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Accountant general (audit) releasing the CAG reports in Bhubaneswar on Tuesday. The Comptroller and Auditor General (CAG) of India has pulled up the Odisha government for inefficiency in revenue realisation from state public sector undertakings (SPSUs), leading to non-remittance of over Rs 5,000 crore. As per the latest CAG report on state finances for 2024-25, tabled in the Assembly on Tuesday, as many as 27 SPSUs failed to remit Rs 5,146.76 crore in dividends despite reporting profits, in vi ...Read More >
Top iron ore miner Vale SA (NYSE: VALE) is aiming to boost its business in India by ramping up shipments to the country and seeking to trade its ore globally, tapping into one of the world's fastest growing steel markets. "India could be an opportunity not just for sales, but also to source iron ore, blend it and trade it -- finding better markets for their product," Commercial Executive Vice President Rogerio Nogueira said in an interview. The world's most populous nation has been a bright sp ...Read More >
NEW DELHI, March 27 (Reuters) - India will hold talks with Argentina, Indonesia and Oman next month as it seeks to boost supplies of steelmaking raw materials such as coking coal and iron ore, and access technology, two sources with direct knowledge told Reuters. The talks are expected to begin next month at a global steel summit, described by the Indian government as the country's largest international conference-cum-exhibition, said the sources who did not wish to be identified as the plan wa ...Read More >
Operatives of the National Drug Law Enforcement Agency have intercepted a large consignment of cocaine concealed in the heads of imported dry stock fish, popularly known as "Okporoko," and arrested a suspected kingpin involved in trafficking the illicit substance to India. The agency said the seizure followed intelligence on the syndicate's trans-border criminal activities, which prompted a coordinated sting operation by operatives of the Murtala Muhammed International Airport Strategic Command ...Read More >
The demerger is designed to create independent, sector-focused companies with their own balance sheets and leadership teams. Management believes that this will allow each business to pursue tailored growth strategies, attract specialised investors and be valued more accurately by the market. The approval by National Company Law Tribunal (NCLT) of Vedanta Ltd's long-awaited demerger plan on Tuesday, marks a defining moment for one of India's largest natural resources conglomerates. The tribunal' ...Read More >
MUMBAI : ArcelorMittal Nippon Steel India Ltd (AMNS India) has set an ambitious expansion roadmap for the rest of the decade, targeting 25-26 million tonnes of steelmaking capacity by 2030, its chief executive Dilip Oommen said in an interview. "By 2030, we will have at least 25-26 million tonnes. It could be a little more or less. It's simple math: Hazira plus Rajayepeta," he said. The 60:40 joint venture between Lakshmi Mittal-led ArcelorMittal and Japan's Nippon Steel, which has a capacity ...Read More >
Tata Steel shares: The company announced plans to boost domestic capacity by nearly 50%, including a 4.8-million-tonne addition, aimed at strengthening market leadership and securing long-term raw material supplies. Tata Steel shares are expected to be in focus on Monday, December 15, following the company's recent announcements related to large-scale capacity expansion in India and efforts to secure long-term raw material supplies. The steelmaker is planning to increase its domestic production ...Read More >
New Delhi, Dec 15 (PTI) India's exports rebounded by 19.37 per cent to USD 38.13 billion in November after contracting in October, driven by higher shipments of engineering and electronics goods that helped bring down the trade deficit to a five-month low of USD 24.53 billion. According to government data released on Monday, the country's imports dipped by 1.88 per cent to USD 62.66 billion due to a fall in the inbound shipments of gold, crude oil, coal, and coke during the month under review. ...Read More >
The company is increasing its stake in an Australian coking coal asset and acquiring a project in Mozambique. Domestically, JSW Steel is expanding iron ore mining in Karnataka and Goa. New mines are set to begin production soon. JSW Steel is ramping up efforts to enhance its in-house raw material availability through a mix of domestic expansion and strategic offshore acquisitions, Joint Managing Director and CEO Jayant Acharya has said. "We continue to strengthen that piece through a well-dive ...Read More >
India's largest iron ore producer, NMDC, had previously reset the prices of the key raw material of steel on August 1 to ₹6,100 for Baila Lump and ₹5,250 for Baila Fines. State-owned miner NMDC has reduced iron ore prices by ₹550 per tonne of Baila Lump and by ₹500 for the same quantity of Fines effective October 22. Revising the prices after almost three months, the company said the new, per tonne price of Baila Lump is ₹5,550, while that of Baila Fines is ₹4,750. These are FOR pri ...Read More >
