BUDGET IMPACT: STEEL INDUSTRY
Article Abstract:
The Government of India has increased the excise duty on steel from 15 percent to 16 percent in its budget for 1999-2000. The import duty on billets has been increased from 25 percent to 27.5 percent and on cold-rolled coils from 35 percent to 38.5 percent. The import duty on hot-rolled coils has been reduced from 30 percent to 25 percent. The hike in excise duty has been compensated by the 100 percent Modvat benefits. The Government has fixed the floor price of hot-rolled coils at $302 per tonne to protect the domestic steel industry from dumping of these products in India. Manufacturers of hot-rolled coils and cold- rolled coils have reduced the prices of their products by $50-60 per tonne. Steel producers are dependent on the demand from the housing and infrastructure sectors. The steel industry has been hit by the increase in diesel prices and freight rates. The surcharge of 10 percent levied on corporate tax is not applicable to the steel producers as they come under the minimum alternate tax. The Steel Authority of India Ltd and Tata Iron & Steel Company are likely to be affected, while Essar Steel will benefit by the import duty reduction on steel scrap. (rk) (kvr)
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1999
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TISCO: HIGHER SALES, LOWER PROFITS
Article Abstract:
India's largest steel manufacturer, Tata Iron and Steel Company (TISCO) has reported reduced profitability in 1997-98. This is because of lower realisations and heavy cost of labour. Realisation of steel in 1997-98 was said to be the lowest in three years. Tisco thus failed to benefit from higher sales and lower inputs. Tisco recorded a nine percent growth in steel sales over 1996-97. Total steel sales in 1997-98 was at 2.63 million tonnes. It was also able to reduce consumption of important inputs like energy by five percent and raw materials. Tisco's hot strip mill with a capacity of two million tonnes will be completed in mid 1998. (uh) >EN
Comment:
Records 9% growth in steel sales over 1996-97, posting total steel sales of 2.63 mil tonnes in 1997-98
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1998
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TATA SPONGE IRON
Article Abstract:
In the first quarter of 1998-99, Tata Sponge Iron Ltd made a net profit of Rs2.82 crore on a total income of Rs21.39 crore. In the second quarter of 1998-99, it made a net profit of Rs1.54 crore on a total income of Rs20.62 crore. Its scrip is now trading at Rs14.35. Its expansion project has gone on stream with a time overrun of about 6 months. (tsm) (kvr)
Comment:
In the first quarter of 1998-99, Tata Sponge Iron Ltd made a net profit of Rs2.82 crore on a total income of Rs21.39 crore.
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1999
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