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.

Related Topics:BSE filing Quarterly results Shalimar Paints

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

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India’s steel exports clock double digit growth in October

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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India’s steel exports clock double digit growth in October

India’s steel exports rose to 440 million lakh tonnes in October.

Published

1 week ago

November 11, 2024

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India’s steel exports recorded a double-digit growth of 11% in October compared to the previous month, indicating an improved outlook for the sector, according to data compiled by the Ministry of Steel.
While the country’s steel exports rose to 440 million lakh tonnes in October, from 4 lakh tonnes in September, there was a dip in imports which will help the domestic steel companies to fetch better prices for their products in the third quarter, a senior official said. Imports slowed during the month for the first time in the current financial year as the Government imposed restrictions on poor-quality steel that was coming from countries such as Vietnam. As a result, steel imports declined 4% to 9.8 lakh tonnes after scaling a peak of 11 lakh tonnes in September, according to official figures.
According to senior SAIL officials, there has been some improvement in the domestic steel sector with the price of long products going up by around 2% to INR 53,000 per tonne compared to September.
Similarly, JSW Steel CEO Jayant Acharya said in an investor call that prices are looking up, after the sharp decline in September when imports had surged to a record high. India’s steel production in 2024-25 is expected to touch 152 million tonnes, with an annual growth of 8% which is driven by Government expenditure on big-ticket infrastructure projects such as highways, ports and railways. The increasing urbanisation and surge in construction activity also drive up demand for steel products.