ArcelorMittal will scale up the capacity of Essar Steel plant to 18 million tonnes (mt), making it a significant player in the growing Indian steel market.

“It is now operating at 5 mt and can be ramped up to 8.5 mt. The aspiration is to take the capacity to 18 mt,” sources in ArcelorMittal said.

Capital market regulator Securities and Exchange of India (Sebi) has 'deferred' implementation of the loan default disclosure framework.

Last year, Sebi had issued a circular mandating listed companies to disclose within 24 hours any bank loan default. The circular, however, was withdrawn a day before implementation due to regulatory complications.

Consumers might have to bear a portion of Centre's proposed move to guarantee a Minimum Support Price (MSP), which would be 50 per cent more than the cost through higher prices in the fast moving consumer goods (FMCG) space, S Sivakumar, group head, Agri-business and IT of one of India's largest agribusiness player, ITC Ltd said.

He said while companies might absorb a part of the additional cost, once revised MSPs are in effect, they would also have to pass on some of the extra burden to the consumers.

The import of thermal coal is likely to increase in the coming months, as Coal India is set to miss its production target again – for an 11th straight month – causing a fuel shortage at the country’s thermal power plants. This is particularly worrisome as the demand for coal is likely to increase further as summer approaches.

The coal monolith’s output from April 2017 to February 2018 stood at 495.09 mt, seven per cent lower than the 531.32 mt target set by the coal ministry. Similarly, sales volume during this period is set to fall three per cent short of the 541.60 mt target.

Mumbai: In an executive switch operation, HDFC Bank and Citi have exchanged their corporate banking heads. While the private lender recently appointed Rahul Shukla, former corporate banking head at Citi, the foreign bank had a couple of months earlier hired HDFC Bank’s corporate banking head, K Balasubramanian.

Incidentally, Balasubramanian was returning to his former employer where he had spent about two decades.

MUMBAI: The Life Insurance Corporation of India (LIC) has close to Rs 25 crore outstanding from the Gitanjali group, against which it has security of the group’s Hyderabad Gem Special Economic Zone (SEZ). The corporation had originally extended a loan of Rs 125 crore, a large part of which has been repaid.

The only exposure the corporation has to the Nirav Modi/Mehul Choksi groups is a term loan provided for the SEZ.

New Delhi: ITC Ltd has set its sights higher for Aashirvaad—the Kolkata-based cigarette-to-shampoo maker’s largest packaged food brand.

The company has set an internal target of generating Rs10,000 crore from Aashirvaad annually in five years.

New Delhi: Shares of ICICI Bank Ltd on Wednesday slumped over 3% in early morning trade as the bank’s senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the Punjab National Bank (PNB) scam.

It is the sixth straight session of fall for the stock and has slumped 12.75% since 26 February. Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before SFIO on Tuesday with regard to a probe into the Rs12,636-crore PNB fraud.

New Delhi: India’s largest power utility NTPC Ltd on Tuesday joined hands with Indian Institute of Management-Ahmedabad (IIM-A) to establish a management school in Noida near Delhi that would offer specialized courses on energy management and work as a policy think tank.

“We have bigger plans...it will be a full-fledged B-School with a specialized focus on energy sector - both fossil and renewables,” said Saptarshi Roy, director (human resource) at NTPC.

Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return. The worst business to own is one that (does) the opposite— that is, consistently employ ever-greater amounts of capital at very low rates of return,” Warren Buffett wrote in his letter to shareholders of Berkshire Hathaway Inc. in 1992.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.