Mumbai: Tata Steel Ltd shares fell as much as 2.5 per cent on Tuesday morning after it said it will book a $1.6 billion impairment charge for the financial year ended March 31.
The company said it is taking the charge due to weak economic and market conditions in Europe.
Tata Steel shares were down more than 2 per cent as of 9:30 am. The steel maker made the announcement late on Monday.
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09:45 AM, May 14, 2013
London: Steel giant Tata Steel has reportedly warned the British government that it plans to shut down two research and development facilities in the country and shift them overseas including to India, resulting in 300-400 job cuts in the UK. In a move that will be seen as a major blow to Britain's already struggling industrial base, the company plans to close its technology centres on Teesside, in the north-east...
12:36 PM, Apr 29, 2013
New Delhi: Country's largest steel maker SAIL has said it expects the domestic demand for the metal to grow by 7-8 per cent in 2013, although prices may hover at the current level. "If you see the demand for the first four months of the current calendar year, year-on-year basis globally, even in China, even in India, it is better than the corresponding period of 2012, Steel Authority of India...
02:05 PM, Apr 28, 2013
New Delhi: JSW Steel has put on hold plans to set up a 10 million tonnes steel plant in West Bengal as it has not been able to secure long-term iron ore supplies for the Rs 35,000 crore project. "It is stalled right now, it's on hold. Unless we are going to fix the iron ore matter, unless we have the visibility of iron ore, we can not move ahead....
01:55 PM, Apr 28, 2013
Ahmedabad: The Gujarat High Court on Friday sought replies from the state government, Centre, Gujarat International Finance Tec (GIFT) City Company and private companies on five PILs challenging various land allotments. The division bench of Chief Justice Bhaskar Bhattacharya and Justice JB Pardiwala has fixed the next hearing in June 2013. All the petitions, heard separately, challenge the land allotment to private companies, claiming arbitrariness resulting in loss to exchequer....
12:58 AM, Apr 27, 2013
New Delhi: Hit hard by rising interest burden and lower sales realisations, Jindal Steel and Power's (JSPL) consolidated net profit fell by nearly 35 per cent to Rs 760.27 crore for the quarter ended March 31, 2013. The company, headed by Naveen Jindal, had reported a net profit of Rs 1,167 crore in same quarter of FY'12. Net sales during the fourth quarter of 2012-13 reported a meagre growth of...
12:30 PM, Apr 26, 2013
Paradip/Bhubaneswar: Land acquisition for the Rs 52,000 crore Posco steel project resumed in Odisha's Jagatsinghpur district on Monday after being suspended for about two-and-a-half months. The restarting of the demolition of betel vines at Gobindpur village at the proposed plant site near Paradip coincided with Posco-India CMD YW Yoon meeting Development Commissioner JK Mohapatra at the state secretariat in Bhubaneswar. Though Yoon described the meeting as a courtesy call, sources...
12:24 AM, Apr 23, 2013
He is back. As the iconic comic book superhero Superman turns 75, director Zack Snyder gets ready to release his new film 'Man Of Steel'. Co- produced by Christopher Nolan, the film has actor Henry Cavill playing 'Superman' and also features Amy Adams,Russell Crowe and Kevin Costner in prominent roles. The film will be released on June 14, 2013. Here's the trailer, have a look! ...
10:33 AM, Apr 17, 2013
Ahmedabad: Unhappy over delay in getting clearances for his projects, the world's largest steelmaker LN Mittal on Saturday said India was not his top priority for investment. Speaking to newsmen on the sidelines of convocation of Indian Institute of Management, Ahmedabad(IIM-A), where he was the chief guest, Mittal said "I do not want to give you any timeline about my Indian projects... experienced so much of delay." ".. India is...
04:50 PM, Mar 24, 2013
India aided its bid to avoid a credit downgrade by raising $279 million from selling shares in state-run Steel Authority of India Ltd, but needed help from state investors to do so. The share sale on Friday is part of the government's divestment drive to help restrict the fiscal deficit to 5.2 per cent in the year ending March 31, to avoid becoming the first of the BRIC economies to...
07:31 PM, Mar 22, 2013
The much delayed Posco mega steel plant in Odisha's Jagasinghpur district might be commissioned in 2018, the company said on Thursday. "Hoping to get the required land in this year, the first phase 8 MTPA Integrated Steel Plant may get commissioned in the early 2018," a press release issued by Posco-India said. ...
07:20 PM, Mar 21, 2013
The government will sell 240.4 million shares, or a 5.82 per cent stake, in state-owned Steel Authority of India Ltd through an auction on March 22, the steel ministry said on Wednesday. ...
10:00 AM, Mar 21, 2013
An inter-ministerial panel on Wednesday cleared a 10.82 per cent stake sale in steel major SAIL and decided that the issue will hit the markets on Friday, a top Finance Ministry official said on Wednesday. ...
12:10 PM, Mar 20, 2013
Pakistan's Supreme Court on Monday ordered the indictment of former Interior Minister Rehman Malik for contempt of court for interfering in a probe into alleged corruption in a state-run steel firm, after rejecting his mercy plea. A three-judge bench headed by Chief Justice Iftikhar Chaudhry said Malik's response to a contempt of court notice issued to him last year was unsatisfactory. ...
05:04 PM, Mar 18, 2013
The Central Bureau of Investigation has initiated investigations in two cases relating to alleged irregularities in steel major SAIL's corporate social responsibility (CSR) activities, Parliament was informed on Monday. "The CBI has since initiated investigation in two cases relating to irregularities in CSR activities of SAIL," Steel Minister Beni Prasad Verma said in a written reply to the Lok Sabha. ...
04:53 PM, Mar 18, 2013
Odisha government has asked 36 steel companies, including Posco-India and ArcelorMittal, which had signed MoUs to immediately submit their physical and financial progress reports, according to official sources. ...
01:35 AM, Mar 12, 2013
Anti-Posco protesters clashed with the police which left 12 persons injured at a project site village in Odisha's Jagatsinghpur district, while no land was acquired on Thursday. The clash took place during a demonstration by anti-Posco protesters demanding withdrawal of the police force at Mangala Chak in Gobindpur village, which fell within the three kilometer radius, where prohibitory orders were clamped since the death on Saturday of three persons while...
05:50 PM, Mar 07, 2013
A day after three anti-Posco activists were killed while allegedly making bombs, tension gripped the proposed plant site in Jagtsinghpur district on Sunday as police recovered the bodies and materials used for making the explosives. Three persons were killed and another was critically injured in the blast when members of Posco Pratirodh Sangram Samiti (PPSS) were making crude bombs, Jagatsinghpur SP Satyabrata Bhoi said today after reaching the spot. ...
02:46 PM, Mar 03, 2013
Galvanised steel makers like SAIL and Tata Steel will reap benefits with the Budget 2013-14 bringing down export duty on certain items to nil from 7.5 per cent earlier. ...
05:14 PM, Feb 28, 2013
The salary of Lakshmi Mittal, Chairman and CEO of ArcelorMittal, inched up a mere 1.78 per cent at $1.77 million last year, amid the world's largest steelmaker reporting a net loss of $3.73 billion in 2012 due to slump in demand and write downs. ...
04:27 AM, Feb 25, 2013
