JSW Steel to invest $500mn to upgrade Acero Junction plant in USA
JSW Steel JSW Steel has proposed to invest up to $500mn in its newly acquired unit, Acero Junction Inc, located in Ohio, USA. Acero Junction is an integrated steel manufacturing unit with a potential capacity of 3 MTPA. This investment would take JSW Steel’s overall investment blueprint in the US steel market to $1bn.
The proposed investment in Acero Junction would be made in two phases. In the first phase, JSW will revamp & restart the electric arc furnace and the slab caster, and modernize the hot strip mill. The phase is expected to cost ~$250mn. In the second phase, JSW Steel would add another electric arc furnace as well as additional manufacturing equipment at the hot strip mill to make the Ohio facility a fully integrated unit with 3 MTPA capacity.
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| CapitalStars Investment Adviser |
Tata Motors to complete half century of CV launches this fiscal
India’s largest commercial vehicle manufacturer, Tata Motors Limited (TML) has put in place aggressive plans to further strengthen its position in the commercial vehicle (CV) space. The company will launch close to 50 CVs in India in FY19, including variants and facelifts. It had launched a similar number of vehicles in FY18.
The aggressive product launch had paid good dividends for the company as its market share in the domestic CV space inched up from 44.4% in FY17 to 45.1% in FY18. The company had saved Rs1,900cr in FY18 as a result of cost-saving measures in CVs and PVs. It expects to achieve a similar quantum of savings in FY19 and will invest Rs1,500cr in CVs this fiscal. The amount will be spent in R&D, capacity expansion and making products BS-VI compliant before the emission norms kick in with effect from April 1, 2020.
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AstraZeneca receives marketing permission for Durvalumab (ImfinziTM) in India
AstraZeneca Pharma India Limited (AZPIL) announced that it has received Import & Market permission for Durvalumab (ImfinziTM) in India by the Drug Controller General of India (DCGI). The receipt of this permission paves way for the launch of durvalumab (ImfinziTM) in India, subject to the receipt of further related statutory approvals and licenses.
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IDBI Bank stock rises 3% on report of govt to consider stake sale to LIC
Shares of IDBI Bank rose 2% after media news reported that the government is considering to sell between 40 and 43% of IDBI Bank's stake to Life Insurance Corporation.
The LIC Board has approved the idea of taking charge of the controlling stake in a bank and will discuss the IDBI Bank stake sale after the government approves the idea, the report added.
As of March 31, 2018, the government held 80.96% stake in IDBI Bank, while the rest was held by the public.
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Ujjivan Financial refutes rumors, says “not under custodian ban
Consumer Finance Company Ujjivan Financial Services in a BSE filing clarified that its shares are not under the restricted/ban list of the RBI. It also quoted an NSE circular dated June 4, 2018, which stated that the purchase/sale of the company’s shares by FPIs and NRIs are allowed in the open market.
Further, this purchase/sale by FPIs and NRIs on the stock exchanges is overseen by a new monitoring system enumerated by SEBI.
This filing sought to slam false rumors that the company was under a custodian ban.
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