SAIL had raised prices of flat products by Rs500 per tonne and does not see any further rise in steel prices

Steel Authority of India Ltd (SAIL) on Thursday said that steel prices should stabilise at current levels after hikes in recent months, reports PTI.

"Prices have been raised and we don't see any further rise in steel prices," SAIL’s chairman and managing director SK Roongta said on the sidelines of an international conference on the refractory industry.

On 2nd February, SAIL had raised prices of flat products by Rs500 per tonne.

Recently, Tata Steel's managing director, HM Nerurkar, had also indicated that steel prices were likely to stay stable till March. "Prices of long products had risen sharply in December after which there was some correction and we don't see prices going up again," he said.

Meanwhile, Mr Roongta said that SAIL's 50:50 joint venture with Tata Steel, S&T Mining, had been shortlisted by Coal India Ltd.

"Coal India had invited an Expression of Interest and our joint venture, S&T Mining, has been short listed," Mr Roongta said.

SAIL and Tata Steel had formed the joint venture in 2008 with an aim to scout for and develop coal mines to secure a key energy source for their existing and planned steel capacities.

When asked about International Coal Ventures, the special purpose vehicle formed by several state-run units to acquire coal properties abroad, Mr Roongta said that it had made little progress till date.

However, he said, SAIL had not yet made any decision to exit the venture.
 

The Supreme Court of Israel has ruled that Sun Pharmaceutical Industries may not exercise a warrant to purchase additional Taro shares while a previously-ordered temporary injunction remains in effect

Israeli drug company Taro Pharmaceutical, which is fighting a takeover battle with Mumbai-based Sun Pharmaceutical Industries Ltd (Sun Pharma), on Thursday said that the Supreme Court of Israel has debarred the Indian company from acquiring further stake in Taro, reports PTI.

"The Supreme Court of the State of Israel has ruled that Sun Pharmaceutical Industries may not exercise a warrant to purchase additional Taro shares while a previously-ordered temporary injunction remains in effect," Taro Pharmaceutical said in a statement.

Sun Pharma is the single-largest shareholder in Taro with 36% stake and it has been trying to take control of the company ever since their $454-million merger deal of 2007 was unilaterally terminated by the Israeli company a year later. After this, both companies had filed cases against each other and the matter is pending in the Supreme Court.

Sun Pharma had launched an open offer for acquiring additional shares of Taro in 2008. The open offer was challenged in the Supreme Court, which prohibited the Mumbai-based company from closing the offer until the court gave a ruling in other cases related to takeover.

Taro said that in December 2009, Sun attempted to exercise a warrant to purchase approximately 3.7 million additional Taro shares at a price of $6 per share.

Taro alleged that the purchase of share through warrants was violation of the court order, which is to maintain the status quo.

Sun asked the apex court to rule that the temporary injunction does not prohibit the exercise of the warrant, which was not accepted by the court.

"In its decision, the Supreme Court ruled that the purpose of the temporary injunction is to maintain the status quo until a judgment on the appeal is rendered and prohibited Sun from exercising the warrant," Taro said.

Taro voluntarily agreed to grant an appropriate extension to the term of the warrant in the event that the court decides the appeal after expiration of the warrant, it added.
 

When you’re on your way out of a job, there’s a lot of fun ways to exit. Some choose to take all the staplers in the office, some show up to the last day in shorts, some pull a Jerry Maguire. And some tweet out a haiku.
That’s exactly what Sun Microsystems CEO Jonathan Schwartz did tonight. Here’s his tweet:

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