Panaji: State govt has announced that it will engage a third party to evaluate the grade of freshly extracted iron ore at mines, aiming to collect accurate royalty and premium on the average sale price determined by the Indian Bureau of Mines (IBM). This decision comes as the directorate of mines and geology (DMG) currently lacks a laboratory to assess ore grades.Director of mines and geology, Narayan Gad, said the IBM fixes different prices for iron ore grades ranging from 45Fe to 51Fe. He adde ...Read More >
Fortescue reported a 4% rise in first-quarter iron ore shipments and said it has revised plans for its Australian hematite mining operations that includes a new, low-grade product and is aimed at keeping a lid on costs. Fortescue, the world's fourth-biggest iron-ore producer, said it shipped 49.7 million metric tons of the steelmaking ingredient in the three months through September. That compared to 47.7 million tons in the same period a year earlier, and is a record for a first fiscal quarter ...Read More >
New Delhi: State-owned NMDC on Wednesday said it has slashed prices of iron ore lump and its fines by Rs 550 and Rs 500 per tonne, respectively, with immediate effect. It has fixed the price of lump ore at Rs 5,550 per tonne and fines at Rs 4,750 a tonne, the country's largest iron ore miner said in a regulatory filing. Lump ores or high-grade iron ores contain 65.5 per cent iron content, while fines are inferior-grade ores with 64 per cent or less iron content. In the last price revision annou ...Read More >
Kolkata: Shyam Metalics and Energy Limited (SMEL) is targeting a 2.5 times increase in revenue to reach Rs 40,000 crore by 2031, driven by capacity expansion, product mix enhancement and export diversification. One of India's leading integrated metal producers, SMEL also aims to expand its aggregate capacity from 15 million tonnes to 27 million tonnes in the next six years, the company said in a BSE filing on Thursday."The growth programme is expected to create over 10,000 new direct and indirec ...Read More >
BENGALURU: The Directorate of Enforcement (ED), Bengaluru Zonal Office, on Thursday conducted searches at 20 premises located in Bengaluru, Hosapete, and Gurugram in Haryana in connection with the alleged illegal iron ore export through the Belekeri port, the ED stated in an official release. The investigation under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, has been initiated based on the FIRs registered and charge sheets filed by the Central Bureau of Investigation ...Read More >
Bengaluru, Oct 17 (SocialNews.XYZ) The Enforcement Directorate (ED)'s Bengaluru Zonal Office has conducted search operations under the provisions of Prevention of Money Laundering Act (PMLA), 2002, at 20 premises located and attached properties worth Rs 12.80 crore in connection with Belekeri iron ore export case, the official statement said on Friday. The raids were conducted in Bengaluru on Thursday in Hospet and Gurugram in connection with illegal iron ore export through Belekeri Port in Kar ...Read More >
Chandigarh (Haryana) [India], October 16 (ANI): In a heartfelt tribute, both daughters of Haryana-cadre IPS officer Y. Puran Kumar performed the 'mukhagni' to his mortal remains during his last rites at the Sector 25 crematorium. The solemn ceremony was attended by Haryana DGP OP Singh, along with other dignitaries, honouring the legacy of the esteemed officer. Puran Kumar allegedly shot himself at his residence in Chandigarh on October 7. In the 'final note' he left behind, he accused eight ...Read More >
Nagpur: Lloyds Metals and Energy Limited (LMEL), the company that operates an iron ore mine and is setting up an integrated steel plant in Gadchiroli, is open to offering a job to Maoist leader Bhupathi alias Sonu as its brand ambassador. The company has also expressed readiness to employ all the 50-odd Maoists who surrendered on Wednesday.LMEL sees Bhupathi as a potential candidate to spread the message of new dawn of development in the district, which was only known as a Maoist hotbed so far.L ...Read More >
The Maharashtra government has approved the construction of a four-lane expressway connecting Nagpur and Chandrapur. Directed by Chief Minister Devendra Fadnavis, the project will expand connectivity and drive economic growth. The initiative includes plans for additional routes, integrated development, and investment models involving private sector participation. The Maharashtra government has given the nod for a new expressway between Nagpur and Chandrapur, stretching over 204 kilometers. The ...Read More >
Bhubaneswar, Sep 29 (PTI) Paradip Port Authority (PPA) and AM/NS ports signed a concession agreement on Monday for the mechanisation of a berth (CQ-III) to handle dry bulk cargo, officials said. The project, awarded for a concession period of 30 years, will enable the shipment of iron ore pellets produced by AM/NS India through a mechanised conveying system and a ship loader equipped with advanced cargo handling facilities, the Ministry of Ports, Shipping and Waterways said in a statement. ...Read More >
