JSW Steel to invest Rs.3,000 crore in 2009-10

September 4th, 2009 KOLKATA - The state-owned India Infrastructure Finance Co Ltd (IIFCL) will raise Rs.3,000 crore from the domestic market by issuing bonds by March, a top company official said here Friday. "We have already raised Rs.1,000 crore and we intend to raise another Rs.3,000 crore by March 2010," said company chairman and managing director S.S.

July 29th, 2009 MUMBAI - Jindal Steel and Power Wednesday reported a 25 percent dip in net profit to Rs.300 crore for the first quarter this fiscal as compared to Rs.402.3 crore in the same period last year. The total income decreased 16 percent to Rs.1,592.6 crore from Rs.1,902.7 crore, the company said in a regulatory statement.

July 29th, 2009 MUMBAI - Steel major Tata Steel's net profit fell 46.93 percent in the quarter ended June 30 to Rs.789.83 crore ($163 million) from Rs.1,488.4 crore in the like period last year. Total income of the company decreased 8.16 percent to Rs.5,661.89 crore during the quarter from Rs.6,165.14 crore a year earlier.

July 25th, 2009 MUMBAI - State-run gas utility company GAIL India Saturday reported a 26.8 percent dip in its net profit at Rs.655.8 crore ($135.5 million) for the quarter ended June 30, compared to Rs.896.8 crore in the same period last fiscal. However, the total income increased 4.3 percent to Rs.6,101.3 crore from Rs.5,845.5 crore, the company said in a regulatory statement.

July 11th, 2009 BHILAI - India's steel production will surge to 124 million tonnes (MT) per annum by 2011-12 from the current figure of 65 mt, Steel Minister Virbhadra Singh said here Saturday. "There is a massive expansion going on in the steel sector in country, both in the public and private sectors, that will see India becoming a major steel producer by 2011-12 when its steel production will be 124 mt from the present production of 65 mt," the minister said at a press conference here.

July 1st, 2009 NEW DELHI - The government Wednesday approved 21 foreign investment proposals amounting to Rs.84.9 crore ($17.78 million). Prominent among the proposals approved by the Foreign Investment Promotion Board (FIPB) is one by Germany's BASF, which plans to invest Rs.63 crore to manufacture speciality chemicals and trade in commoditised products.

June 24th, 2009 NEW DELHI - Life Insurance Corporation of India (LIC) on Wednesday announced that it would invest about 50,000 crore rupees in the equity market during this financial year. Addressing media persons in the national capital, Life Insurance Corporation of India's Managing Director Thomas Mathew said: "We expect to invest nearly Rs 50,000 crore in equities this year against Rs 40,800 crore last year." The largest life insurer in the country has invested about Rs 8,000 crore in the equities so far in this fiscal.

June 7th, 2009 RANCHI - Bokaro Steel Plant has planned to shave off up to Rs.225 crore in expenditure this fiscal on account of rising input costs and declining profits, according to a top company official. Profits came down as we had to bear an additional Rs.1,864 crore outgo because of rise in coal prices.

May 28th, 2009 MUMBAI - State-run Steel Authority of India Ltd (SAIL) Thursday reported an 18.1 percent drop in its net profit for 2008-09 at Rs.6,174.9 crore, down from Rs.7,536.7 crore recorded the year before. The turnover during the period slipped 9.9 percent to Rs.41,518.7 crore from Rs.46,110.7 crore in 2007-08.

April 16th, 2009 CHANDIGARH - Developer AIPL Ambuja, a joint venture between Delhi-based Advance India Projects Ltd and Ambuja Realty of Kolkata, is planning to invest Rs.1,200 crore in northern India to develop integrated townships across the region. 'We will set up ultra-modern integrated townships, including flats, malls, commercial establishments and healthcare and hospitality facilities.

April 4th, 2009 RANCHI - State-run Heavy Engineering Corp (HEC) Saturday reported a 286.33 percent jump in its net profit last fiscal. 'During 2008-09, the company has posted a profit of Rs.16.11 crore, compared to Rs.4.17 crore in 2007-08,' HEC Chairman-cum-Managing Director G.K.

March 3rd, 2009 RANCHI - Hundreds of farmers staged a protest here Monday against the acquisition of land for projects envisaged by aluminium major Hindalco, and steel manufacturer Jindal Steel and Power. 'We will lay down our lives but will not give an inch of land to Jindal Steel and Hindalco,' the protesters shouted as they marched to the governor's residence to lodge their protest.

February 17th, 2009 NEW DELHI - State-run Coal India Ltd will invest Rs.100 billion (Rs.10,000 crore) to revive coal mines at Jharia in Jharkhand, a top official said here Wednesday. 'Jharia coal mines are highly under-utilised and only coking coal is produced there.

January 27th, 2009 MUMBAI - Private steel manufacturer Jindal Steel Wednesday announced standalone net loss of around Rs.1.28 billion (Rs.127.5 crore) for the quarter ended Dec 31, as against a profit of near Rs.3.56 billion (Rs.355.37 crore) in the year-ago period. In a regulatory statement, the company said its standalone net income was Rs.28.27 billion (Rs.2,826.74 crore), a marginal rise of 0.14 percent from around Rs.28.23 billion (Rs.2,822.74 crore) registered in the corresponding period last fiscal.

January 26th, 2009 MUMBAI - State-owned steel manufacturer, Steel Authority of India (SAIL), Tuesday announced its net profits had declined in the third quarter by 56.4 percent to Rs.8.43 billion (Rs.843.34 crore) from Rs.19.35 billion (Rs.1,934.66 crore) in the year-ago period. The company's net sales were down 7.14 percent to Rs.88.52 billion (Rs.8,852.26 crore) for the period under review, against Rs.95.33 billion (Rs.9,533.3 crore) in the corresponding previous quarter.