Weak pricing power and high cost of raw materials may have eroded the profitability of many steel makers in India, some brokerages feel. Despite high cost of raw material, domestic steelmakers are unable to raise prices because of subdued demand. Therefore, analysts expects steel firms to a
Tag: output
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OVL finds oil in Colombia block
ONGC Videsh (OVL), which has 70 per cent participating interest in an onshore oil block at llanos basin of Colombia, said it discovered oil in the block. The firm secured the block in the 2008 bidding round in Colombia with 100 per cent participating interest. Later in 2010, OVL divested the 30 per cent participating interest to Petrodorado
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RIL produces 22.04 mmscmd gas from KG-D6
A report from the Directorate General of Hydrocarbon (DGH) shows that natural gas output from Reliance Industries' KG-D6 field stood at 22.04 million standard cubic meters per day in the week ended December 30, 2012. The output belongs to Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 bloc
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RBI allows Essar Oil to raise $2.2 bn via ECB
Reserve Bank of India (RBI) allowed Essar Oil to mop up a maximum of $2.2 billion through external commercial borrowings in order to repay partially its debt of $2.8 billion. The company is said to be in discussion with banks to raise the amount as it got the required approval. The company. however, has not finalized the amount to be raise
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ONGC expects to produce 29.1 mn t oil in 2013-14
Oil and Natural Gas Corp (ONGC), which expects to produce 27 million tonne of crude oil from its own fields and its share in joint ventures in 2012-13, plans to raise it to 29.1 million tonne in 2013-14. Of the 29.1 million tonne it expects to produce in 2013-14, 25.78 million tonne would come from its own field
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Bhushan Steel about to complete expansion project
Bhushan Steel is reportedly nearing completion of its 3 million tonne (mn t) capacity expansion project at its Odisha plant and the firm expects to begin hot metal production from the new blast furnace by March. Presently, the firm has a production capacity of 2.5 mn tpa (million tonne per annum) and it produces secondary steel products like cold-rolled coils, galvanised coils
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JSW Steel announced 8% rise in output
In October-December 2012, production of crude steel at JSW Steel expanded only 8 per cent to 20.94 lakh tonne because of impediments like shortages of iron ore. In Oct-Dec 2011, the company produced 19.39 lakh tonne (l t) crude steel. But production declined nearly 3.60 per cent from the preceding quarter, when it had produced 21.72 lakh tonne (l t) crude steel
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India’s steel sector fastest growing in the world
The Union Minister of Steel, Beni Prasad Verma congratulated the Indian steel industry on being the number one in terms of growth rate in steel production amongst the top ten steel producing countries. During April - NovemberĆā12, the Indian steel industry achieved a growth rate of 5.36 percent which was the highest in the world
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IIP grows -0.1% in November
The Index of Industrial Production (IIP), which measures output in mining, manufacturing and electricity sectors, contracted 0.1 per cent in November 2012 as against 6 per cent growth in November 2011. In October 2012, the index grew 8.3 per cent on the back of increase in output during festive season. The man
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SAIL produces 10.7 mn t hot metal in 9 months
Production of hot metal stood at 10.7 mn t for Steel Authority of India (SAIL) during April-December (2012-13), while that of crude steel was at 10.09 mn t. Its output increased 2 per cent to 9.25 million tonne (mn t) during this period, over the same period in 2011-12. During the period under review, the company said the rate of growth in the saleable steel production at par with the g