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Nifty at 5277; weighed down by banks, metal, IT

Nifty at 5277; weighed down by banks, metal, IT

MUMBAI: Equities declined further as investors pressed sales on increasing weakness in Asia. Banking, metal, IT, and realty weighed heavily on the indices, while healthcare and consumer durables stood ground. Indices had opened the session lower tracking decline across US, Europe and Asia. Thursday, US markets fell as investors weighed economic [...]

Chinese steel mills may raise export prices on export rebate withdrawal – 25 Jun, 2010

Chinese steel mills may raise export prices on export rebate withdrawal – 25 Jun, 2010

According to the announcement of China’s Ministry of Finance, the export tax rebate of 406 commodities, including steel, medicine, chemicals and metals will be cancelled from the 15th of July. Insiders expect that the cancellation will force Chinese steel mills to raise export prices. In Chinese steel industry, iron ore is imported from [...]

Tata Steel to sell stake in Tata Refractories

Tata Steel to sell stake in Tata Refractories

Tata Steel is scouting for a strategic partner to sell stake in it’s subsidiary Tata Refractories, sources said. Tata Steel has appointed Enam to look for a refractory player to sell up to 50% stake in the company, Tata Refractories, in which Tata Steel owns 71.2% stake. Tata Refractories is valued at around Rs 800 crore.. Tata Steel is in [...]

ArcelorMittal sees slower steel demand in 2nd half

ArcelorMittal sees slower steel demand in 2nd half

ArcelorMittal (ISPA.AS), the world's largest steel maker, said on Tuesday apparent and real demand for steel remains positive in the second quarter in the United States and Europe but would be slower in the second half of the year. Lakshmi Mittal, chairman and chief executive of ArcelorMittal, said at American Metal Market's 25th Steel Success [...]

Sensex opens flat; L&T, Jindal Steel, Tata Steel, HUL shine

Sensex opens flat; L&T, Jindal Steel, Tata Steel, HUL shine

At 09.09 hrs IST, the Nifty opened on a flat note on the expiry day. Analysts expect less volatility in the largecaps on the expiry day and it may turn out to be a quiet trading session for the benchmark indices. Consumer durables, capital goods, metal, pharma and auto stocks saw some bit of buying in the opening trade. IT and telecom stocks [...]

How will China’s VAT levy impact Indian steel cos?

How will China’s VAT levy impact Indian steel cos?

China's Ministry of Finance has eliminated the value-added tax rebate on certain export steel products. It has withdrawn the 9% and 13% export rebate on HRC steel and cold-rolled coils with effect July 15. Primarily, the rebate has been withdrawn on flat products and long products. The rationale behind eliminating VAT is to curb excessive [...]

Nifty trades above 5300; L&T, Jindal Steel, HCL Tech dip

Nifty trades above 5300; L&T, Jindal Steel, HCL Tech dip

At 12.48 hrs IST, the Nifty was trading choppy ahead of expiry tomorrow. The Nifty was hovering around 5300 mark with marginal loss of 5 points. Buying was seen in pharma, auto and telecom stocks. Selling pressure was seen in capital goods and banking stocks. The Sensex was down 50.68 points or 0.29% at 17699.01, and the Nifty was up 0.60 [...]

Slower steel demand expected in 2nd half: ArcelorMittal

Slower steel demand expected in 2nd half: ArcelorMittal

Apparent and real demand for steel may remain positive in second quarter in the United States and Europe but may become slower in the second half of the year due to the seasonal reasons, Lakshmi Mittal, chairman and chief executive of ArcelorMittal was quoted as saying. European customers are taking a wait-and-see approach so inventory levels [...]

Indian stocks down 0.44%

Indian stocks down 0.44%

The Indian main stock index Sensex declined 78.75 points or 0.44 percent in the early trading session Tuesday with the receding of optimism on anticipated stronger Chinese yuan. The index opened at 17,868.12 points, 8.43 points lower from the previous close of 17,875.55 points. Metal, IT and technological sectors headed the loss dropping 1. [...]

Biggest challenge for new SAIL chief is to cut costs

Biggest challenge for new SAIL chief is to cut costs

A change of guard in a leviathan of industry operationally as complex as Steel Authority of India Ltd is necessarily fraught with risk. It is more so when the government considers it wise to allow lateral entry into the hallowed corner room. In this particular case, the compulsion to bring someone from outside as chairman was because the [...]

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