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RINL seeks proposals to fund working capital in exchange for steel supply

In a first, state-owned Rashtriya Ispat Nigam Ltd (RINL) is exploring a business model wherein it will supply finished steel products to companies which will either fund its working capital or supply one or more raw materials. RINL has invited expressions of interest from companies which have interests in steel and steel-making raw materials to partner with it for the supply of steel. In the notice, RINL said that the potential partner may participate by way of supplying one or more key raw materials like coking coal /BF coke, iron ore, and in turn take steel products as per mutually agreed terms and conditions. The potential partner may fund working capital and in turn, take steel products as per mutually agreed terms and conditions. The notice stated that the interested party must be in the business of steel making or raw materials used in the manufacturing of steel. The last date to submit the EOIs is April 15, 2023. The EOIs will be accepted through both physical and online ...

SAIL produces record 18.28 MT crude steel; 19.40 MT hot metal in FY23

State-owned SAIL has produced a record 18.28 million tonnes (MT) of crude steel during financial year 2022-23, registering a year-on-year rise of 5.3 per cent. The production of hot metal also rose by 3.6 per cent to 19.40 MT during the financial year ended March 31. In a statement, the Steel Authority of India (SAIL) said it has achieved the best-ever annual production during FY23. "The company recorded 19.409 MT hot metal and 18.289 MT crude steel production with a growth of 3.6 per cent and 5.3 per cent, respectively over the previous best in FY22," the statement added. The steel giant further said it is continuously ramping up its production over the years with a focus on more value-added and special-steel production. SAIL, under the Ministry of Steel, is the country's largest steel producer with an annual installed capacity of around 20 MT. It has five integrated and three special steel plants across various locations in the country.

PM Modi hails SAIL for its best ever annual production in 2022-2023

Prime Minister Narendra Modi on Sunday hailed the Steel Authority of India Limited (SAIL) for its best ever annual production in the 2022-23 fiscal, and said this shows that not only in steel, but also in every sector the country is moving fast towards self-reliance. In a tweet in Hindi, SAIL said it has achieved its best ever annual production in FY 2022-23. During the period, the company registered a production of 194.09 lakh tonnes of hot metal and 182.89 lakh tonnes of crude steel which was a growth of 3.6 per cent and 5.3 per cent respectively over the previous best, the company said. Tagging SAIL's tweet, Prime Minister Modi said in Hindi on Twitter, "Many congratulations on this wonderful achievement! This production of SAIL shows that not only in steel, but the country is moving fast towards self-reliance in every sector." The prime minister also responded to Goa Chief Minister Pramod Sawant's tweet on the Solar Rooftop Online Portal http://goasolar.in developed by the Goa

Four SAIL projects worth Rs 2,338 cr face delays, says Steel minister

Four projects of Steel Authority of India Ltd (SAIL) worth Rs 2,338 crore are facing delay due to reasons like delayed placement of orders and supply of materials/equipment, Parliament was informed on Monday. However, there is no cost overrun in these projects, Union steel minister Jyotiraditya M Scindia said in a reply to Rajya Sabha. As per the information provided by the minister, SAIL is executing a project of the modification in the washing circuit of CSW plant of Dalli mines at Rs 168 crore in Chhattisgarh and another project is installation of a new sinter plant with an investment of Rs 1,111 crore at its Bokaro Steel Plant in Jharkhand. SAIL is also rebuilding coke oven battery -2 (COB-2) along with augmenting coke handling and gas handling facility with an investment of about Rs 434 crore at its Rourkela Steel Plant in Odisha and rebuilding COB-7 & 8 at Rs 625 crore at Bhilai Steel Plant in Chhattisgarh, he said. "There is delay in projects...mainly on account of poor ...

SAIL-BSP gets licence to produce new grades of wire rods

The High Carbon IS 7904 HC38 & HC 80 grade steel wire rod is high value-added steel developed through SMS 3 - WRM route

Ramkrishna Forgings-Titagarh JV lowest bidder for forged wheels tender

Consortium needs to supply 80K of forged wheels annually over 20-year timeline

SAIL finalising plans to nearly double capacity to 34-35 mt by 2030-31

In next 3-4 years, it will add about 3 mn tonnes by sweating existing assets and debottlenecking, at a likely capex of Rs 10,000-11,000 crore

Stocks to watch: SpiceJet, Bharti Airtel, SAIL, Wipro, Brigade Ent, Mastek

Stocks to watch today: From SpiceJet to Bharti Airtel, here are top stocks to watch in Tuesday's trading session

SAIL-Bhilai receives special quality plates order in Chhattisgarh

The company is also executing export orders for an additional volume of around 10,000 tonnes of plates, which is likely to be completed in February

