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Rajputana Stainless IPO saw a slow start to subscription on Day 1. The Rs 255 crore issue, priced Rs 116–122 per share, is a mix of fresh issue and an offer for sale (OFS). Founded in 1991, Rajputana Stainless manufactures a range of long and flat stainless steel products, including billets, forging ingots, bright bars, and flat bars. View More
The Rs 255 crore Rajputana Stainless IPO was subscribed about 21% on the first day of bidding so far. Demand was largely driven by Qualified Institutional Buyers (QIBs), who subscribed 49% of their portion, while the retail segment saw only about 4% subscription. In the grey market, the shares of the company were seen trading at a modest premium of around Rs 3, or nearly 2%, over the upper price band of Rs 122, indicating a potential listing price of about Rs 124. With 2.09 crore shares on offer, the IPO will close on March 11. Offering shares at the price band of Rs 116–122 apiece, the company aims to raise approximately Rs 255 crore through a mix of a fresh issue and an offer for sale (OFS). The issue includes a fresh issue worth about Rs 179 crore and an offer for sale of up to Rs 76 crore by existing shareholders. The company plans to list on the BSE and NSE, with a tentative listing date of March 16. Rajputana Stainless IPO subscription status As of 3:25 pm on Day 1, the Rajputana Stainless IPO was 21% subscribed overall, according to data from the BSE. Live Events The Retail Individual Investors (RIIs) segment saw 4% subscription against the 1.31 crore shares reserved for retail investors. The Non-Institutional Investors (NIIs) portion was 48% subscribed for the 56.43 lakh shares on offer. The Qualified Institutional Buyers (QIBs) category recorded 59% subscription for the 20.90 lakh shares allocated to them. About Rajputana Stainless Founded in 1991, Rajputana Stainless manufactures a range of long and flat stainless steel products, including billets, forging ingots, bright bars, and flat bars. These products are used across industries such as automotive, engineering, forging, and pipe manufacturing. The company runs an integrated manufacturing facility and mainly serves business-to-business (B2B) customers across various industrial segments. The proceeds from the fresh issue will primarily be used to expand its manufacturing facility in Gujarat, with a focus on forward integration into stainless steel seamless pipes. A portion of the funds will also go toward repaying or prepaying certain borrowings, along with general corporate purposes. On the financial front, the company has maintained steady growth in profitability. For the six months ended September FY26, Rajputana Stainless reported revenue of Rs 501 crore and a profit after tax of Rs 24.4 crore. In FY25, it posted revenue of Rs 932 crore and net profit of Rs 40 crore, reflecting a gradual improvement in margins in recent years. The industry outlook remains positive, as India is among the largest producers and consumers of stainless steel globally. Domestic demand is expected to grow steadily, supported by infrastructure development, manufacturing expansion, and rising industrial activity. However, the sector also faces risks such as volatility in raw material prices and competition from low-cost imports, particularly from countries like China and Indonesia. Should you subscribe? Brokerages tracking the issue have largely recommended subscribing for long-term investment, citing the company's integrated manufacturing setup, diversified product portfolio and steady financial performance. Adroit Financial Services has advised investors to subscribe to the IPO for long-term investment, noting that the company’s expansion into value-added products such as stainless steel seamless pipes could improve margins and strengthen its market position. Similarly, Anand Rathi Research believes the IPO is fairly valued at around 21 times post-issue earnings at the upper price band. The brokerage highlighted the company’s consistent track record and stable financial metrics while recommending investors subscribe to the issue. GIC-backed Greenko Energies said to weigh $1 billion IPO That said, analysts caution that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Tata Steel, JSW Steel and state-run Steel Authority of India Limited, or SAIL, and Rashtriya Ispat Nigam Limited, or RINL colluded during 2018-2023, the report says. View More
India's steel sector is booming, with finished steel exports surging 36.6% to 6.02 million metric tons in the first eleven months of the fiscal year. Crude steel production also saw a significant 11.2% jump. Meanwhile, imports of finished steel dropped sharply by 37.4%, indicating robust domestic demand and a strong export performance. View More
India's finished steel exports climbed 36.6% year-on-year to 6.02 million metric tons in the first 11 months of the financial year, according to provisional government data reviewed by Reuters on Monday. India, the world's second-biggest crude steel producer, imported 5.6 million metric tons of finished steel during April-February, down 37.4% year-on-year, the data showed. India's crude steel production increased 11.2% year-on-year to 153.61 million metric tons over the same period. Finished steel consumption rose 7.2% to 147.7 million metric tons during the period, the data showed. The government will detail country-wise trade later in the month. Live Events .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)
A five-year probe uncovered a decade of price collusion by Indian cement companies. Dalmia Bharat, Shree Digvijay, and India Cements allegedly fixed prices for ONGC tenders. Evidence includes communications and admissions. The Competition Commission of India is investigating. Firms face potential fines up to three times profits or 10% of turnover annually. View More
