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According to officials, the accident occurred while molten iron, heated to around 1,600 degrees Celsius, was being moved in a bucket by a crane View More
At least eight workers were killed at the Vizag Steel Plant in Andhra Pradesh after molten metal fell on them. View More
CMR Green IPO Allotment Status: CMR Green Technologies IPO investors are set to receive allotment updates on June 8 after the Rs 631 crore issue witnessed overwhelming demand, with subscriptions reaching 127 times overall. Strong interest from institutional and non-institutional investors has heightened anticipation ahead of the company's market debut later this week. View More
Investors who applied for the CMR Green Technologies IPO are expected to find out their allotment status on Monday, June 8, as the company prepares for its stock market debut later this week. The Rs 631 crore IPO, which closed on June 5, received a strong response from investors across categories, with the issue being subscribed 127.07 times overall. The qualified institutional buyer (QIB) portion was subscribed 270.46 times, while the non-institutional investor (NII) category was subscribed 172.35 times. The retail investor quota attracted bids worth 27.08 times the shares reserved. Ahead of listing, the IPO is commanding a grey market premium (GMP) of around 34%, according to market trackers. Based on the issue price of Rs 192 per share, the GMP indicates a potential listing price of about Rs 257-258, although grey market premiums are unofficial and do not guarantee listing gains. How to check CMR Green Technologies IPO allotment status Investors can check their allotment status through the registrar, Kfin Technologies , or through the BSE website. Visit the Kfin Technologies allotment portal (https://ipostatus.kfintech.com/).Select CMR Green Technologies IPO from the dropdown.Enter PAN, application number or DP ID.Submit the request to view allotment status.Check on BSE India website (https://www.bseindia.com/investors/appli_check.aspx)Select Equity under Issue Type and choose CMR Green Technologies from the dropdown.Enter your application number and PAN.Click on Search to check if you’ve been allotted shares. Refunds for unsuccessful applicants are scheduled to be processed on June 9, while shares will be credited to successful investors' demat accounts on the same day. The stock is scheduled to list on both the NSE and BSE on June 10. Live Events The IPO was entirely an offer for sale (OFS) of 3.29 crore shares aggregating Rs 630.88 crore. Since the issue was an OFS, the company will not receive any proceeds from the public issue. CMR Green Technologies is one of India's largest non-ferrous metal recyclers and operates in the secondary aluminium market. The company manufactures recycled aluminium alloys, zinc alloy ingots and aluminium billets, serving major automotive OEMs and component manufacturers including Maruti Suzuki , Honda Cars India, Hero MotoCorp , Bajaj Auto , Royal Enfield and Endurance Technologies . The company reported total income of Rs 6,696.7 crore and net profit of Rs 155 crore in FY25. It had reported a loss in FY24 due to exceptional items but returned to profitability as operational performance improved. The company raised Rs 188.4 crore from anchor investors before the IPO, attracting participation from several institutional investors. Brokerages were largely positive on the issue. Out of tracked recommendations, eight brokerages recommended subscribing to the IPO, while two suggested investors may apply with a medium-to long-term perspective. Given the strong subscription numbers and the current GMP of 34%, investors will be closely watching whether the stock can deliver a strong listing performance when it debuts on June 10. (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)
The steelmaker will run its alternate UK facility 24/7 to protect customer supplies after a critical processing line completely collapsed in the blaze. View More
Greece-based shipping analytics firm Signal Ocean reports that India imported a record 5 million tonnes of iron ore in Q1 2026, the highest quarterly volume in three years View More
Tata Steel's significant UK project for low-carbon steel production is facing delays. The company is experiencing a setback of six to eight months in its timeline. This is due to challenges in securing necessary electricity access for the new electric arc furnace. View More
Tata Steel may have to defer the timeline of its 1.25-billion-pound UK project for transitioning to a low-carbon steel-making process by six to eight months, as the company is facing delays in "securing access to electricity". As part of its decarbonisation plan , Tata Steel is setting up the UK's largest low-carbon EAF ( electric arc furnace ) project of 3.2 million tonnes capacity at Port Talbot with 1.25 billion pounds of investment to replace its now-shut blast furnace plant of similar capacity. Read more: Fire breaks out at Tata Steel's United Kingdom plant Before experiencing delays in securing power access, the company was looking to begin operations of the EAF project by late 2027 or early 2028. "While we are working with ESO (Electricity System Operator) and National Grid for the new electrical infrastructure, National Grid has formally alerted to us that their connectivity project is delayed," said Koushik Chatterjee, Executive Director (ED) & Chief Financial Officer (CFO) at Tata Steel. Live Events The National Grid has informed about some potential delays versus the original planned date of the high voltage connection, he