Opening bell: Asian stocks steady in morning trade; Tata Steel in focus

Delay in Bhushan Steel acquisition may lead to governance issues- Tata Steel

"As per the terms of the approved Resolution Plan, Bamnipal Steel Limited (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e.at Rs. 2 per share, for an aggregate amount of Rs. 158.89 crore", Tata Steel said in a filing with the BSE.

Meanwhile, the company reported a net profit of Rs 14,688 crore as against a loss of Rs 1,168 crore the corresponding quarter a year ago.

The total consolidated income of the company increased to Rs 36,407.19 crore in January-March 2018, from Rs 35,457.06 crore in the same quarter of FY17.

He said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds.

Tata Steel is looking at a capex of around Rs 8,000 crore for the current fiscal, the company's Executive Director & CFO Koushik Chatterjee said.

The total expenses stood at Rs 32,626.42 crore during the quarter as against Rs 31,132.02 crore in the year-ago period.

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JSW Steel is a leading integrated steel company in India with an installed steel-making capacity of 18 million tonne per annum (MTPA).

"We have chose to expand our capacity from 18 mt (million tonne) to 24.7 mt, which includes addition of one mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020", he said.

During a press meet to announce the company's result, he said, "We will take on board all 5,000 employees as part of the resolution plan that we have submitted".

On the steel outlook, he said the company is closely watching the developments in global steel trade because of US' protectionist measures and added, "However, we continue to be bullish on steel prices and spreads with improving demand situation in India".

The expansion work on the Kalinganagar plant has began which is expected to be completed at a total estimated cost of Rs 23,500 crore, the company said. Clearly, it does not intend to relinquish its position as India's largest steel maker to Tata Steel.

The shares of the company closed at ₹ 336.65 a scrip on the BSE, up 0.87 per cent from the previous close.

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