At a pre-Budget meeting with Finance Minister P Chidambaram, several banks have sought full deduction for income-tax purposes on the provisions made by them for bad and doubtful debts. If the request is accepted by the government, it would benefit banks in a big way at a time when non-perfo
Author: admin (Infratructure Today)
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ArcelorMittal to resume operation at blast furnace
According to a foreign newspaper, ArcelorMittal may resume operation at its second blast furnace in Dunkerque, France from mid January after it remained shut since August. The company originally shut down the blast furnace for maintenance but kept it closed owing to low demand. According to the firm, steel demand in Europe decli
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Steel firms may face ore shortage
Ratings agency India Ratings warned that domestic steel makers may continue to face inadequate availability of domestic iron ore in the short-to-medium term and may have to import for meeting their requirements. The agency feels that the domestic iron ore mining industry is undergoing a difficult phase given regulatory inter
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Promoter firms offload 6.38% stake in JSW Ispat
Through both off and on market transactions, 10 promoter group companies of JSW Ispat Steel offloaded 6.38 per cent stake in the firm for Rs 174.47 crore, according to a communication to the stock exchange. All the 10 promoter firms belong to Pramod and Vinod Mittal or their families, which held less than 20 per cent
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VSP’s sales may suffer due to power shortage
TK Chand, director (commercial), of Visakhapatnam Steel Plant (VSP) informed that the shutdown of many steel rolling mills in Andhra Pradesh would affect the sale of VSP in 2012-13. It is learnt that about two-thirds of the steel rolling mills in the state are shut while production in the remaining mills dropped by more than 50 per cent because of acute powe
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Investment in infra holds key for steel demand
Experts and industry bodies feel that steel demand may not pick up in the country unless the government realises its targeted investment of $1 trillion in infrastructure sector during 2012-17 (12th five-year plan). In order to attain this target, government must address regulatory hurdles, delays in project execution, amo
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Weakness in rupee may hit margins of steel firms
Credit ratings agency India Ratings expects the margins of firms producing flat steel through the blast furnace route to come under pressure if the rupee depreciates further against dollar. Therefore, the agency expects profit margin of these producers to remain under pressure in 2013, even after effec
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JSW Steel yet to sign final pact on steel project
JSW Steel is reportedly dragging its feet in signing a final development agreement with the state government for its proposed 10 million tonne (mn t) steel plant at Salboni, West Bengal. Once the agreement is signed, the company will be given a definite timeframe to commission the plant in the s
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Ore price rises on expectation of supply disruption
Since early December, the price of spot iron ore rose around 33 percent and it is said to be trading almost at a 15-month high because of expectation of supply disruption. Traders expect that iron ore export from Australia, leading ore exporter, may be affected by the upcoming cyclo
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JSW Steel to benefit from merger of JSW Ispat
JSW Steel Chairman Sajjan Jindal expects a lot of synergy in operation and economies of scale from the merger of JSW Ispat with itself. The company could implement brown-field expansion at Vijayanagar in Karnataka and Dolvi in Maharashtra, Jindal said