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PLI scheme: 57 MoUs for specialty steel were signed with 27 companies

Under the PLI scheme, the government has approved Rs 63.22 billion.

Published

2 years ago

March 21, 2023

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The Ministry of Steel signed 57 Memoranda of Understanding (MoU) for specialty steel under the Production Linked Incentive (PLI) Plan with 27 firms.

The government has given Rs 63.22 billion under the PLI scheme to revitalise the steel industry.

Jyotiraditya Scindia, Union minister for Steel, praised the PLI Scheme for specialty steel participants’ initiatives after the contracts were signed.

According to the minister, the PLI programme is anticipated to result in an investment of around Rs 300 billion and the addition of roughly 25 million tonnes of specialty steel production capacity over the course of the following five years.

In addition to helping the country reach its goal of becoming the third-largest economy by the years 2030–31, this will also offer excellent chances for the development of both direct and indirect jobs. This is in line with Prime Minister Narendra Modi’s resolve and determination.

The minister claimed that an international structural shift from the West to the East has made India the centre of the development and expansion of the steel industry. India is poised to become a global leader in manufacturing, increasing the share of steel in the GDP from 2 to 5%.

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Chhattisgarh plant is a key to NMDC Steel shares

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India’s April-October Finished Steel Imports Reach 7-Year High

India is the world’s second-largest crude steel producer, had become a net importer in 2023/24.

Published

6 days ago

November 15, 2024

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India’s finished steel imports during April-October reached a seven-year high of 5.7 million metric tons, according to provisional government data reviewed by Reuters on Wednesday.

India, the world’s second-largest crude steel producer, had become a net importer in 2023/24, and this trend continued during the April-October period, the data indicated.

From April to September, China had been the leading exporter of finished steel to India, and this was widely expected to remain the case during the April-October period. Further details would be revealed later in the month.

A senior government official had informed Reuters last month that India’s steel ministry was in favor of implementing a safeguard duty or a temporary tax to curb the rising imports of steel.

India’s steel demand remained strong, primarily driven by infrastructure and the automotive sector, although it had slowed down in the United States and Europe.

The consumption of finished steel in India reached a seven-year high of 85.7 million metric tons during April-October, according to the data. Meanwhile, India’s finished steel exports during this period slumped to their lowest in seven years, totaling 2.8 million metric tons. The country’s finished steel production amounted to 82.7 million metric tons, marking a 4.4% increase compared to the previous year. Crude steel production stood at 84.9 million metric tons, reflecting a 3% year-on-year rise.

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NMDC Steel Q2 loss expands to Rs 5.95 bn, income at Rs 15.35 bn

The company had reported a loss of Rs 131.10 crore during the same period last year.

Published

6 days ago

November 15, 2024

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NMDC Steel announced on Tuesday that its loss had widened to Rs 595.37 crore in the September quarter, primarily due to a surge in expenses. The company had reported a loss of Rs 131.10 crore during the same period last year, according to an exchange filing.

The company’s total income increased to Rs 1,535.46 crore, up from Rs 290.27 crore a year earlier. However, NMDC Steel’s expenses escalated to Rs 2,364.39 crore in the second quarter of the current fiscal year, compared to Rs 464.93 crore in the corresponding period of the previous year.

NMDC Steel Ltd, which was demerged from the mining firm NMDC, owns and operates the 3 million-tonne Nagar Steel Plant at Nagarnar in Chhattisgarh. The Nagarnar plant, set up with an investment of about Rs 23,000 crore, is referred to as India’s youngest steel unit. NMDC Steel commenced commercial operations at this unit on August 31, 2023.

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Shalimar Paints reports a net loss of Rs 196.2 Mn in Q2 FY25

It had registered loss after tax of Rs 252.2 million in the corresponding quarter of the previous fiscal.

Published

7 days ago

November 14, 2024

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Shalimar Paints has reported net consolidated loss after tax of Rs 196.2 million during the quarter ended September 30, 2024.

It had registered loss after tax of Rs 252.2 million in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 1.46 billion in Q2 FY25, a growth of 20.15% from Rs 1.21 billion it recorded in the similar quarter last year.