When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per metric ton. Oil and Natural Gas Corporation queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained. Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies. The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC. The Competition Commission of India (CCI) report said the "cartel period" ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India's fourth-largest cement maker Dalmia Bharat, and rival Shree Digvijay. India Cements was part of the cartel for 2017-18. Live Events The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants. The Indian cement firms' bid rigging, discussions of supply patterns and efforts to oust foreign bidders were "substantiated from strong evidences in form of communication, meetings, emails, admission," said the 90-page report. Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence that underpin CCI's investigation findings. Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI. The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies' profit or 10% of their turnover for each year of wrongdoing. In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5 billion, Shree Digvijay $79 million and India Cements $444 million. After the Reuters story, shares of Shree Digvijay extended losses to fall as much as 5.4%, while India Cements was down 4.4% and Dalmia Bharat down 3.5%. 'SUPPORTED BY THE NUMEROLOGY FACTOR OF 7' While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI's focus on big Indian firms from key economic sectors. "Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates. In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices. Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement. For example, the 2018 tender for 170,000 tons of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per ton with taxes, for different states. That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law. India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the "lucky number". "The financial bid was also supported by the numerology factor of 7", the company letter stated. SUBMITTING BIDS TOGETHER The CCI's investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y.H. Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India's high-profile business figures. None of the executives responded to Reuters queries. The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said "the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies". Singh visited rival Dalmia's office for "directly assisting" them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment. Shree Digvijay and Dalmia were "actively involved" in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves. Excel sheets were also made comparing distances to decide "volume sharing" among rivals, the report showed. TARGETING FOREIGN FIRMS Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging "prickly issues", said the report. They repeatedly filed complaints with the Indian government about foreign bidders' lack of certification and how New Delhi should promote domestic firms over foreign ones. Foreign bidders included Texas-based Schlumberger, the world's largest oilfield services provider now known as SLB , UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries. The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to "restrict supply" of cement to the oil explorer, which breaches antitrust laws. In 2019, one executive wrote to another: "Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub." The companies could "not digest the fact that a foreign bidder" can be awarded a tender, the CCI 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, the world's second-biggest ?crude ?steel producer, imported 5.6 million metric tonne of finished steel ?during April-February, down ?37.4% year-on-year View More
Rajputana Stainless's IPO opens for subscription. Grey market signals suggest modest listing gains. The company aims to raise Rs 255 crore for expansion and debt repayment. Financials show steady profitability. Industry prospects are supportive, but challenges like raw material price volatility exist. Brokerages recommend subscribing for long-term investment, citing the company's manufacturing setup and financial performance. View More
The IPO of Rajputana Stainless opened for subscription on Monday, with grey market signals pointing to limited listing gains amid cautious sentiment in the broader market. The IPO, which will close on March 11, is priced in the band of Rs 116-122 per share and aims to raise about Rs 255 crore through a combination of fresh issue and offer for sale. At the upper end of the price band, the company's shares are commanding a grey market premium of around 1%, suggesting modest listing gains if current trends persist. The issue comprises a fresh issue of shares worth about Rs 179 crore and an offer for sale of up to Rs 76 crore by existing shareholders. The company plans to list on the BSE and NSE, with the tentative listing scheduled for March 16. Rajputana Stainless, incorporated in 1991, manufactures long and flat stainless steel products such as billets, forging ingots, bright bars and flat bars used in industries ranging from automotive and engineering to forging and pipe manufacturing. The company operates an integrated manufacturing facility and primarily caters to business-to-business clients across multiple industrial sectors. The proceeds from the fresh issue will be used mainly for expansion of its manufacturing facility in Gujarat through forward integration into stainless steel seamless pipes, repayment or prepayment of certain borrowings, and