View on Vishal Nirmiti IPO According to an Anand Rathi research report, Vishal Nirmiti is valued at 23.2 times FY26 price-to-earnings (P/E) and 13.1 times FY26 EV/EBITDA at the upper end of the price band. This implies a post-issue market capitalisation of approximately Rs 5,806 million. The brokerage highlighted the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle. Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue. Objects of the Issue The company proposes to use the net proceeds from the fresh issue to fund working capital requirements, repay and/or pre-pay term loans, and meet general corporate purposes. Of the total Rs 94 crore in net proceeds, Rs 75 crore has been earmarked for working capital requirements, while Rs 19 crore will be used for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be utilised for general corporate purposes. Vishal Nirmiti Financial Performance Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26, compared with Rs 325 crore in FY25. The company's profit after tax (PAT) also increased 6% year-on-year to Rs 25 crore in FY26 from Rs 24 crore in FY25. About Vishal Nirmiti Incorporated in 1994, Vishal Nirmiti Ltd, formerly known as Sejal Farms Private Ltd, is engaged in civil engineering, manufacturing and construction activities. The company manufactures and deals in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, as well as mild steel (MS) pipes, liners and penstock pipes used in pumped storage projects (PSPs). Vishal Nirmiti also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation and civil engineering projects across sectors including railways, renewable power and industrial infrastructure. The company has a pan-India presence, with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. It is led by a promoter group with more than four decades of domain experience. As of June 30, 2026, Vishal Nirmiti had 420 employees. Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Naveen Jindal, chairman of Jindal Steel, is considering a 5-billion bid for European steelmaker Celsa to enhance his operations. The discussions are at a preliminary stage and could attract competition from other bidders. Celsa, headquartered in Barcelona, has a manufacturing capacity of 7.5 million tonnes and is focused on long steel products. The creditors controlling Celsa have invested significantly to stabilize the company's finances after a lengthy restructuring. View More

New Delhi: Jindal Steel 's chairman Naveen Jindal is evaluating a 5-billion bid for European steel maker Celsa , people familiar with the matter said. He could face competition from other interested parties, they added. Jindal has been looking for a gateway into Europe to expand his global steel business after talks to buy Thyssenkrupp Steel didn't materialise. Jindal and Thyssenkrupp were engaged in exclusive negotiations for nine months before talks were terminated in the middle of this year. 'Attractive' Assets Jindal is said to be evaluating a bid for Celsa through privately-owned overseas companies whose operations are unrelated to the listed Jindal Steel. Also Read | SAIL flies in Mongolian coking coal as it seeks new supplies, sources say Live Events The discussions are preliminary and may not necessarily result in a deal. The Barcelona-headquartered Celsa's manufacturing capacity of 7.5 million tonnes of steel and its product portfolio of long steel products used in the construction industry are said to be attractive. Clubbed with the listed Jindal Steel, which is targeting steelmaking capacity of over 15 million tonnes, and Jindal's privately owned business in Oman with 3.2 million tonnes of steel capacity, the group's total steel capacity could cross 25 million tonnes, if the acquisition succeeds. Jindal is also adding 5 million tonnes of direct reduced iron manufacturing capacity in Oman. This could supply raw materials for any large steel making business he acquires in Europe. The group also owns iron ore mines in Mozambique and Cameroon. Jindal and Celsa did not comment on the matter when contacted. Celsa has operations in France, Spain and Poland. Also Read | New steel policy draft ready, to set 2047 road map: Secretary Creditors including Strategic Value Partners, Attestor, Deutsche Bank and Golden Tree control Celsa. They own almost 100% stake. The company originally belonged to Spain's Rubiralta family. The company was turned around after the creditors took control in 2023. They have infused 1 billion through loans, bonds and shares as part of recapitalisation efforts. The company posted a profit in April after twenty-eight months of restructuring efforts. For the calendar year 2025 it posted revenues of 3.3 billion and earnings before interest, tax, depreciation and amortization of 396 million. .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 Wall Street Journal reported MGM was exploring an offer for People Inc. after People Inc. withdrew its $48.30-per-share proposal to buy the rest of MGM. View More

In this articleMGMPPLICZRWYNNFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO36:3236:32Leading gaming CEOs on the state of the industry amid prediction markets boomCasinos and GamingMGM Resorts International CEO Bill Hornbuckle is leaving open the possibility that the casino operator could acquire Barry Diller's People Inc., a striking reversal after the media company abandoned its own effort to take over MGM.Asked at the Global Gaming Expo this week whether MGM was considering buying People Inc., Hornbuckle said MGM would continue pursuing what is in the best interest of shareholders and "trying to unlock the value of a company that we think is grossly undervalued."Hornbuckle pointed to MGM's collection of assets, including BetMGM, its casino operations in Macao, its resort under construction in Japan and its properties in Las Vegas.The Wall Street Journal reported last week that MGM was exploring an offer for People Inc. The publishing and holding company, formerly known as IAC, owns roughly 27% of MGM and is its largest shareholder.People Inc. last week withdrew its $48.30-per-share proposal to buy the rest of MGM. Diller said the "mix" of factors required to complete the transaction had not come together as the company had hoped, but said People Inc. remained interested in a possible strategic transaction with MGM.MGM Resorts International CEO William Hornbuckle listens as President Donald Trump delivers remarks during a meeting with U.S. travel executives in the Oval Office of the White House on Sept. 2, 2026 in Washington, DC. Kevin Dietsch | Getty ImagesHornbuckle called Diller and People Inc. "an amazing shareholder" and said Diller remains bullish on Las Vegas."There's nothing like it replicated anywhere in the world," Hornbuckle said. "It is the one place, particularly in his world, where AI won't disintermediate it."Unlike some of People Inc.'s publishing and digital businesses, Hornbuckle said, Las Vegas is built around physical experiences that artificial intelligence cannot replace."People are coming here to enjoy things physically, and that's not going to change," he said.MGM shares were trading near $32 ahead of the G2E discussion, well below the $48.30 price People Inc. had offered in June.Caesars prepares to go privateThe talks between MGM and People Inc. come as one of MGM's biggest Las Vegas rivals prepares for a take-private transaction.Caesars Entertainment shareholders last week approved the company's $17.6 billion sale, including assumed debt, to Fertitta Entertainment. The deal would combine Caesars' casino and digital operations with Tilman Fertitta's Golden Nugget casinos, Landry's restaurant group and other hospitality assets.Caesars CEO Tom Reeg said operating as a private company would allow management to take a longer view."We're forced as public companies to think in 90-day increments far more than is healthy for any business," Reeg said. "That's not how you run a business." He said the combination with a hospitality company that has more than 400 outlets across the country creates an opportunity to connect the businesses into a broader customer ecosystem.The transaction is undergoing an extended antitrust review by the Federal Trade Commission, which recently issued a second request for information.Reeg called the request normal for a transaction of this size and said the markets under scrutiny are not particularly material to the combined company."You shouldn't be surprised if there's a property or two that ultimately gets divested," Reeg said. "But I wouldn't expect them to be needle movers from a news perspective."A Happy & Prosperous Dragon Link slot machine is viewed at Caesars Palace Hotel & Casino on May 29, 2025 in Las Vegas, Nevada. George Rose | Getty ImagesReeg said the recent interest in the casino space from Diller, Fertitta and activist investor Carl Icahn indicates that sophisticated investors see long-term value in Las Vegas despite weaker visitation and concerns about prices."You have some of the smartest people in the world saying, 'How do I get in?'" Reeg said.Asked whether those investors were buying because Las Vegas is a bargain, he said, "I think it's both."Wynn's UAE betBeyond Las Vegas, Wynn Resorts CEO Craig Billings said construction of Wynn Al Marjan Island in the United Arab Emirates remains on track despite regional conflict that has contributed to a roughly $600 million increase in the project's budget.Billings said approximately half of that increase is related to the conflict, but the resort has missed only one day of construction.Most of the disruption came during a two- to three-month period when supply chains were being rerouted through different ports, he said. Shipping costs also surged because insurers were unwilling to cover some routes."From our perspective, it's super straightforward: