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NINL, a 1.1-million tonne steel manufacturing unit in Odisha, has reached 100 per cent capacity utilisation within one year of its acquisition by Tata Steel.
Two persons injured in an accidental steam leak at Tata Steel's Meramandali plant in Odisha's Dhenkanal district remain in intensive care while 16 others remain hospitalised, a company statement said.
Tata Steel Long Products announced the Q4 and FY21 production and sales volumes (provisional) figures. The company achieved direct reduced iron production of 226,000 tons and crude steel production of 186,000 tons in Q4 FY21, compared to direct reduced iron production of 213,000 tons and crude steel production of 173,000 tons in Q3 FY21, and direct reduced iron production of 201,000 tons and crude steel production of 156,000 tons in Q4 FY20. For FY21, the company reported direct reduced iron production of 797,000 tons and crude steel production of 648,000 tons compared to direct reduced iron production of 764,000 tons and crude steel production of 584,000 tons in Q4 FY21.
Tata Steel announced that the company is reorganizing its India footprint into 4 clusters to drive scale, synergies and simplification and to create value for all stakeholders. As part of the said initiative, the company on 03 April 2021 transferred the (i) 100% stake it held in Tata Steel Special Economic Zone (TSSEZ), (ii) 100% stake it held in The Tata Pigments (TPL), (iii) 32.67% stake it held in Jamipol (JAMIPOL), and (iv) 20.99% stake it held in Nicco Jubilee Park (NJPL) to Tata Steel Utilities and Infrastructure Services (TSUISL) (formerly known as Jamshedpur Utilities & Services Company), a wholly owned subsidiary of the company. TSUISL has been identified as the anchor entity for the Utilities and Infrastructure Services cluster.
Steel Authority of India (SAIL) jumped 4.12% to Rs 87.25 after the company recorded its best ever quarterly performance in both production and sales during Q4 FY21. The Maharatna PSU's crude steel production rose 6% to 4.55 million tonnes (MT) in Q4 FY21 from 4.31 MT recorded on in Q4 FY20. The company's steel production has improved by 4% as compared to 4.37 MT steel produced in Q3 FY21. SAIL recorded 14% jump in steel sales at 4.27 MT in Q4 FY21 as against 3.74 MT in Q4 FY20. Sequentially, the company's steel sales rose 3% in Q4 FY21 from 4.15 MT in Q3 FY21. Despite the volatility in the market during the year, the determined efforts by the company to improve its volumes saw it clock its best ever annual sales at 14.87 MT, a growth of 4.4% over 14.23 MT during FY20.
Metal stocks were trading in the positive zone, with the S&P BSE Metal index rising 223.74 points or 1.56% at 14574.35 at 09:48 IST. Among the components of the S&P BSE Metal index, JSW Steel Ltd (up 3.21%), Steel Authority of India Ltd (up 2.66%),Hindustan Zinc Ltd (up 2.31%),Jindal Steel & Power Ltd (up 2.3%),National Aluminium Company Ltd (up 1.76%), were the top gainers. Among the other gainers were Tata Steel Ltd (up 1.5%), Hindalco Industries Ltd (up 1.45%), Coal India Ltd (up 0.84%), NMDC Ltd (up 0.44%), and Vedanta Ltd (up 0.33%). At 09:48 IST, the S&P BSE Sensex was up 241.82 or 0.49% at 49750.97. The Nifty 50 index was up 84.25 points or 0.57% at 14774.95.
Read more about Metal stocks rise on Business Standard. Metal stocks were trading in green, with the S&P BSE Metal index increasing 269.16 points or 1.94% at 14175 at 09:48 IST.
Tata Power announced that TP Saurya, the wholly owned subsidiary of the company, has signed a Power Purchase Agreement with Tata Steel (TSL) to develop a 15 MW solar project at Jamshedpur, Jharkhand. The energy will be supplied to TSL under a Power Purchase Agreement (PPA) valid for a period of 25 years from scheduled commercial operation date. The project is required to be commissioned within 6 months from the date of execution of the PPA. The Plant is expected to generate an average of 32 MUs of energy per year and will annually offset approximately average 25.8 Million Kg of CO2. Tata Power's renewable capacity will increase to 4,047 MW, out of which 2,687 MW is operational and 1,360
Tata Steel jumped 5.69% to Rs 777 on BSE, extending gains for the third consecutive session. Shares of Tata Steel rallied 8.70% in three trading sessions from a recent closing low of Rs 714.80 hit on Friday, 26 February 2021. The stock hit a 52-week high of Rs 782 today. It has rallied 209.69% from its 52-week low of Rs 250.90 hit on 30 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 68.277. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. The stock was trading above its 50-day moving average (DMA) placed at 678.30 and its 200-day moving average (DMA) placed at 476.33.