Mining in Goa may resume in October: Laxmikant Parsekar
Mining may resume in Goa in October after a gap of nearly three years, Chief Minister Laxmikant Parsekar reportedly told the legislative assembly.
"The state government lifted the temporary ban on iron and manganese ore mining in the state on January 15, 2015. Since all assistance is given by the state government, mining might resume from October, 2015," Parsekar said in a written reply. Mining in Goa was stopped both by the state and the central governments in 2012.
Indian steel industry faces constraints: Sajjan Jindal
Speaking at the company's annual general meeting (AGM), JSW Steel Chairman Sajjan Jindal reportedly said that the Indian steel industry faces constraints such as ease of doing business, land acquisition, environmental clearance and availability of finance at competitive prices.
Jindal added that the unprecedented growth in steel imports in hurting the domestic industry.
"The outlook for the domestic steel industry remains robust and the prospect of capital investments are bright," says Sajjan Jindal at AGM.
JSW Steel eyes to reduce refinance by 1% every year
The leading iron and steel producing company, feels that the demand will accelerate in the second half of the financial year with the price correction measures taken by National Mineral Development Corporation (NMDC).
The company expects that more benefits to come in this quarter with USD 5-6 per tonne reduction in coal prices... Read More
Jindal Saw confident it will maintain performance for next few quarters
Though the company has posted impressive results, they believe that the real push from the economy, when the building of infrastructure starts, is yet to come.
The company attributed the jump in EBITDA margin to its business strategies and focus on operational efficiencies. They are confident to sustain the performance for the next few quarters.... Read More
Govt approves export of iron ore under LTA to Japan and South Korea
Government has approved exports under the Long Term Agreements (LTAs) to Japan and South Korea through MMTC for supplying 16.5 million tonne (MT) of high grade iron ore.
The foreign exchange expected to be earned is around US $311.05 million per annum at current sale prices against export of iron ore under LTAs.... Read More
Lenders approve Electrosteel strategic restructuring
Electrosteel Steels Ltd has announced that the Lenders of the Company has approved in "In principle" the decision for invocation of Strategic Debt Restructuring (SDR) pursuant to RBI Circular dated June 08, 2015.
In the interim, the Bankers/Company would continue to explore the proposals of investment as detailed in our letter dated June 11, 2015. The details as well as the development on the SDR Package and on the investment proposals will be intimated in due course.
Unsold Coal mines attract bids in third round
The third tranche of Coal mine auctions have received bids for several mines which were offered in earlier rounds but failed to find bidders.
Out of 10 mines which were put on the block this time,6 were mines which had been offered earlier but did not attract enough bidders.Mines like Parbatpur Central which could not be sold earlier have received bids from Industry majors like JSW Steel and SAIL. Lloyd Steel and Topworth Urja amongst others have bid for Marki-Mangli-I. Jamkhani, which was withdrawn from the auction last time, has received the highest number of bids at 6.... Read More
Fall in steel prices hurt JSW Steel, posts Q1 cons net loss of Rs.107 crore
JSW Steel Ltd has posted a net profit / (loss) after taxes, minority interest and share of profit / (loss) of associates of Rs. (1068.10) million for the quarter ended June 30, 2015 as compared to net profit of Rs. 6564.90 million for the quarter ended June 30, 2014.
Total Income has decreased from Rs. 133077.40 mn for the quarter ended June 30, 2014 to Rs. 116019.90 mn for the quarter ended June 30, 2015.
Revenues fall marginally, Vedanta Q1 net profit decreases 35.44% to Rs. 866 crore
Vedanta Ltd has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 8659.40 mn for the quarter ended June 30, 2015 where as the same was at Rs. 3755.60 mn for the quarter ended June 30, 2014.
Total Income is Rs. 181648.50 mn for the quarter ended June 30, 2015 where as the same was at Rs. 184884.70 mn for the quarter ended June 30, 2014.... Read More