Steel Industry

Officials said that the current measures will provide a fillip to the domestic steel industry and boost exports. With effect from Saturday, exports of iron ore lumps and fines with less than 58 per cent Fe will attract nil export duty and with more than 58 per cent Fe will attract lower export duty of 30 per cent.

In the first phase, silos of 34.875 LMT capacity at 80 locations would be constructed by the FCI. Out of this, 10.125 LMT at 14 locations would be under the develop build operate and transfer (DBFOT) mode and 24.75 LMT at 66 locations would be under the develop build own and operate (DBFOO) mode.

During the Maharatna company's annual general meeting on Wednesday, it was informed that for the first time, it entered the elite club of Indian companies having a turnover of over Rs 1 lakh crore. The company's turnover of Rs 1.03 lakh crore during 2021-22 saw a substantial growth of more than 50 per cent over the previous best turnover of Rs 68,452 crore, achieved during 2020-21.

In a regulatory filing, Tata Steel said its Board of Directors at a meeting held on Friday has approved the seven schemes of amalgamation.

Steel major Tata Steel Ltd closed the first quarter of the current fiscal with a lower after tax profit on a higher turnover, as compared to corresponding period previous year. In a regulatory filing on Monday, the company said the after tax profit for the period ended June 30, 2022 stood at Rs 5,783 crore on a turnover of Rs 34,015 crore.

Also, this initiative by the Centre will boost demand for the automotive industry, he said. Omega Seiki Mobility is an end-to-end mobility solutions provider which is revolutionising the electric vehicle industry in India.

Upon seeing such a sharp rally in prices, the stock exchanges have sought clarification from the company. In reply, Sunflag said the company has been in compliance with all the SEBI rules and has made all the necessary disclosures before the stock exchanges as per the provisions of the listing regulations.

A low inventory level of aluminium globally amid tight demand-supply situation in addition to any potential sanction on Russian aluminium exports are expected to aggravate the availability of the commodity in the rest of the world, and thereby keeping its prices at an elevated levels till normalcy is restored, rating agency ICRA said in a report.

Production of batteries for electric vehicles as well as stainless steel, paint and alloy-based industries are expected to take a hit, as prices of a key raw material -- nickel -- have zoomed over 100 per cent in the past few days. The Russia-Ukraine crisis has triggered the shortage which in turn led to a massive spike in prices. On Tuesday, nickel prices surged as much as 111 per cent to trade briefly above $100,000 a tonne.

The Index of Industrial Production (IIP) for December 2021 rose by only 0.4 per cent from a rise of 1.34 per cent reported for November 2021. Similarly, the production rate was lower on a year-on-year basis. In December 2020, the IIP had risen by 2.2 per cent.