Tata Steel, which has been sourcing consumables from China, has started placing orders for materials in alternative markets in the wake of coronavirus outbreak in the neighbouring country
Indian steel majors have raised the price of steel between Rs 500 and Rs 800 a tonne in the wake of higher input costs and shortage in the international markets as coronavirus have hit China's steel production.
Tata Steel on Friday reported a consolidated net loss of Rs 1,228.53 crore for the quarter ended on December 31, 2019, mainly due to lower sales and impairment provisions for its European operations
Tata Steel has featured among India's Best Workplaces in Manufacturing 2020 for creating a Great Place to Work for all the employees and building a high-trust, high-performance culture, imbibing aspects of credibility, respect, fairness, pride, and camaraderie.
Tata Steel on Monday said it has introduced a new human resource policy that enables its employees from the LGBTQ+ community to declare their partners and avail all HR benefits permissible under the law. With its vision to provide equal opportunity to the employees, it has been an endeavour of the company to create an enabling workforce for all diverse groups, respecting and embracing the differences in the individuals, the steelmaker said in a statement.
After hitting its life-time high, the 30-share index pared some gains to trade 52.93 points, or 0.13 per cent, higher at 41,073.54 in morning session. Similarly, the broader Nifty touched an all-time high of 12,138.30 before slipping slightly to quote 11.30 points, or 0.09 per cent, up at 12,112.
Tata Steel Europe said it had begun consultations with the European Works Council (EWC) on Wednesday on restructuring plans for its business, which would include up to 3,000 job losses – 1,000 of which will be in the UK.
The Indian steel giant said it plans to lower employment costs with the "estimated reduction" in employee numbers, about two-thirds of which are expected to be office-based white-collar roles – a majority expected at its Netherlands unit.
Tata Steel's European arm is planning to cut jobs in the continent amid challenging market conditions, a source in the know of the matter said.
Despite a decline in revenue, which was hit by falling prices and plunging demand, Tata Steel on Wednesday reported a 5.9 per cent rise in consolidated net for the September quarter this year at Rs 3,302.31 crore.
Tata Steel has deployed women mining engineers at its Noamundi mine in Jharkhand in all shifts, according to a company release. The company has recruited 10 women officers from across disciplines including mining, electrical, mechanical and mineral processing, it said.
Domestic equity benchmark BSE Sensex rebounded by nearly 300 points in early trade on Wednesday, led by gains in index heavyweights RIL, HDFC and Infosys, amid positive cues from other global markets.
Tata Steel is seeking the consent of shareholders for reappointment of Narendran as CEO and MD for a period of five years with effect from September 19, 2018, not liable to retire by rotation, it said.
The European Commission was forced to block a proposed merger between Indian steel major Tata Steel and German giant ThyssenKrupp over concerns that it would have led to a spike in the metal's prices.
The 30-share index was trading 152.41 points or 0.39 per cent higher at 38,883.27, and the NSE Nifty rose 50.90 points or 0.44 per cent to 11,692.70.
According to the agency's report, Pandey immediately escaped from the site after the shooting incident, while the victim died on his way to the hospital.
Tata Sons and Tony Fernandes-owned AirAsia Bhd hold a 49 per cent stake each in the airline, while the remaining 2 per cent is held by Tata veterans S Ramadorai and R Venkataramanan.
Tata Steel, in a release, said it has executed definitive agreements for acquisition of the steel business of UML through a slump sale on a going concern basis.
Bhushan Steel is the first to emerge successfully from insolvency and bankruptcy process among the initial dozen big defaulters under a law enacted for quick recovery and settlement of assets.
Tata Steel on Friday said it has been declared the successful "resolution applicant" by the Committee of Creditors (CoC) of Bhushan Steel Ltd (BSL).
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