Tata Steel increases stake in New Millennium Capital

Tata Steel Ltd said its subsidiary Tata Steel Global Mineral Holdings has increased its stake to 27.4% from 19.9% in Canada's iron ore explorer New Millennium Capital Corp.

After increasing its stake in New Millennium Capital, Tata Steel is planning to expedite the direct shipping ore (DSO) project.

On Tuesday, Tata Steel’s shares ended 2.2% down at Rs452 on the Bombay Stock Exchange, while the benchmark Sensex closed 1% down at 16,617 points.

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Punj Lloyd wins construction contract worth Rs179.89 crore

Punj Lloyd Ltd said it won a contract worth Rs179.89 crore from Rajiv Gandhi Institute of Petroleum Technology to construct their technical institute at Jais in Rae Bareli, Uttar Pradesh.

The scope of work entails civil, structural and associated work including site development for setting up of Rajiv Gandhi Institute of Petroleum Technology. This involves construction of 27 buildings consisting of administration and library building, auditorium, community centre, lecture halls, commercial centre, staff housing facility, hostels and health care centre over an area of 16 lakh sq ft. The order will be executed over a period of 24 months.

On Tuesday, Punj Lloyd’s shares ended 0.6% down at Rs116 on the Bombay Stock Exchange, while the benchmark Sensex closed 1% down at 16,617 points.

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JSW Steel posts 23% growth in crude steel production

JSW Steel Ltd, belonging to JSW Group, reported a growth of 23% in crude steel production for May 2010 compared to that of corresponding month in the last fiscal year. The company also reported 12% growth in monthly crude steel production sequentially.

The company's crude steel production increased from 4.59 lakh tons in May 2009 to 5.65 lakh tons in May 2010. It also reported a 27% growth in flat rolled products for May 2010 compared to that of corresponding month in the last fiscal year. The company's long rolled products registered a 68% growth in May 2010 compared to that of corresponding month in the last fiscal year.

On Tuesday, JSW Steel shares ended 1.9% down at Rs1,012 on the Bombay Stock Exchange, while the benchmark Sensex closed 1% down at 16,617 points.

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