PRIMARY STEEL PRODUCERS RESORT TO 'DISTRESS' SALE
Article Abstract:
The primary steel producers are trying to clear the inventories of steel by calling tenders. Steel Authority of India Ltd (SAIL), Indian Iron and Steel Company (IISCO) and Vizag Steel are selling steel through tenders. The tender mode is adopted as a last resort to clear stocks. The price quoted in the tenders are below market price and it declines after each tender called by the steel producers. The distress sale is likely to increase in February 1999 as the financial year comes to a close in March 1999. SAIL sold 7,000-8,000 tonnes of steel by tender in Mumbai in September 1998. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
MAFATLAL MAY DIVEST FULL STAKE IN GUJARAT GAS TO BRITISH GAS
Article Abstract:
Mafatlal Industries Ltd (MIL) is planning to completely exit from Gujarat Gas by selling its remaining 5 percent stake in the company to British Gas. MIL has the option of transferring its remaining holding to British Gas, which has already acquired a controlling stake in Gujarat Gas by buying out MIL's stake. Acquiring MIL's 5 percent stake will raise the total stake of British Gas in Gujarat Gas to 65.13 percent from 60.13 percent now. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: ACC SET TO DILUTE STAKE IN TWO ASSOCIATE FIRMS JK INDUSTRIES
- Abstracts: SBI PROPOSES TO UNDERWRITE FULL PSU DIVESTMENT SCOTIABANK TO SET UP SDC IN BANGALORE. MINISTRY RECOMMENDS 40% DIVESTMENT IN PAWAN HANS
- Abstracts: MOLEX TO INVEST $5-7 MILLION IN ITS INDIAN OPERATIONS. MoF SETS $1-BN CAP ON VIDESHI-AIDED RE LOANS
- Abstracts: TECH, FMCG STOCKS FIND PLACE IN S&P CNX NIFTY MASCOT SYSTEMS OFFERS SHADOW STOCKS TO STAFF. MCCL PLANS TO PLACE PART EQUITY WITH FOREIGN FI
- Abstracts: CURRENT ACCOUNT DEFICIT SEEN AT 2% OF GDP INDIAN ECONOMY TOUCHING NEW HEIGHTS. 'GDP LIKELY TO GROW BY 6.3% THIS FISCAL'