Tata Steel has spent less than half of the capex planned for ongoing 2022-23 fiscal year, its CEO T V Narendran said. The company had planned Rs 12,000 crore of capex for the year, of which about Rs 8,500 crore was for India and the balance for Europe. "We have spent a little less of the 50 per cent (of the planned capex) till now," Narendran told PTI in reply to a question related to capital expenditure plan for FY23. For September quarter, Tata Steel reported 90 per cent drop in consolidated net profit to Rs 1,297 crore as against Rs 12,547.70 crore in the year-ago period. In India, Tata Steel acquired Odisha-based steel maker Neelachal Ispat Nigam Ltd (NINL) for Rs 12,000 crore in a bidding process in July. In the UK, the company is seeking 1.5 billion pounds from the UK government to execute its decarbonisation plans. Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. Narendran h
Profits down 91% in Q2, driven by margin contraction because sales realisation did not keep pace with rise in expenses
Irani transformed Tata Steel totally to make it the world's lowest-cost steel producer by 2001, completely revamped technology and used his phrase "Customer Har Haal Me" to augment user delight
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MARKET WRAP: Pharma, power and IT stocks were the major gainers in trade on Tuesday, while index heavyweight Reliance Industries and select banking shares ended on a tepid note.
A part of Tata Steel for over four decades, Jamshed J Irani was a tall name in the metal industry in India
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Jamshed J Irani, known as the steel man of India, died in Jamshedpur late Monday night, Tata Steel said. He was 85. Irani was associated with Tata Steel for over four decades. He retired from the board of Tata Steel in June 2011, leaving behind a legacy of 43 years, which won him and the Company international acclaim in various fields. Born on June 2, 1936 in Nagpur to Jiji Irani and Khorshed Irani, Dr Irani completed his BSc from Science College, Nagpur in 1956 and MSc in Geology from the Nagpur University in 1958. He then went to the University of Sheffield in UK as a J N Tata scholar, where he secured a Masters in Metallurgy in 1960, and a PhD in Metallurgy in 1963. He started his professional career with the British Iron and Steel Research Association in Sheffield in 1963, but always yearned to contribute to the Nation's progress. He returned to India to join The Tata Iron and Steel Company (now Tata Steel), as it was then known, in 1968, and joined the firm as Assistant to th
Revenues from operations at Rs 59,877.52 crore was marginally down from Rs 60,387.13 crore in the year-ago period
Tata Steel's future course of action with respect to its UK business will be based on the British government's response to the company's proposal seeking financial support to sustain the business there, CEO T V Narendran said Monday. Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company is seeking 1.5 billion pounds from the UK government to execute its decarbonisation plans. On a conference call, Narendran said, "Obviously plans are being made in case we don't get the support that we seek form the (UK) government, but it's too early to talk about (it), but again a lot of conversations are going on internally to how we plan for all situations." He made the remarks in reply to a question on the company's plan in case the UK government does not accept the Tata Steel's proposal. Tata Steel is seeking support from the UK government in two forms. In policy terms by encouraging the .
Domestic steel giant Tata Steel on Monday reported a nearly 90 per cent drop in consolidated net profit to Rs 1,297 crore for the July-September quarter of 2023-23, dragged by higher expenses. The company's net profit stood at Rs 12,547.70 crore in the corresponding period of the previous financial year, Tata Steel said in a BSE filing. Its total income during July-September 2022 stood at Rs 60,206.78 crore as against Rs 60,657.98 crore in the year-ago period. The firm's total expenses rose to Rs 57,684.09 crore from Rs 47,239.63 crore earlier. Homegrown Tata Steel is among the top steel producers in the world.
CLOSING BELL: The Financial Services, IT, Pharma, Auto, and Consumer Durable indices gained over 1 per cent each, while others added up to 1 per cent
A strengthening rupee further bolstered sentiment, even as relentless foreign capital outflows restricted the gains, traders said.
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Tata Steel has inked an agreement with American carmaker Ford to supply "zeremis green steel" from its Netherlands-based IJmuiden plant after the unit shifts to hydrogen-based steel making. In Europe, Tata Steel is working to switch to low-carbon technologies to manufacture steel in the UK and the Netherlands. The company's both businesses Tata Steel UK and Tata Steel Nederland have been developing detailed plans for transition to low CO2 technologies in line with the company's goal to produce CO2-neutral steel by 2050 in Europe, company's CEO & MD T V Narendran and Executive Director and CFO Koushik Chatterjee earlier said. "Tata Steel Nederland has signed a memorandum of understanding with Ford in Europe to supply the carmaker with Zeremis green steel once the IJmuiden steelworks switches to green hydrogen-based steelmaking," a statement said. The agreement makes Ford the first customer committed to offtake the green steel that Tata Steel plans to produce via the hydrogen route,
Tata Steel's Dutch arm plans to supply Ford plants in Europe with "green" steel after 2030, under a preliminary agreement reached by the two companies on Tuesday
Britain said on Monday it was in talks with steel makers, including British Steel, owned by China's Jingye Group, and India's Tata to help secure the industry's long-term future
Stocks to watch today: Electronics Mart will make its debut on the bourses today. As per IPO Watch, the company could list with a healthy premium of up to 50% over issue price of Rs 59 apiece
Homegrown steel major Tata Steel is actively engaged with the UK government for financial support for its business there, a company spokesperson said on Friday, amid reports of the Tatas looking to divest their steel business in the UK. "Tata Steel is seeking support from the UK government in two forms. In policy terms by encouraging the transition to green steel and ensuring a cost competitive landscape, and partnership in financing of the project given the size of investment and the financially constrained position of our UK business," the spokesperson told PTI. The company at present is in active and detailed discussions with the UK government with relation to the future of the business. Currently, it is not in discussions with any potential buyers for the UK business, the spokesperson added. Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company is seeking 1.5 billion pounds
Tata Sons is considering Tata Steel's exit from its UK operations because of the absence of support from the British government for transition to green energy