Skip to main content

Essar Steel raises prices

Two major Indian steelmakers — Jindal Steel & Power Ltd. and Essar Steel Ltd.– have raised product prices by 1,000 rupees a ton ($18) a metric ton this month despite sluggish demand, as raw material costs remain high, executives of both these companies, who didn’t wish to be named, said Monday.
Jindal Steel and Power produces mostly long products used in the construction sector, while Essar Steel makes flat products used in making automobiles, machineries and consumer durables.
India’s steel demand slowed to 3.9% in the first nine months of the financial year that began April 1, due to weaker growth in industrial output.
As a result, at least two large steel companies–state-run Steel Authority of India Ltd. 1.67% and JSW Steel Ltd. haven’t raised prices since January.
Steelmakers said it is tough to predict if they will raise prices next month, as the federal government will present its annual budget on Feb. 28.
The budget could alter the pricing structure of steel, in case there is any increase or reduction in taxes on raw materials, or imported steel and scrap products. Tight secrecy around budget proposals in India makes it impossible for industry executives to gauge what kind of tax changes are being planned for their sector.


Sandip Ginodia
We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .


For more info and regular updates about unlisted shares and the stock market :
Follow our blog : www.abhisheksecurities.blogspot.in .
Like us on facebook : www.facebook.com/abhisheksecurities1 


Labels:

Comments

Post a Comment

Please leave your name and email id along with the comment .
Get the updates from this blog direct to your inbox . Fill in your email id on the home page.

Popular posts from this blog

HDFC Life inks distribution tie-up with Catholic Syrian Bank

HDFC Life  has entered into a  bancassurance  (the selling of life assurance and other insurance products and services by banking institutions) tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers. HDFC Life will offer its leading range of individual life insurance, health and pension products to the Catholic Syrian Bank’s  1.5 million  customer base across all its branches over a period of time. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com
1 comment
Read more

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p...
10 comments
Read more

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to  working conditions  for their gig  workers , according to a report released Wednesday. While  Swiggy ,  Zomato  and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings  2020: Labour Standards in the Platform Economy’  showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in ...
Post a Comment
Read more