Get open, start earning EBITDA," Billings said. "You're going to pay for that uptick in cost very, very quickly."Billings said Wynn's property and construction insurance costs at the site have not increased, citing the security provided by authorities in the UAE. The resort is scheduled to open in September 2027.The property will be the first integrated resort with casino gaming in the UAE and represents Wynn's biggest expansion beyond its existing markets in Las Vegas, Boston and Macao.Macao's premium customerBillings also played down the importance of broad visitation figures in Macao, which saw record visitor traffic in August.Wynn's results depend less on how many people enter Macao than on which customers arrive, he said. The company targets the premium end of the market.The Wynn Palace casino resort, operated by Wynn Resorts Ltd., in Macao, China, on Saturday, April 5, 2025.Eduardo Leal | Bloomberg | Getty ImagesBillings described Macao as the largest gaming market in the world, generating roughly five times the gaming revenue of the Las Vegas Strip with about 30% as many hotel rooms."Whether Macao's up 2%, down 3%, you have to look through any given cycle," he said. "We remain very, very focused on the mid- and long-term in Macao."Hornbuckle said MGM is the smallest of the major operators in the market and is similarly focused on higher-value customers. He said 94% of MGM's occupied rooms in Macao are filled by known casino customers, and the company is converting more standard rooms into suites to meet demand.And while luxury retail sales have been soft in China, Billings said that is not necessarily a warning sign for casino spending. Chinese consumers are changing their brand preferences, he said, weakening the historical relationship between luxury retail sales and gaming revenue.MGM's Japan resort emerges from the groundHornbuckle said MGM's integrated resort in Osaka, Japan, is on time and on budget after more than a year of site preparation on the man-made island of Yumeshima.The development will cover roughly 97 acres and 18 million square feet. Hornbuckle said its casino floor will be four times the size of the casino at MGM's Bellagio."We're finally coming out of the dirt," he said. "You can see the structures. Steel is being laid."Hornbuckle said that if Singapore's integrated resorts provide a reasonable comparison, MGM Osaka could quickly become a $2 billion cash-flow business.Japan has so far only approved the Osaka development, but Hornbuckle said the potential for competition in or around Tokyo wouldn't pose a threat, given Japan's population and the time it would take a rival to propose and build a new project. "If we don't have a five-year head start on this — and then some — I'd be absolutely shocked," he said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Steel Authority of India has airlifted a 1-metric-ton sample of coking coal from Mongolia for testing. This trial was initiated as part of India's effort to reduce reliance on Australian coal imports. Transporting coal from Mongolia poses significant logistical challenges, especially due to India's strained relations with China. View More

Steel Authority of India (SAIL) has airlifted coking coal from Mongolia for the first time, testing the landlocked nation as a potential new supplier as India seeks to reduce its dependence on Australia, two sources said. The state-backed steelmaker flew in a 1-metric-ton sample earlier this month and will assess whether the coal meets its steelmaking requirements, the sources said, declining to be identified because the development has not been made public. SAIL, one of India's largest steelmakers, planned the trial last year, in a move first reported by Reuters. Also read: India to soon release new steel policy, eyes 600 million tons capacity by 2047, secy says India, the world's second-largest crude steel producer after China, imports about 95% of its coking coal needs, with Australia supplying at least half. Coking coal accounts for nearly 40% of steel production costs . Live Events The trial is aimed primarily at diversifying supplies, though transporting coal from Mongolia to India remains a major challenge, the sources said. Logistics hurdles Mongolia is landlocked between Russia and China, and strained relations between New Delhi and Beijing mean India would likely have to rely on a longer route through Russia. Indian authorities have previously said they favour the Russian route because of strategic concerns involving China. Also read: New steel policy draft ready, to set 2047 road map: Secretary Relations between India and China have remained tense since a deadly clash along their disputed Himalayan border in 2020, despite recent steps to improve ties, including the resumption of direct flights and easier visa procedures for Chinese professionals. SAIL will decide whether to pursue long-term supplies from