Rakhi Mazumdar

  • JSPL reports a 45% drop in net profit in Q3FY20

    JSPL reports a 45% drop in net profit in Q3FY20

    On a consolidated basis, JSPL reported a net loss of Rs 219 crore in Q3FY20 against a net loss of Rs 87 crore in the same period last year. Consolidated turnover went down to Rs 9,300 crore during the quarter against a turnover of Rs 9,566 crore in the previous corresponding quarter.

    Budget 2020: ISSDA seeks nil duty on import of key raw materials

    Budget 2020: ISSDA seeks nil duty on import of key raw materials

    ISSDA also urged the government for simultaneous imposition of 12.5% custom duty on stainless steel flat product imports in order to bring it at par with carbon steel. The association has also sought abolition of 7.5% import duty on graphite electrodes, another major raw material for stainless steel manufacturing, an official statement said.

    Dharmendra Pradhan to inaugurate an integrated steel hub

    Dharmendra Pradhan to inaugurate an integrated steel hub

    Government estimates suggest capacity addition in the steel hub would entail capital investments of over $70 billion and lead to an incremental Gross State Domestic Product of over $35 billion through steel alone, besides creating over 2.5 million jobs across the steel value chain in the region, an official statement from the steel ministry said.

    Arcelor Mittal’s Essar Steel buy may not severely hit other players

    Arcelor Mittal’s Essar Steel buy may not severely hit other players

    Arcelor Mittal’s debut in steel industry through acquisition of Essar Steel will raise the competition in the domestic steel sector. Nevertheless there is still headroom for steel companies to increase capacities with consumption demand tipped to grow at 6-7%. Ind-Ra said continued regulatory support is critical to protect local steel players against the threat of imports.

    NMDC Ltd reports 3.8% increase in iron ore sales

    NMDC Ltd reports 3.8% increase in iron ore sales

    The state-run miner posted a marginal 0.7% rise in production of iron ore up to the month of December 2019 (Apr-Dec' 2019) at 22.01 mt, compared to a production of 21.85 mt in the same period last year.

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