SAIL to set up 12-million tonne facility in Jharkhand

Submitted by Rohit Kapoor on Tue, 11/17/2009 - 17:25

PSU major Steel Authority of India Ltd (SAIL) is exploring options to build 12-million tonne facility in Jharkhand. Recently, the state government has granted in-principle approval to SAIL for renewing mining lease for 810 million tonnes of iron ore reserves at the Chiria mines in Jharkhand.

The company is also searching opportunities to acquire licences for coking coal mines overseas and is in discussions with companies in Australia, New Zealand, Mozambique, the US and Indonesia in this regard.

In an announcement, representatives of SAIL said that the company is eyeing at both operation as well as exploration licenses and plans to acquire 30-40% of its coking coal demands through acquisitions.

The per annum coking coal need of the company is 15 million tonnes.  SAIL is having a capex proposal of Rs 10,000 crore for fiscal 2009-10.

Scrip of Steel Authority of India (SAIL) Ltd settled the day in positive territory at Rs 187, up 1.82% on Bombay Stock Exchange (BSE). The total volume of shares traded on BSE was 1,449,939.


Tagged with

Miscellaneous

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

© Copyright 2010