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Business

Tata Steel Vs JSW Steel: A cat-mouse race to the top

Tata Steel Vs JSW Steel: A cat-mouse race to the top

Business
With its acquisition of Bhushan Steel nearing completion, Tata Steel can now formally wear the crown of the largest steelmaker in India. But it's a glory that its close competitor, and now number two, JSW Steel will be eager to take back. And the Sajjan Jindal-company may well do that within weeks. Bhushan Steel's annual capacity of 5.6 million tons takes Tata Steel's total volume to 18.6 million tons, around half-a-million tons more than JSW Steel's capacity of 18.1 million tons. To be sure, a few more formalities are yet to be completed as Bhushan Steel's erstwhile promoter Neeraj Singhal and operational creditor Larsen & Toubro have approached the National Company Law Appellate Tribunal (NCLAT), contesting the beleaguered steelmaker's sale. But for most practica...
PSU bank NPAs soar to over Rs 6 lakh cr for Q4. Time to press the panic button?

PSU bank NPAs soar to over Rs 6 lakh cr for Q4. Time to press the panic button?

Business
Public sector banks have had a tough FY18 March quarter with ballooning provisioning, and NPAs (non-performing assets) hitting their financial health. NPA ratio has surged to 13.41 percent for the March quarter in the case of PSU banks, a significant increase from 11-12 percent range it saw during the first three quarters of FY18, CARE Ratings said in a report. Overall, for the banking space, out of 26 lenders that have declared their earnings, NPAs have marched ahead to Rs 7.31 lakh crore. Compared to the same quarter of last year, they have risen by Rs 2.5 lakh crore. For PSU banks, the figure stands at Rs 6.16 lakh crore. The latest bank to declare its results is State Bank of India (SBI), which reported a net loss of Rs 7,718 crore for the quarter under review. ...
Anti-Sterlite protests in Tuticorin: Vedanta’s projects have run into trouble in Odisha, Rajasthan, Punjab

Anti-Sterlite protests in Tuticorin: Vedanta’s projects have run into trouble in Odisha, Rajasthan, Punjab

Business
The Madras High Court stayed the expansion of Sterlite copper plant in Tuticorin on Wednesday, a day after at least 11 people were killed when police fired at protesters calling for the closure of a copper smelter run by Vedanta Resources. The plant, which can produce 400,000 tonnes of copper a year, has been shut for more than 50 days and will remain closed at least until 6 June, according to Reuters, because the local pollution regulator has said it is not complying with environmental rules. The smelter plant has been opposed by the locals for a long time over concerns regarding environmental damage. According to reports, Vedanta had initially planned to establish the plant in Gujarat. But the proposal met with strong opposition, after which it was decide...

Results to watch out – Tata Motors, Grasim, Motherson Sumi

Business
"Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors." | "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary." | "No need to issue cheques by investo...
Jaguar Land Rover to benefit as China cuts duty on imported cars to 10%

Jaguar Land Rover to benefit as China cuts duty on imported cars to 10%

Business
China’s finance ministry on Tuesday said the levy on imported cars in the country will be reduced from the current 25 per cent to 10 per cent from 1 July, Bloomberg reported. Among global luxury carmakers, Tata Motors-owned Jaguar Land Rover Automotive will be a beneficiary of the proposed duty cut. Like its German rivals BMW and Mercedes, JLR counts China as one of its most important markets both in terms of volume, as well as, profitability. As per analyst’s estimates, the region accounts for 26 per cent approximately at the Ebitda (earnings before interest, tax, depreciation and amortisation) level in company’s earnings. Its contribution in volume terms in total sales in 28 per cent. In April, JLR retailed a total of 4518...
More Americans are struggling to pay their credit cards, and what’s holding them back is only getting worse

More Americans are struggling to pay their credit cards, and what’s holding them back is only getting worse

Business
It's getting more expensive to borrow from banks in America, and some credit card holders are struggling to keep up. Interest rates, which influence the cost of borrowing, are on the rise after the Federal Reserve kept them near zero for years. That period of super-low interest rates achieved one key outcome: encouraging Americans to borrow, spend, and help grow the economy after the Great Recession. Last June, credit-card debt finally hit a new high. But the share of borrowers who make payments more than 30 days late is rising as interest rates rise. "That stands in stark contrast to the trend in delinquency rates on other forms of lending, which are either flat or falling," Michael Pearce, a senior US economist at Capital Economics, said in a note on Monday. ...
Mike Pence issues warning to Kim Jong Un if the North Korean leader ‘doesn’t make a deal’ with Trump

Mike Pence issues warning to Kim Jong Un if the North Korean leader ‘doesn’t make a deal’ with Trump

Business
Vice President Mike Pence. Sara D. Davis/Getty Images Vice President Mike Pence reignited concern over US-North Korean relations on Monday, after threatening that North Korea could end up like Libya if it doesn't play ball with the US. "There was some talk about the Libyan model last week," Pence said in an interview on Fox News. "As the President made clear, this will only end like the Libyan model ended if Kim Jong Un doesn't make a deal." Pence referred to the controversy surrounding comments national security adviser John Bolton made in recent weeks, and remarks President Donald Trump made last week. During an interview on CBS's "Face the Nation," Bolton said that if the Trump administration were ...
A bullet was sent to the home of Malaysia’s top anti-corruption official investigating a former prime minister — and now he’s back to finish what he started

A bullet was sent to the home of Malaysia’s top anti-corruption official investigating a former prime minister — and now he’s back to finish what he started

Business
The head of Malaysia's anti-corruption commission had a bullet sent to his home during the investigation of a financial scandal that implicated former prime minister Najib Razak. Mohd Shukri Abdull, chief of the Malaysian Anti-Corruption Commission (MACC), told reporters on Tuesday that during a 2015 investigation into how billions of dollars when missing from state investment fund 1MDB he was repeatedly threatened and told he would be "arrested and locked up." "I was threatened to be fired, asked to retire early, take leave early, and be pulled into the training department," Shukri said, adding that witnesses he interviewed were "taken away." "I was sent a bullet to my house. I never told my wife or my family. I never even made a police report," Shukri said. He added: "We want...