‘INDIA TO HIT 170 MT STEEl PRODUCTION lEVEl IN 2019’
NEW DElHI: India will achieve more than 50 per cent of its 300 million tonne steel production target by 2018-19, says Union Steel Minister Chaudhary Birender Singh. The Minister has also assured stakeholders that there will not be any shortage of raw materials for steel-making. "(As of now), I can't say what would be the production this year, but in 2018-19, the domestic crude steel production will be 170 million tonnes (mt)," he told PTI. Under the National Steel Policy (NSP), the government has set a production target of 300 mt, which is to be achieved by 2030-31. The NSP also aims at more than doubling the per capita steel consumption to 158 kg by 2030-31, from 61 kg at present.
FPIS PUll OUT Rs 3,000-CR FROM STOCKS IN SEPT SO FAR
NEW DElHI: Continuing their selling spree, overseas investors have taken out over Rs 3,000 crore from equities this month so far amid ‘lacklustre earnings season’ and geopolitical headwinds. The net outflow by foreign portfolio investors (FPIs) follows a withdrawal of Rs 12,770 crore from the stock market in August. Prior to that, they had pumped in over Rs 62,000 crore in the past six months. According to the latest depository data, FPIs withdrew a net Rs 3,085 crore ($481 million) from September 1-15. However, they pumped in Rs 3,051 crore in debt markets during this period. After taking into the account the latest outflow, the total investment by FPIs in equity markets is at Rs 45,099 crore (about $6.8 billion) this year.
GAIl HIRES TOTAl SHIP TO FERRY US lNG
NEW DElHI: State-run gas utility GAIl India ltd has chartered an lNG tanker from French major Total SA for three years to haul gas from the US beginning early 2018. “We are hiring the ship for three years with an option to extend the time-charter by another year," a senior company official said. GAIl, India's biggest natural gas marketing company, had through the Shipping Corporation of India (SCI) invited bids for hiring four lNG carrying tankers. Some 30 lNG ships were offered, with Total offering the lowest day rate of $44,900 for a ship with 165,000 cubic meters of storage capacity.
NAlCO TO TAP RENEWABlE ENERGY FOR POWER REQUIREMENTS
MUMBAI: National Aluminium Company (Nalco) is betting big on enewable energy resources to meet its rising power requirements. Nalco has commissioned its wind power plants with 50 MW and 50.4 MW capacity in Rajasthan and Maharastra, respectively, at a cost of Rs 669 crore. The company plans to set up another wind power plant of 50 MW capacity and looking at suitable location in the country. echno-commercial bids for selection of wind power developer were opened in last December and price bid is in the process of being opened, the company said in its annual report.
TVS EYES E-TWO WHEElER SPACE, TO ROll OUT PRODUCTS SOON
NEW DElHI: TVS Motor Company is in the process of developing lectric two wheelers with plans to roll them out soon in the domestic market, said a senior company executive. The Chennai-based company, with its prior experience in electric mobility, is developing models which it thinks would fulfil requirements of odern day customer. “We are very keen on that (electric) space nd as a major OEM in the two-wheeler space we believe hat we will have a strong resence in electric segment as well," TVS Motor Company Vice President (Marketing) Commuter Motorcycles, Scooters and Corporate Brand Aniruddha Haldar told PTI.