Mongolia based on the suitability of the coal, and the cost and feasibility of transporting it, the sources said. Shipping the coal via Russia would make it significantly more expensive than competing supplies, although its quality is superior, a metallurgical coal analyst said. SAIL and Mongolia's Ministry of Mining and Heavy Industry did not respond to requests for comment. India and Mongolia agreed last year to work towards securing coking coal and copper supplies for Indian companies. India's coking coal imports are expected to rise 3% to 5% in 2026/27 from 64 million tons a year earlier, commodities consultancy BigMint has said, as domestic coal does not fully meet steelmakers' requirements. Australia is expected to remain India's largest supplier, although imports from Russia, Mozambique and the US are also forecast to increase, analysts said. As India expands steel production, it will require substantially more coking coal, most of which will need to be imported, increasing pressure on global supplies. Indian steelmakers have raised prices in recent weeks as coking coal costs increased and domestic demand revived, Reuters reported earlier this month. .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)

Broad gains in metals, energy, and engineering amid strategic deals, acquisitions, and large-scale EPC orders View More

Vishal Nirmiti IPO opens on September 30 with a Rs 178-crore issue, comprising fresh shares and an OFS. The IPO has a Rs 208–220 price band and a Rs 6 grey market premium. View More

Vishal Nirmiti IPO opens for subscription today, September 30, giving investors a three-day window to bid. The Rs 178-crore public issue comprises a fresh issue and an offer for sale (OFS). In the grey market, the IPO is currently commanding a premium of Rs 6, or 3%, over the upper end of its price band, indicating limited premium expectations ahead of the listing. The Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of 65.91 lakh shares aggregating to Rs 145 crore and an offer for sale of 15 lakh shares worth Rs 33 crore. The IPO will close on October 5, while the basis of allotment is expected to be finalised on October 6. The shares are proposed to list on both the NSE and BSE, with October 8 as the tentative listing date. The company has fixed the IPO price band at Rs 208 to Rs 220 per share. The lot size is 68 shares, meaning retail investors must invest a minimum of Rs 14,960 at the upper end of the price band. Saffron Capital Advisors Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue. Vishal Nirmiti IPO GMP today The grey market premium (GMP) for Vishal Nirmiti IPO stood at Rs 6, or 3%, as of September 30. Based on the upper price band of Rs 220 and the prevailing GMP, the implied estimated listing price is around Rs 226. Live Events Grey market premiums are unofficial and can change before listing. They should not be considered a reliable indicator of the actual listing price or future performance of the shares. Analyst view on Vishal Nirmiti IPO According to an Anand Rathi research report, Vishal Nirmiti is valued at 23.2 times FY26 price-to-earnings (P/E) and 13.1 times FY26 EV/EBITDA at the upper price band, implying a post-issue market capitalisation of approximately Rs 5,806 million. The brokerage noted the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle. Based on these factors, Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue. Objects of the issue The company proposes to utilise the net proceeds from the fresh issue towards funding its working capital requirements, repayment and/or pre-payment of term loans, and general corporate purposes. Of the total Rs 94 crore in net proceeds, Rs 75 crore is earmarked for working capital requirements and Rs 19 crore for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be used for general corporate purposes. Vishal Nirmiti financial performance Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26 from Rs 325 crore in FY25. Profit after tax (PAT) also rose 6% year-on-year to Rs 25 crore in FY26, compared with Rs 24 crore in FY25. About Vishal Nirmiti Incorporated in 1994, Vishal Nirmiti Ltd, formerly known as Sejal Farms Private Ltd, is engaged in civil engineering, manufacturing and construction activities. The company manufactures and deals in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, and mild steel (MS) pipes, liners and penstock pipes for pumped storage projects (PSPs). The company also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation and civil engineering projects across sectors including railways, renewable power and industrial infrastructure. Vishal Nirmiti has a pan-India presence, with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. The company is led by a promoter group with more than four decades of domain experience. As of June 30, 2026, the company had 420 employees. Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)