"Hans van den Berg, in his current role as vice-chairman of the Board of Management of Tata Steel Netherlands, will take over tasks from Theo Henrar as of 1 June," a spokesperson for Tata Steel Europe told ET. "There is no decision yet who will be the new chairman of this Board of Management," the official added.
AAI vice-chairman Rahul Sharma said in an official statement that the association feels it is apparent that price of solar RECs in the last one year have shot up by more than 125% from Rs 1000/MWhr to Rs 2250/MWhr, resulting in an additional burden of Rs 1.25/kwh of RE energy compliance for all consumers.
The company said this while sharing its outlook for domestic steel demand in the coming months, even as it reported a standalone EBITDA at Rs 1,562 crore during Q4FY20, a rise of 8% QoQ.
Several other manufacturers too said that even if there was an eventuality of employees testing positive, they will follow the standard operating procedures (SOP) and inform the local authorities, but production will continue.
After hitting a historic low in April, domestic steel demand is only expected to climb back to 25-30% of normal levels this month.
After hitting a historic low in April, domestic steel demand is only expected to climb back to 25-30% of normal levels this month. While demand across the country had shrunk in the aftermath of the first three phases of the lockdown, business is expected to revive toward the latter half of the financial year.
HZL, the largest domestic zinc company, posted a 33.4 % decline in net profit to Rs 1,339 crore for the quarter ended March 31 against a net profit of Rs 2,012 crore in the previous corresponding quarter, according to an official notification to the BSE on Thursday.
Companies are taking all possible precautions to minimise the impact of the cyclone on their units. On high alert are districts like Jajpur, part of Odisha's steel belt, which includes Tata Steel’s 3 million-tonne steel plant at Kalinganagar, and petrochemicals hub like Paradeep and Haldia where Indian Oil Corporation has large refineries.
Oommen's appointment comes in the wake of the recent resignation of T V Narendran, managing director of Tata Steel from the position of President, Indian Steel Association.
The debt-financed transaction will further weaken Vedanta's consolidated credit metrics.
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