Government considers merging RINL with SAIL amid financial woes
 

Electronics to solar equipment to steel, India grapples with China Shock 2.0
 

Govt to launch another PLI scheme for speciality steel, says steel secy
New Delhi: The government is working on the another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik.

NMDC eyes lithium block acquisition in Australia & Africa
New Delhi: India’s largest merchant iron-ore miner, NMDC Ltd is eyeing “strategic acquisition” of lithium blocks in Australia and Africa, and is carrying out “due diligence” of potential assets in these countries, the company’s Chairman-cum-Managing Director (Additional Charge) and Director of Finance, Amitava Mukherjee, told businessline. “Our lithium quest has gained significant momentum, with encouraging preliminary findings. We’re conducting thorough reviews and due diligence on potential assets in Australia and Africa, positioning ourselves for strategic acquisitions,” he said. Called ‘white gold’, lithium – an alkaline metal – is key to India’s switch to clean energy. The critical mineral finds extensive usage in energy storage solutions, apart from usage in batteries for mobile phones and EVs. In fact, India is predominantly dependent on lithium imports, majority of of which are met by China. Import bills have logged nearly ₹30,000 crore annually.

India's steel prices plunge to four-year low, most affordable since covid-19
Mumbai: A surge of more than 50% in steel imports in FY25 has sent the alloy's prices crashing in India, setting off alarm bells for domestic manufacturers, even as they battle slowing local demand and march ahead with planned capacity expansion.

After gaining 29% so far this year, gold may sizzle at Rs 8,000 per gram by December
Mumbai: Bullion prices continued to sizzle for the third day, on the back of the global rally that has gained an unprecedented speed since the US Fed cut the interest by 50 bps for the first time in four years. Analysts expect the rally to continue for some more time—ranging from $2,800-3,000/ounce or Rs 7,550-8,000 by December. The metal has already gained 29 percent this year after a 20 percent rally in the previous year.

Malabar Gold plans Rs. 2,500 cr booster for retail expansion

Mumbai: Organised Jewellery Major Malabar Gold & Diamonds has earmarked Rs.2,500 crore as invest-ment into a retail expansion drive in India this fiscal, which is its largest such, coming at a time when jewellery retailers are capitalising on the formalisation trend in the market, a top official told FE. The company, which achieved a consolidated turnover of Rs. 51,218 crore in FY24, a year-on-year growth of 20%,is also beefing up its manufacturing facilities in the country, expanding its Hyderabad facility into a large production centre. The firm has eight manufacturing units in India, where it produces gold and diamond jewellery for the domestic market. In a conversation with FE, MP Ahammed, chairman of the Malabar Group, said that the firm would be setting up around 55-60 stores in India in FY25, targeting mainly the north, west, central and eastern parts of India.

Diamond exports set to plummet to decade low level

India’s cut and polished diamond (CPD) exports are set to decline to decade low levels of $12.5-13.0 billion, reflecting a year-on-year contraction of 18-19 per cent in FY2025. The decline is led by a 13-14 per cent decline in volumes along with the softening of average realisations by 5-6 per cent.

Gold glitters at Rs 78K
 

Delhi Jewellery and Gem Fair returns with over 650 exhibitors
 

Low oil prices bright spot for Indian economy? Why is Finance Ministry feeling positive about recent reductions
With recent reductions in crude oil costs, Nirmala Sitharaman-led Finance Ministry in the monthly economic review for August has expressed relief by saying low prices will be a bright spot for India as it worries about risks of eventual correction in global stock markets that may have spillover effects.

Oil refiners likely to add 35-40 mt capacity spending Rs 2 tln by FY30
 

OMCs can reduce petrol, diesel prices by Rs 2-3: ICRA
 

Sterling Wilson Renewable Energy promoters sell 7.14% stake for Rs 1,040 cr
According to the bulk deal data available with the NSE, Shapoorji Pallonji and Company Pvt Ltd offloaded 1.35 crore shares, amounting to a 5.78 per cent stake in Sterling And Wilson Renewable Energy (SWSOLAR).

Thermax is transforming from a products to an energy transition company, says CEO Ashish Bhandari
Boiler maker, Thermax Ltd, is transforming from a provider of equipment and heating solutions to an energy transition company with its foray into biomass and technologies that enable its boilers to run on cleaner energies.

FPI equity inflows surge to Rs 57,000 crore in September, over half of CY24's total so far
Buoyed by the expectation and clarity of the US Federal Reserve’s rate cut decision, foreign portfolio investors (FPI) bought shares (net purchase) worth Rs 57,359 crore so far in September.

Rupee falls 4 paise to settle at 83.70 against US dollar