general corporate purposes. Financially, the company has shown steady profitability. For the six months ended September FY26, Rajputana Stainless reported revenue of Rs 501 crore and a profit after tax of Rs 24.4 crore. For FY25, the company posted revenue of Rs 932 crore and net profit of Rs 40 crore, indicating improving margins over the past few years. Live Events Industry prospects also remain supportive. India is among the world’s largest producers and consumers of stainless steel, with domestic demand expected to grow steadily driven by infrastructure development, manufacturing expansion and rising industrial activity. However, the sector faces challenges such as raw material price volatility and competition from cheaper imports, particularly from countries such as China and Indonesia. With broader market volatility and weak sentiment in the SME and midcap space, the IPO’s grey market premium suggests investors are approaching the issue cautiously. Should you subscribe? Brokerages tracking the issue have largely recommended subscribing for long-term investment, citing the company's integrated manufacturing setup, diversified product portfolio and steady financial performance. Adroit Financial Services has advised investors to subscribe to the IPO for long-term investment, noting that the company’s expansion into value-added products such as stainless steel seamless pipes could improve margins and strengthen its market position. Similarly, Anand Rathi Research believes the IPO is fairly valued at around 21 times post-issue earnings at the upper price band. The brokerage highlighted the company’s consistent track record and stable financial metrics while recommending investors subscribe to the issue. That said, analysts caution that the stainless steel industry remains cyclical and vulnerable to cheaper imports, making earnings sensitive to commodity price swings and demand cycles. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
In his Sunday column for Investing Club subscribers, Jim Cramer explains how investors should navigate a continued surge in oil prices. View More
So, you are telling me that our continent is energy self-sufficient and yet, last week oil screamed higher faster than we have ever seen ? Or that all that new Permian Basin oil doesn't matter? Or that cars guzzle a lot less now than they did in previous oil shocks? Short term, the answer is, sadly, yes. It doesn't matter because our country is based on free enterprise. We are not a command economy. The president of the United States, even this president, cannot decide that Canada has to send all of its exports here. He cannot block the some 10 million barrels of crude and refined products we send overseas every day. If he did, theoretically we would be immune from supply shocks elsewhere. The "theoretically" stems from the possibility, one day, of having enough refinery capacity to match the type of oil we pull out of the ground and send internationally. Our refineries still need imported crude , too. We do not have a closed-loop oil market in this country. It is open looped. The U.S. oil standard, known as West Texas Intermediate crude , trades at a discount to global benchmark Brent crude . But our companies can sell at the higher world price if they want to, so the two are intertwined. We are not going to get our price to decouple unless the president bans all exports, and we put up refineries overnight that cater to the light sweet crude found in places like the prolific Permian. So, forget about energy independence when it comes to the oil price. What you see with the posted price every day is what you get. The U.S.-Iran war-fueled rally is not "phony" based on a giant short squeeze, although there is a lot of squeezing going on. But there is good news. The world can, over time, handle a closure of the Strait of Hormuz , a vital waterway for global crude supplies leaving the Persian Gulf. The world does have the spare capacity and the equipment to boost production rather quickly. But the producers can't flick a switch, and it's only been a week of war. That's why talk of $150 or even $200 barrel a day oil will be in the news over the next few weeks if this Middle East conflict continues. Steel yourself; the pessimists will have gravitas. Some of the talk of $150 to $200 will just be of the usual scare variety. I can see the parade of bears who will be on display with their glum faces and their sheen of expertise, a veritable firehose of negativity. The usual gang of never-to-be-defrocked charlatan "experts" who had a couple of good years and nothing more will shout negativity to the rooftops until their larynx's give out. Good for their flagging businesses, I figure. Why will their voices will resonate? Why won't they be refuted easily? Because of 2022, that's why. Consider what happened in late February and March 2022, when Russia invaded Ukraine . As soon as Russia moved on Ukraine, traders presumed that an oil embargo of Russia would remove some 7 million barrels a day from the world supply (including both oil and other petroleum products). That caused Brent crude to spike from about $95 a barrel to $139 in mere weeks . It took roughly six months for oil to return to pre-war prices as Russian oil seeped into the market and production ramped globally. Now that the Strait of Hormuz is effectively closed, it will remove double the amount of oil that traders feared we would lose in a Russian embargo. That's right. Last year, over 14 million barrels a day traveled through the Strait on average. Now it simply can't be brought to the market. It is stranded. Just gone. For now. So, it is reasonable to believe that if oil could spike from $90 to $139 in a few weeks in 2022 on a loss of 