India's Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) countries -- Switzerland, Liechtenstein, Norway and Iceland -- will officially come into effect from 1 October 2025, Union Minister of Commerce and Industry Piyush Goyal announced on Monday. Speaking at the valedictory session of the UP International Trade Show, Goyal said the deal, which was finalised in March 2024, marks another major step in India's global trade strategy. "Free Trade Agreement (FTA) with the ...Read More >
Ranchi, Sep 27 (SocialNews.XYZ) The National Investigation Agency (NIA) has chargesheeted a key accused in the 2024 case relating to the attack by CPI (Maoist) cadres on security forces in Jharkhand, officials said on Saturday. The accused, identified as Abhijeet Koda alias Sunil Koda alias Matla Koda alias Matlu, a resident of Jamui district in Bihar, has been booked under multiple provisions of the Indian Penal Code, the Arms Act, the Explosive Substances Act, the Criminal Law Amendment Act o ...Read More >
Nagpur: Gas Authority of India Limited (Gail) may pump LNG from Adani Group's Dhamra port in the eastern coastal state of Odisha through its pipeline connecting Nagpur to Jharsuguda. Gail is laying a gas pipeline from Mumbai to Nagpur, along the Samruddhi Expressway, with the pipeline extending further to Jharsuguda in the east.Adani has an LNG terminal at Dhamra port on the east coast and is delivering LNG to Gail's metering stations there. The facility will enable Gail to charge up the pipelin ...Read More >
Mumbai/Bangalore: South Korean steelmaker POSCO Holdings and JSW Steel Ltd intend to spend ₹70,000-80,000 crore ($8-9 billion) to set up a 6 million tonne per annum steel plant possibly in Odisha, two executives said. A 900-acre land that JSW Steel purchased in Odisha during the April-June quarter could be used for the project, they said, declining to be identified. JSW Steel chief executive Jayant Acharya had said earlier that no project had been finalised for the land. "This (the land) is c ...Read More >
The Enforcement Directorate conducted raids on premises linked to Karnataka Congress MLA Satish Krishna Sail and others across Karnataka, Goa, and Mumbai. This action is part of a money laundering investigation related to the alleged illegal export of iron ore, causing a significant loss to the government exchequer. The Enforcement Directorate on Wednesday raided premises linked to Karnataka Congress MLA Satish Krishna Sail and some others as part of a money laundering investigation against the ...Read More >
New Delhi [India], August 14 (ANI): The credit-to-deposit ratio in Indian banks has stayed below 80 per cent as credit offtake in the country continues to lag, according to a report by CareEdge Ratings. The report highlighted that while both credit offtake and deposit growth have increased sequentially, they remain significantly lower than the levels seen last year. Deposits continued to outpace credit offtake in the current fortnight, leading to a narrowing of the credit-deposit gap. It state ...Read More >
PATNA: Congress leader Rahul Gandhi is all set to embark on 'Vote Adhikar Yatra' from Bihar's Rohtas district on August 17 to register a protest against how the ongoing special intensive revision (SIR) of the electoral rolls was being conducted in the state. This comes at a time when the Opposition is ratcheting up its protest against the SIR and casting aspersions on the integrity of elections. AICC general secretary (organisation) and MP KC Venugopal held a meeting with the INDIA bloc leaders ...Read More >
KARWAR/HOSAPETE: The Enforcement Directorate raided the residences of Congress MLA Satish Sail in Karwar and two Hosapete-based businessmen on Wednesday morning, in connection with the Belekeri illegal iron ore export case. However, the MLA was in Bengaluru for the monsoon session when 20 officers in six cars arrived at his house at Sadashivgad early in the morning. A Special Court for trying cases against elected representatives had sentenced Sail to seven years in prison with a fine of Rs 9 c ...Read More >
Mumbai, Aug 4 (SocialNews.XYZ) Adani Ports and Special Economic Zone Limited (APSEZ) on Monday reported an 8 per cent year-on-year (YoY) rise in cargo volumes for July, handling 40.2 million metric tonnes (MMT). The growth was led by a strong 22 per cent jump in container volumes, according to company's operational performance update in a stock exchange filing. For year-to-date (YTD) till July, the company handled 160.7 MMT of total cargo, up 10 per cent from the same period previous year, wit ...Read More >
Union Commerce & Industry Minister Piyush Goyal said in a series of social media posts that he held meetings with the textiles, steel producers in Mumbai and those from the engineering goods sector to discuss strategies for exports. In a post on X, Goyal said, "Held an engaging and forward-looking interaction with the champions of India's agriculture, food-processing and seafood sectors -- the true architects of our food and nutritional security. We discussed a wide range of strategies to scale ...Read More >
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