SAIL's net profit falls by 65% to Rs 542 crore in December quarter

State-owned SAIL on Monday posted around 65 per cent fall in its consolidated net profit at Rs 542.18 crore in the December 2022 quarter, on account of higher expenses. The company had clocked a net profit of Rs 1,528.54 crore in the October-December period of the preceding 2021-22 fiscal, Steel Authority of India Ltd (SAIL) said in a regulatory filing. Its total expenses soared to Rs 24,825.11 crore, compared to Rs 23,209.88 crore a year ago. However, total income also fell to Rs 25,140.16 crore from Rs 25,398.37 crore in the year-ago quarter. In a statement, SAIL said its crude steel production was at 4.708 Million Tonne (MT) during October-December compared to 4.531 MT a year ago. While sales were at 4.151 MT against 3.840 MT in the year ago quarter. "The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers," SAIL said. However, with the government's focus on enhancing capital expend

Govt to initiate closure of SAIL's steel unit in Bhadravathi: MoS Finance

The government has decided to shut SAIL's loss- making Visveswaraya Iron & Steel Plant (VISP) at Bhadravathi in Karnataka, Parliament was informed on Monday. The government had originally planned for privatising VISP and had invited Expression of Interest (EoI) for selling SAIL's 100 per cent stake in the unit in July 2019. However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest. In reply to a question in the Lok Sabha, Minister of State for Finance Bhagwat Karad said the shortlisted bidders had expressed inability to participate in the sale process of VISP. "On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit," Karad said. The Cabinet had in October 2016 cleared strategic disinvestment of SAIL's 100 per cent stake in VISP.

Sensex slips 251 pts ahead of inflation data; SBI, IT shares fall

CLOSING BELL: The NSE Nifty 50 ended 86 points lower; Broader indices log deeper cuts. Adani Group shares fall again.

Bhilai steel plant hits 1 million tonnes plate production mark in FY23

Besides Bharat Heavy Electricals (BHEL), the Indian Railways and two private infrastructure companies had placed bulk orders

Mehul Kothari is bullish on Hind Petroleum, SAIL; check why

According to the technical analyst from Anand Rathi, Hind Petro can surge to Rs 278; while SAIL can advance to Rs 97.

ONGC, Indian Oil, Power Grid, SAIL top profit making PSUs in FY22

The net profit of operating public sector enterprises jumped 50.87% to Rs 2.49 trn during 2021-22, with ONGC, Indian Oil Corp, Power Grid, NTPC and SAIL emerging as the top five performers

Jefferies turns 'positive' on Indian metals on easing Covid curbs in China

The change in stance comes after almost a year of cautionary view. The Nifty Metal index advanced over 2 per cent while shares of Tata Steel surged nearly 6 per cent

SAIL sends 4k tonnes TMT bars for bullet train project in Chhattisgarh

The fresh TMT bars are 9 metres in length and 16 mm in diameter. These were produced at the plant's modern Bar and Rod Mill, which has so far supplied more than 3,000 TMT bars

Steel stocks firm after export duty removal: GPIL, SAIL climb up to 19%

According to analysts at ICICI Securities, the removal of export duty augurs well for domestic steel players over a longer term horizon

SAIL turns red with Rs 329 cr Q2 loss, expenses surge to Rs 27,200 cr

State-owned Steel Authority of India Limited (SAIL) on Thursday slipped into red posting a consolidated loss of Rs 329 crore during the quarter ended on September 30, 2022. It had clocked Rs 4,338.75 crore net profit during the July-September period of the preceding fiscal, SAIL said in a BSE filing. The company has also reported a fall in its total income at Rs 26,642.02 crore from Rs 27,007.02 crore in the same quarter a year ago. Its expenses increased to Rs 27,200.79 crore as against Rs 21,289 crore in the year-ago period. SAIL has also reported a fall in its crude steel output as well as sales. Its crude steel output fell to 4.30 million tonnes (MT) during the quarter under review from 4.47 MT in July-September period of FY22. Sales shrunk to 4.21 MT from 4.28 MT a year ago. A query seeking chairman's comments on the company's financial and operational performance during the September quarter remained unanswered. SAIL, under the Ministry of Steel, is the country's largest s

SAIL crosses Rs 10,000 cr procurement mark on GeM portal since inception

Steelmaker SAIL on Thursday said it has made procurement worth Rs 10,000 crore through the Government-e-Marketplace (GeM) since the inception of the portal. The portal was launched on August 9, 2016. Presently more than 7,400 products in about 150 product categories and hiring of transport service are available on it. GeM is a completely paperless, cashless and system-driven e-marketplace that enables procurement of common-use goods and services with minimal human interface. In a statement, SAIL said, "it has become the first Central Public Sector Enterprise (CPSE) to achieve the major milestone of procurement value of Rs 10,000 through GeM since inception". From Rs 2.7 crore in FY 2018-19, the total value of procurement from GeM has already crossed the Rs 10,000 crore mark this fiscal, Steel Authority of India Limited (SAIL) said. SAIL did not share information with respect to items purchased through the government portal. The steelmaker, under the Ministry of Steel, is the coun