Tamil Nadu Chief Minister M K Stalin has started preliminary work to melt the unutilised jewellery in possession of the temples in the state into 24 carat gold bars, reports Press Trust of India. Initially, the gold ornaments lying unutilised at the three renowned temples of Sri Karumariamman temple in Tiruverkadu, Sri Mariamman temple in Samayapuram and […]
India’s economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund (IMF). India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous […]
Indian cement makers and sponge iron plants are buying high quality thermal coal to bridge domestic shortfalls. Coal is being bought at a $12 to $15 a tonne discount to fresh shipments from Australia. Currently, the price is among the cheapest thermal coal of its quality available in the market. The discord between China, the […]
State-run Coal India Ltd’s board has approved a pre-feasibility report for setting up an integrated aluminium project in Odisha. The largest coal mining company, had received in-principle approval for venturing into aluminium and solar sectors and creation of special purpose vehicles in December last year,. “CIL in its board meeting held on date had accorded its in-principle approval […]
Mining giant Vedanta Group will look to bid for buying the government’s stake in Hindustan Copper Ltd as when the state-owned firm is put up for privatisation, founder Anil Agarwal said. He said that the company is doing its due diligence for the same. “Yes we are looking (at) Hindustan copper. We are doing the due diligence…The dates have […]
Tata Steel reported a 7 per cent rise in consolidated steel output to 7.78 million tonnes (MT) for the July-September period this ongoing fiscal, FY 2021-22. The company’s consolidated steel production was 7.25 million tonnes in the same period last year, Tata Steel said in a statement. Tata Steel’s consolidated sales during the quarter under […]
Ratings agency Moody’s affirmed India’s sovereign rating and upgraded the country’s outlook to ‘stable’ from ‘negative’, citing receding downside risks to the economy and financial system. The sovereign rating by Moody’s stands at ‘Baa3’—which is the lowest investment grade, just a notch above junk status. “Moody’s Investors Service has today changed the outlook on the […]
India’s gold imports in September soared 658 per cent from last year’s lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season, Reuters reports. Retail demand has been improving and jewellery stores are registering good footfall. Higher imports […]
China’s Shenzhen Chengxin Lithium Group Co Ltd and an affiliate of steel and nickel giant Tsingshan Holding Group will invest in a $350 million Indonesian lithium project to capture demand from the electric vehicle (EV) battery sector, Reuters reported. Tsingshan, which shook up the global nickel market by rapidly increasing production at low cost in […]
Global nickel mine production is expected to grow by 6.8 per cent to reach 2,427.4 kilotonnes in 2021, after registering an estimated 4.2 per cent decline to 2,272 kilotonnes last year owing to covid-related lockdowns and restrictions, says GlobalData. In its latest report, the data analytics company noted that Indonesia (+16.3 per cent), the Philippines (+5.1 […]