said, adding that the company is working with all the stakeholders, including the UK government, to mitigate the impact and develop revised schedules. The official noted that major demolition works at the site have been completed, and fabrication and delivery of equipment are continuing at a pace. Securing access to higher-power electricity is critical for the planned transition. The project -- being built up with 500 million pounds of government support -- aims to reduce site-level CO2 emissions by 90 per cent - equivalent to 5 million tonnes annually. Meanwhile, on Wednesday (June 3), the project site at Port Talbot witnessed a fire incident. However, all personnel were accounted for and evacuated from the area safely, Tata Steel UK said on Thursday. Read more: Indian steelmakers grapple with resurgence of cheap Chinese imports Chatterjee further said that his company is working with National Grid and the UK government to resolve the issues. "We are working with the UK government, the National Grid and (Electricity System Operator(ESO), which is the electricity supplier, to see if we can mitigate it, but somewhere between six months to eight months will certainly be there, maybe higher, after we have built the plant," Chatterjee said, responding to a question on whether the company is seeing any delays in commissioning the project . The official said Tata Steel is working out if the duration of the delay can be reduced, but ruled out any possibility of avoiding the situation. "We are actively working to see if we can reduce it (the delay) further, but there will be some imminent delays," the ED & CFO said without sharing further details. In May 2024, Tata Steel signed a connection offer with the Electricity System Operator (ESO). The agreement involves National Grid building new electrical infrastructure capable of powering the 3.2 million-tonne electric arc furnace by the end of 2027. As per information shared by Tata Steel, NESO (the National Energy System Operator) is a public body which manages the connection process, including the connection contract with TSUK. NESO also manages the operations of the electricity grid in the UK. National Grid Electricity Transmission (NGET) is a private company that builds, owns, and maintains the connection. A Tata Steel spokesperson said: "This is a major industrial project, and like all projects of this scale, timelines continue to evolve as detailed engineering, construction, and infrastructure work progresses. "While we are still discussing potential adjustments to the commissioning timetable, we are working closely with National Grid, our construction partners, and the UK government to deliver the project safely and as quickly as possible." The Tata Steel Group is one of the world's leading steel producers, with an annual crude steel production capacity of 35 million tonnes. It is also among the most geographically diversified steel companies globally. .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)
Strong hiring across sectors and expanding manufacturing activity signal labor market strength, while upcoming US price data and ECB decisions will shape market sentiment. View More
A blowout US jobs report prompted bets that the Federal Reserve will raise interest rates in 2026 as the ongoing Iran war fans inflation risk. Hiring may have received a boost from the upcoming World Cup, but the breadth of job gains across industries offered some assurance that things are looking up for the labor market. A fresh round of data on prices in the US next week will offer insights on the extent to which inflation is wiping out wage gains. Meanwhile monetary policy decisions, including one from the European Central Bank , are likely to feed the hawkish sentiment in financial markets. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics: World The central banks of Poland, Tunisia and India kept interest rates unchanged, while Kazakhstan cut them. Live Events Bloomberg The fate of the global economy hinges on the conflict in the Middle East that has already stifled growth and could yet trigger recessions and significantly stronger inflation, the OECD said. Price pressures and weakened demand are set to be felt for some time, and may even worsen beyond a potential reopening of the Strait of Hormuz, the Paris-based organization said in its latest economic outlook. US Bloomberg US job growth topped all forecasts in May and the unemployment rate held steady at 4.3%, offering the clearest sign yet that the labor market may be breaking out of a prolonged period of lackluster hiring. Nonfarm payrolls increased 172,000 last month and hiring in March and April was stronger than previously reported, according to Bureau of Labor Statistics data out Friday. Taken together, the figures marked the strongest three-month advance in more than two years. Bloomberg US manufacturing activity expanded in May at the fastest pace in four years, bolstered by a pickup in new orders and production. The Institute for Supply Management’s manufacturing gauge has now signaled expansion for five straight months, pointing to renewed vigor in the manufacturing sector amid a surge in artificial intelligence investment, more favorable tax provisions and diminished trade policy uncertainty. Bloomberg Spending on data-center construction in the US eclipsed $50 billion in April for the first time, according to Census Bureau figures published Monday. Data centers now account for 2.3% of all US construction spending, according to the report, which provides annualized rates that are not adjusted for inflation. Private-sector outlays for data