7 million barrels, it could go up a lot more on a loss of double that amount. That's why a price of $150 or $200 a barrel has to be considered possible. Or, at least, you will be hearing and reading about that range from commentators starting next week, and it will be within the realm. No one will scoff at these projections. They cannot be shot down because of what happened in 2022. Now, will it stay there? No one knows. It is as if something as predictable as the closure of the Strait was not thought about by President Donald Trump before the war started. It's not like he completely refilled the Strategic Petroleum Reserve. It's almost a little more than half filled, having been drained down by President Joe Biden to help stop the 2022 price surge. That gambit actually worked back then. It helped to slow the increase and ultimately blunt it. This president has downplayed the need to tap the SPR this time around. But when it comes to oil, ultimately, what goes up, must come down. That's because oil at $150 causes rapid demand destruction, followed by slow supply increases and, ultimately, a return to where we started. The operative term is "ultimately." We can't determine when that will be. Which means, to me at least, that without a plan, just using the 2022 scenario, we are going to be stuck with much higher prices, perhaps for as long as the next six months â the time it took for the market to calm after the Russian invasion of Ukraine â unless the Strait can be opened quickly. The 2022 paradigm was pretty nightmarish when you think about it. The S & P 500 fell about 25% from its January 2022 closing peak to its October closing low, brought on by both the spike in oil and a Federal Reserve rapidly hiking interest rates to squash surging inflation. The consumer price index got a s high as 9.1% in June 2022 , which President Trump says was the worst inflation in U.S. history, although it was the highest since 1981 . Counterfactual. Now we don't have the Covid supply constraints or a Fed that is about to jack up rates at a historic pace, which in 2022 included four straight supersized 75 basis point hikes . But oil at $150 to $200, for even a short period of time, could throw a lot of the world into a pretty severe economic slowdown. The U.S. economy is two-thirds service, one-third industrial. Still, those people who live in either of these two orbs will see prices go higher. Oddly, though, an oil spike like that, while inflationary, would reduce economic activity in this country and give Trump's Fed chair nominee , Kevin Warsh, cover to cut rates when he (likely) succeeds Chair Jerome Powell, whose term expires in May. Don't get all that bearish about stocks because of oil. Our market reacts to rate cuts more than any other stimulus. Still, I want you to be realistic. We had $60 a barrel prices when the world produced in the ballpark of 105 million barrels a day. If you take offline 14 million barrels a day from the closure of the Strait, there will be consequences that certainly boost oil well beyond the $100 we are facing now. Consider it a given. So, does it mean that we should be worried about something at least somewhat like 2022, maybe a big spike without a harsh Fed? It's possible, because it's not clear whether the White House can quickly resolve the Strait snarl. Energy Secretary Chris Wright said Sunday on Fox News that the U.S. is working to limit Iran's "ability to strike with missiles and drones, and that rate of attrition will increase in the coming days." He continued, "So we'll be cautious, we'll be careful, but energy will flow soon." We also hear about insurance , but no takers. We hear about the U.S. Navy being used to escort tankers through the Strait. But "opening" it doesn't necessarily mean that it will be used. Too fraught. Unless the Navy is going to pilot the oil tankers themselves, we have to presume we are going to $150 to $200, at least in terms of chatter â if not reality. But, like so many of the travails that have faced our markets over time, if you sell Monday based on this negative scenario that I have just traced, history says you will regret it. Go back to 2022 again. It would have been terrific to sidestep the decline in the S & P 500. You would have had to sell on day one of the Russian incursion in February and then get back in at the bottom â as if it's easy to know when that is in the moment. While not the official bottom of 2022, it turned out that June of that year was a good time to get in because that was pretty close to the lowest levels of the year. But how would you have known? There was no real sign of anything about to go right. Oil was still high. The Fed was still tightening. It would have taken a level of clairvoyance well beyond the ken of even the best traders with the best machines. Far better just to have ridden that one out, even with the Fed's dramatic moves in front of you. I think the same is true now. That's because the loss of those 14 million barrels has to be considered temporary no matter what. Oil will find its way into the market somehow at dramatically higher prices, both from the Mideast and from around the globe. It's a bad reason to sell stocks â even if it might be a good reason to expect a decline â simply because you will not be able to predict when the decline is over and the rally will resume. And if the pressure on stocks during the war is really just about the price of oil, then the rally should eventually resume. So what do you do? I think the main thing you can do is lose your fear of the $150 to $200 circes. They will do their best to scare you out. Think of it as their job. Your job, as I make clear in "How to Make Money in Any Market," is to stay in. You can raise some cash if you