Tata Steel gets ₹25,000 cr tax reassessment order for FY19, files writ in HC
New Delhi: Tata Steel on Friday said it has received an order to reassess taxable income for the financial year 2018-19 and increase the taxable amount by over ₹25,000 crore. The company has moved the Bombay High Court against the reassessment. Tata Steel said in a stock exchange filing that the assessment order came on March 31 this year, following a show cause notice issued on March 13 by the Assessing Officer, Office of the Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai. The March 13 notice sought further documents related to the waiver of ₹25,185.51 crore in FY19 for the purpose of reassessing taxable income for AY 2019-20.

NMDC steel surpasses 2 million tonne hot metal production, closes FY25 on a high note

New Delhi : NMDC Steel Limited (NSL) has crossed a major operational milestone by producing over two million tonnes of hot metal in the financial year 2024–25 at its integrated steel plant in Nagarnar, Chhattisgarh. This marks a 100 per cent increase in output compared to the previous fiscal, when the plant produced 966,468 tonnes in its first seven and a half months of operation following its commissioning on August 15, 2023.

NMDC faces governance scrutiny over loss-making Australian subsidiary amid fresh investment concerns
State-owned NMDC – the country’s largest merchant iron ore miner – is in the midst of a governance storm. Questions are being raised over investments made in its loss-making Australian subsidiary, Legacy Iron Ore Ltd, and its ongoing diversification into gold and lithium projects. Complaints have been filed with the country’s anti-corruption authorities naming company top brass. 

OMCs likely to register weaker refining margins in Q4FY25
The country’s oil marketing companies are likely to report a muted fourth quarter for FY25, primarily due to weaker gross refining margins, analysts say. “For the oil marketing companies, we expect crude costs to rise 4-5% in INR terms. With retail prices frozen for diesel, petrol, and LPG—which together account for 80-85% of sales—the overall margins will be impacted,” said Kotak Institutional Equities in its quarterly preview.

Crude oil prices drop $10 per barrel after Trump’s tariff announcement
Crude oil prices have witnessed a sharp decline, dropping nearly $10 per barrel in just one week, following the Trump administration’s announcement of tariffs on certain countries.

Oil & Gas PSU-backed 32 startups participate in Startup Mahakumbh

For instance, the Oil Ministry said that ONGC’s startup fund has seen a 450 per cent growth in valuation over five years, with WellRx—its first oilfield startup under the Startup India Policy—expanding its energy solutions to over 120 countries. Similarly, Indian Oil Corporation (IoCL) has funded 42 startups under its IndS_UP initiative, generating 86 intellectual properties and 635 jobs.

OPEC+ panel meeting seen making no policy changes after surprise output hike
A meeting of top OPEC+ ministers on Saturday is expected to make no new changes to oil ouptut policy, two delegates told Reuters, after the group's surprise decision this week to raise output further helped send prices crashing to pandemic-level lows.

Solar power can save up to 10% for steel sector companies: Ember report
 

Solar energy now powers all 6,624 govt buildings in UT
 

US oil service firms set for hit from Trump tariffs, tumbling oil prices
US oilfield service firms are bracing for a hit as President Donald Trump's tariffs throw supply chains into disarray and tumbling oil prices set the stage for a drop in drilling activity, analysts and financial firms said on Friday.