centers also outpaced public spending on transportation-related structures — a category that includes airport facilities, marine terminals and mass transit — for the first time. Europe Bloomberg Euro-area inflation topped 3% for the first time in more than 2 1/2 years, cementing expectations for an interest-rate hike when the European Central Bank meets next week. Consumer prices rose 3.2% from a year ago in May, up from 3% the previous month, Eurostat said Tuesday. Core inflation, which excludes volatile items like food and energy, quickened more than anticipated. The European Union will give extra budget leeway to member states to cope with high energy prices stoked by the Iran war, so long as it helps curb consumption of fossil fuels. The European Commission, the bloc’s executive arm, will offer room for up to 0.3% of gross domestic product per year to be devoted to green-related measures breaching the EU’s fiscal framework, Economy Commissioner Valdis Dombrovskis told journalists on Tuesday. Asia Bloomberg South Korea’s exports extended their strong run in May, reinforcing the central bank’s increasingly hawkish stance as booming semiconductor demand continues to underpin growth despite rising geopolitical and inflation risks. Exports adjusted for working-day differences surged 60.7% in May from a year earlier, the trade ministry said Monday. On an unadjusted basis, shipments increased 53.2% last month, the most since 1984, the ministry said. Bloomberg Investors increasingly see Indonesia as a market where policy uncertainty, political intervention and execution risks are beginning to outweigh one of the developing world’s most compelling long-term growth stories — a sentiment that’s been growing since President Prabowo Subianto took office less than two years ago. Emerging Markets Bloomberg Mexican gross fixed investment extended its decline in March, underscoring concerns over the government’s domestic policies and uncertainty over tariffs and trade with the US, the country’s No. 1 trading partner. Latin America’s second-largest economy has now seen 19 consecutive months of negative total investment, one of the longest periods of decline in the last four decades, driven primarily by a contraction in private investment amid the economy’s slowdown. Bloomberg Exports from Guinea’s Simandou iron ore project surged in May, six months after the first shipment to China, marking a milestone in the ramp-up of the high-grade mine that has the potential to reshape the global market. Simandou has been touted as a game-changer for the iron ore industry with 120 million tons a year expected to be shipped once the project is at full capacity. .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!
Hindustan Zinc will invest ?40,000-50,000 crore in the next five years. This will double refined metal capacity and ore production. Metal reserves will more than triple. The company has approved new projects costing nearly ?17,000 crore. This expansion aims to boost production and secure long-term mining operations. View More
Mumbai: Hindustan Zinc is likely to spend Rs 40,000-50,000 crore on capital expenditure over the next five years to double refined metal capacity and ore production, and boost metal reserves more than threefold. The country’s largest producer of zinc, lead, and silver has already approved a 250,000 tonne integrated zinc smelter, a tailings reprocessing plant, and an exploration programme. These three projects will collectively cost nearly Rs 17,000 crore. For this fiscal year, Hindustan Zinc has guided for a capex of $500-600 million (Rs 4,763-5,715 crore) for growth projects, and around $400-450 million as maintenance capex, taking its total spend for the year to more than $1 billion, according to the company’s FY26 annual report. It had generated a free cash flow of Rs 13,337 crore last fiscal. Over the next five years, Hindustan Zinc plans to enhance refined metal capacity to 2 million tonne from 1.1 million tonne currently, while raising the capacity for silver refining to 1,500 tonnes from 800 tonnes currently. Its exploration programme will target expanding reserves to over 50 million tonne from 13 million tonne currently, which is expected to support a mine life of over 25 years, the company said. Hindustan Zinc is heading into the current fiscal with “cautious optimism”, said Arun Mishra, chief executive officer. “While the global economic environment may remain tepid due to geopolitical uncertainties, the commodity markets are expected to offer upside potential driven by steady demand from key downstream industries,” he said. Live Events India, in particular, will benefit from continued infrastructure investment, rising steel demand, and expanding industrial activity, which will help sustain market momentum and demand for commodities, said Mishra. He highlighted that a large reserve base, track record for disciplined execution, and a sustained low cost of production will enable Hindustan Zinc to navigate near-term uncertainties and create long-term value for all our stakeholders. Natural resources conglomerate Vedanta owns a 60.71% stake in Hindustan Zinc, and 27.92% is held by the Indian government. Public shareholders hold a 11.37% stake in the company, which commands a three-fourths share of India’s primary zinc market. .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)
Tata Steel UK said assessment work is underway following a fire at the Pickle Line plant in Port Talbot. No injuries were reported, but a key production line suffered substantial damage. The company aims to restart the Hot Strip Mill next week View More