The decision to spend the money comes on the back of an alliance between the Indian MNC and three major European car manufacturers to understand their requirements for future car models
Tata Steel has drawn up an investment plan of 2.3 million euros (Rs16.5 crore) to develop “next generation” steel for automotive use at its facility at Ijmuiden in the Netherlands. The products will be lighter, stronger and better able to withstand crashes,” the company said in a statement.
Tata Steel said the decision to spend the money comes on the back of an alliance between the Indian MNC and three major European car manufacturers to understand their requirements for future car models.
“This investment comes out of discussions we have been having with some of our automotive customers about their visions for the vehicles of the future,” Tata Steel Europe’s chief commercial officer Henrik Adam said.
Tata Steel said the Ijmuiden facility is the most technologically advanced in the world, combining characteristics of commercial industrial line alongside special research features to control and measure atmosphere, temperature, speed, force, stress and friction.
Finance cost rose to Rs169 crore in the December quarter, up from Rs79 crore in the year-ago period on greater average borrowings
Hindalco Industries’ December 2012 quarter net profit fell 4% to Rs434 crore, year-on-year on higher finance cost, which rose to Rs169 crore from Rs79 crore, y-o-yon account of greater average borrowings.
Sales of the company rose around 4% to Rs6,872 crore on higher volumes in copper businesses.
Copper business contributed Rs4,660.84 crore to the overall income, which is 5% higher, y-o-y.
The company said, with new projects going on-stream in near-term, the company is well poised to take the business to the next level.
Hindalco’s Renukoot and Hirakud smelters which were shut due to environmental concerns, have resumed operations. This development will help boost capacity.
The firm is in an expansion mode with 359 ktpa (kilo tonnes per annum) Mahan Aluminium and Aditya Aluminium smelters and 1.5 million tonne per annum Utkal refinery are likely to be commissioned later this year.
Last month, Hindalco acquired alumina refinery and bauxite mines in Brazil from Novelis as part of corporate re-organisation plan. This will allow the company, with its sole focus on mining and alumina business, to create value out of the moth-balled assets.
Yesterday we asked if a vicious downtrend is in store. That’s how it is shaping up. As a matter of caution, downtrend may get arrested if the Nifty closes above 5,970
The market settled in the red as their quarter earnings of corporates came below expectations and on selling in rate-sensitive sectors. Yesterday we asked if a vicious downtrend is in store. That’s how it is shaping up. As a matter of caution, the downtrend may get arrested if the Nifty closes above 5,970. The National Stock Exchange (NSE) witnessed a volume of 69.88 crore shares and advance-decline ratio of 449:1077.
The market witnessed a minor gap down opening on fresh concerns from Europe as European Central Bank president Mario Draghi on Thursday reiterated that the Eurozone still faced risks in its struggle to improve economic growth in the region. Asian markets were trading higher after China's trade data for January came in better-than-expected, but the gains were capped due to profit-taking ahead of next week's Chinese New Year holidays.
The Nifty opened 10 points down at 5,929 and the Sensex resumed trade at 19,577, a fall of three points from its previous close. The market fluctuated between green and red in early trade.
Select buying in capital goods, auto and consumer durables soon lifted the market higher. The gains helped the market hit its intraday high shortly after 10.30am. The Nifty rose to 5,954 and the Sensex moved up to 19,648 at their respective highs.
However, the benchmarks pared part of their gains as investors resorted to profit booking at higher levels. The market slipped into the negative in noon trade as selling intensified despite a firm opening of the key European indices.
Selling in metal, PSU, realty and auto stocks led the market further southwards in late trade. The market dropped to its low towards the end of the trading session. At the lows the Nifty fell to 5,884 and the Sensex went back to 19,415.
The market settled off the lows on a minor recovery in the closing minutes of trade. The Nifty fell 35 points (0.59%) to 5,904 and the Sensex declined 96 points (0.49%) to finish at 19,484.
The broader indices underperformed the Sensex today as the BSE Mid-cap index declined 0.72% and the BSE Small-cap index dropped 0.95%.
The sectoral gainers were BSE IT (up 0.86%); BSE TECk (up 0.69%); BSE Capital Goods (up 0.48%) and BSE Consumer Durables (up 0.12%). The main losers were BSE Metal (down 1.70%); BSE PSU (down 1.23%); BSE Realty (down 1.19%); BSE Auto (down 1.18%) and BSE Oil & Gas (down 1.14%).
Nine of the 30 stocks on the Sensex closed in the positive. The chief gainers were TCS (up 2.58%); Wipro (up 1.57%); HDFC Bank (up 1.24%); BHEL (up 1.21%) and Larsen & Toubro (up 0.89%). The top losers were Cipla (down 3.34%); Sterlite Industries (down 3.20%); Hindalco Industries (down 3.18%); Maruti Suzuki (down 2.27%) and ONGC (down 2.02%).
The top two A Group gainers on the BSE were—Exide Industries (up 6.01%) and Essar Oil (up 5.35%).
The top two A Group losers on the BSE were—Ambuja Cements (down 5.10%) and Ashok Leyland (down 4.82%).
The top two B Group gainers on the BSE were—Saurashtra Cement (up 19.91%) and TCI Finance (up 18.10%).
The top two B Group losers on the BSE were—Elantas Beck India (down 20%) and 20 Microns (down 19.95%).
Out of the 50 stocks listed on the Nifty, 10 stocks settled in the positive. The major gainers were TCS (up 2.23%); Wipro (up 1.42%); HDFC Bank (up 1.09%); BHEL (up 1.07%) and L&T (up 0.57%). The key losers were Ambuja Cements (down 5.50%); ACC (down 3.67%); Hindalco Ind (down 3.53%); Cipla (down 3.51%) and Reliance Infrastructure (down 3.07%).
Markets in Asia closed mostly higher on optimistic trade data from China. Chinese exports grew 25% in January from a year ago, the strongest showing since April 2011, while imports surged 28.8% on the year. Japan’s Nikkei 225 Stock Average fell 1.80% after Sony posted its eighth consecutive quarterly loss. Concerns about the pace of economic growth in Europe kept a cap on the gains.
The Shanghai Composite gained 0.57%; the Hang Seng rose 0.16%; the KLSE Composite advanced 0.26%; the Straits Times climbed 0.26%; the Seoul Composite surged 0.99% and the Taiwan Weighted settled 0.25% higher. On the other hand, the Jakarta Composite lost 0.26% and the Nikkei 225 tanked 1.80%.
Chinese markets are closed next week for the Lunar New Year holiday, while Hong Kong will resume trading on Thursday.
At the time of writing, the key European indices were trading higher and US stock futures were mostly higher.
Back home, foreign institutional investors were net buyers of shares totalling Rs827.14 crore on Thursday while domestic institutional investors were net sellers of stocks aggregating Rs989.74 crore.
GlaxoSmithKline Consumer Healthcare has expanded its oral healthcare portfolio in India with the launch of gum care toothpaste ‘Parodontax’. The company said the launch would be supported by extensive advertising campaigns across print, television and outdoor platforms. The stock declined 0.61% to close at Rs3,750 on the NSE.
Tata Chemicals is facing liquidity problems as it has pending dues of Rs1496 crore from the government on account of fertiliser subsidies, its chief financial officer said. It is the world’s second largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America. The stock dropped 2.86% to close at Rs353 on the NSE.