T V Narendran, CEO of Tata Steel, stresses the need to be cautious about the increasing steel imports in India.
Tata Sons has sold shares of Tata Consultancy Services (TCS) in a block deal worth around Rs 9,000 crore. This article explores four possible reasons behind this move.
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Tata Steel has proposed a support package of 130 million pounds for workers affected by its transition plan in the UK. The plan includes closing high-emission blast furnaces and coke ovens and shifting to electric arc furnace-based steel making. The company will also commit over 130 million pounds to support the affected employees. This comes in addition to the 100 million pounds funding for the Transition Board set up by Tata Steel with the UK and Welsh governments.
Indian-owned Tata Steel is planning to cut approximately 3,000 jobs at its plant in Wales, as the steel industry continues to face challenges in financing greener production. The company is expected to announce the closure of two blast furnaces at the Port Talbot steelworks, resulting in the loss of over one-third of its workforce. Talks with unions have taken place, and the move is seen as a significant setback.
Tech View: Nifty on Thursday ended 144 points higher and formed a high-wave type candle pattern. Larsen & Toubro raises Rs 1,500 crore through NCDs. US stocks open higher on hopes of the end of Fed’s rate hikes. Oil gains 1% after Fed keeps rates unchanged. Pound rises after Bank of England holds rate steady. Akzo Nobel India reports a 44% increase in net profit. Tata Motors reports Q2 results with a rise in revenue. Adani Enterprises reports a 848% growth in net profit in Q2.
Indian equity indices opened higher for the second straight session on Thursday led by L&T, HDFC Bank and Reliance Industries. The S&P BSE Sensex was trading 145 points or 0.22% higher at 66,264. Nifty50 was trading at 19,755, up 39 points or 0.20% at around 9.16 a.m. Oil prices scaled one-year highs on Thursday, while world stocks eyed their longest losing streak in two years as worries deepened about persistently high interest rates, sending investors to shelter in the safety of a surging U.S. dollar.