want, like we have done for the Club, but now that the market is basically oversold, according to my trusted S & P Short Range Oscillator , we are more interested in buying rather than selling. We recapped our week of trades in a piece Saturday for members. The thing you must not do is panic. My estimate of a 14 million barrel removal because of the Strait closure represents the maximum that can be taken off. That we could not see a few million barrels made up almost immediately by other countries simply can't be ruled out. So, once the oil market settles, the rip will be sold and oil will come back down. If you get out of the stock market, I can promise you that you will be left behind by the rally that comes from lower rates and lower oil. I know it is a big hump to peer over, especially as we deal with the fears that come from worries of a crisis in the multi-trillion private-credit market, something I hit in a recent Sunday think piece . But you must do so. No, it is not bullish to see oil go to $150 or $200. But the response to those market prices is bullish, so bullish even that to leave ahead of time is to risk missing out on the opening of the Strait, or the opening of the spigots worldwide, while rates are coming down. So, once again, steel yourself. Like so many other times since 1981, get ready for the sell-off that you can't really avoid without missing the move up in its aftermath. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
India's stainless steel sector is preparing for significant growth. Producers are expanding capacity to meet rising domestic demand. The industry is urging the government to improve raw material access and shield it from unfair competition. Key measures include designating chromium as a critical mineral and reducing import duties on essential inputs. View More
New Delhi: The domestic stainless steel industry is seeking government intervention to safeguard its interests as it prepares to scale up output by the end of the decade. According to a presentation by the Indian Stainless Steel Developers Association (ISSDA), improving raw material availability and protecting the sector from Chinese dumping are key priorities. "We are at an inflection point in Indian stainless steel growth story," Karan Pahuja, former president of ISSDA, told ET, adding that domestic consumption is growing 7-8% annually and exceeded 5 million tonnes (mt) last year. To keep pace with demand, producers are expanding capacity from about 7 mt to 11 mt. Subhrakant Panda, managing director at Indian Metals & Ferro Alloys Ltd (IMFA), said India's per capita consumption of about 3 kg "will easily double" over the next decade. IMFA is doubling its ferrochrome output to nearly 500,000 tonnes by FY28 and shifting its sales mix from 90% exports to a 60:40 split to "cater substantially to the domestic market where space is opened up". Sector facing global pressure from rising imports, trade barriers in western mkts India currently meets only 15-18% of its nickel requirement domestically. Live Events To secure the supply chain, ISSDA is urging the government to designate chromium as a Critical Mineral, allowing the centre to usher speedier operationalisation of auctioned mines. Pahuja also said " customs duty on imported inputs like scrap and ferro alloys should be made zero permanently" to keep costs competitive. The sector is also facing pressure globally from rising imports and trade barriers in Western markets. According to ISSDA, China has excess melting capacity of over 8 mt, much of which is being diverted to India. There are also instances of shipments being rerouted through countries like Vietnam to bypass existing safeguards. .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 global steel industry, including India, faces rising costs. Escalating Middle East tensions are pushing up fuel and freight rates. Crude oil and LNG prices are climbing, directly impacting steel commodity markets. This situation is expected to lead to sustained input cost inflation for steelmakers. View More
New Delhi: The global steel industry, including India, is expected to face multiple market-related issues in the coming days as the escalating crisis in the Middle East impacts fuels cost that has lead to increased freight rates, according to BigMint Research . Military tensions in the region are increasing as both Iran, and the US, along with Israel, continue to attack each other. BigMint analysts said crude oil, LNG, and freight costs are rising simultaneously, transmitting cost pressure directly into steel and steel-related commodity markets. From an average of USD 70 a barrel before the war, crude oil prices have risen to about USD 90/per barrel, an analyst said, adding that the cost is expected to continue to rise in the coming days. War has also impacted freight cost, which jumped almost 40 per cent in recent times. In the absence of insurance cover, marine operators are also offering freight at non-negotiable prices as per the availability of the vessel. Live Events On the impact of the US-Iran conflict on steel markets, including India, they said the industry would face sustained input cost inflation across coal, scrap and ore, with freight and energy reinforcing one another. "The players are expected to pass on the increased cost to customers. However, if market is not ready to absorb the cost, steel demand can also be affected," an expert said. Extended disruption could push prices of coking coal -- a key steel making raw material -- from major supplying markets such as Australia, Russia, and the US. Increased input cost, coupled with higher freight cost, will also put pressure on the margins, the analysts added. .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)