An Indian Navy team visited TKMS in March and conducted the Field Evaluation Trials (FET) and it has met the criteria specified, multiple sources confirmed.

New Delhi: The Indian Navy’s mega submarine deal under Project-75I, estimated to cost upwards of ?43,000 crore, has moved to the evaluation stage with compliance checks of the two bids received, as per the media reports.

One of the bids is from the TKMS (Thyssenkrupp Marine Systems). An Indian Navy team visited TKMS in March and conducted the Field Evaluation Trials (FET) and it has met the criteria specified, multiple sources confirmed.

The FET of Navantia of Spain, the second bid, is expected to be completed before June, it has been learnt. An Indian Navy team visited the TKMS and carried out FET from March 22 to 28, two sources independently confirmed the Hindu.

Meanwhile, the German government is expected to take up a stake in submarine manufacturer, the TKMS (Thyssenkrupp Marine Systems), and discussions are on.

The German government’s move to pick up a stake in the TKMS is in line with the company’s desire to convince its stakeholders of the viability of the submarine business, sources said noting that it would automatically bring in the Government-to-Government part, essential for a deal of this size and technological sophistication. The TKMS was initially not inclined to bid for P-75I due to its scope and complexity but was later convinced by the German government to bid for it, the two sources cited above confirmed.

The war in Ukraine and change in Europe’s security outlook also contributed to the German government’s interest in expanding defence cooperation in a big way, sources said.

The request For Proposal (RFP) issued by the Navy detailing the specifications states that the first submarine should have indigenous content (IC) of 45% which should go up to 60% for the sixth and last submarine.

The final design will be done jointly by the TKMS and the MDL. “MDL will be able to give 60% IC from the first submarine itself and India will own the design which enables it to make any integration of indigenous equipment as desired even at a later stage,” one source stated.

In a major decision as the deal moves forward, Germany early April granted small arms licence to India, a significant exception given the ban on exports to third countries, and in the last couple of months liberalised the licensing requirements for sale of military equipment as required under its BAFA (Federal Office for Economic Affairs and Export Control).

Only Germany and Spain submitted bids for the deal, the deadline for which saw several extensions before finally culminating in July 2023. The deal is being progressed under the Strategic Partnership model of the defence acquisition procedure. Larsen & Toubro (L&T) and the MDL are the two Indian shipyards shortlisted to partner with foreign submarine manufactures to manufacture six advanced conventional submarines in India with significant technology transfer.

PSU bank stocks declined on Monday after the Reserve Bank of India (RBI) proposed tighter rules to govern lending to projects under implementation
New Delhi: PSU bank stocks declined on Monday after the Reserve Bank of India (RBI) proposed tighter rules to govern lending to projects under implementation.

The shares of Punjab National Bank (PNB) tumbled 6.41 percent, Canara Bank plunged 5.42 percent, Bank of Baroda (BoB) tanked 3.71 percent and Union Bank of India declined 3.12 percent on the BSE.
 

The stock of State Bank of India dropped 2.86 percent and Bank of India dipped 2.57 percent.

Also, Power Finance Corporation plummeted 8.93 percent and REC dropped 7.35 percent.

The Reserve Bank on Friday proposed tighter rules to govern lending to projects under implementation.

The central bank's draft rules include a classification of the projects as per their phase and higher provisioning of up to 5 percent during the construction phase, even if the asset is standard.

In the last credit cycle, project loans were seen to have led to a build-up of stress on bank books. The standard asset provisioning otherwise stands at 0.40 percent.

"The domestic indices traded in a range-bound manner influenced by PSU banks' underperformance due to the RBI's tighter norms on lending to projects under development," Vinod Nair, Head of Research at Geojit Financial Services, said.

Under the proposed norms, first announced in September 2023 and the details revealed on Friday, a bank has to set aside 5 percent of the exposure during the construction phase, which goes down as the project becomes operational.
 

Once the project reaches the 'Operational phase', the provisions can be reduced to 2.5 percent of the funded outstanding and then further down to 1 percent if certain conditions are met.

These include the project having a positive net operating cash flow that is sufficient to cover current repayment obligation to all lenders, and the total long-term debt of the project with the lenders has declined by at least 20 percent from the outstanding at the time of achieving date of commencement of commercial operations, it said.

Coal India's contribution to the Government exchequer increased by 6.4 percent to Rs 60,140.31 crore in FY24, over the financial year 2022-23
New Delhi: State-owned Coal India Limited (CIL) contribution to the Government exchequer increased by 6.4 percent to Rs 60,140.31 crore in FY'24, over the financial year 2022-23.

Coal India, which accounts for over 80 percent of domestic coal output, paid Rs 56,524.11 crore to the Government exchequer in FY23, according to provisional figures of the coal ministry.
 

Total levies paid to the government in March 2024 also went up by 14.8 percent to Rs 6,069.18 crore from Rs 5,282.59 crore paid in the corresponding month of FY23.

Of the total Rs 60,140.42 crore paid to the government exchequer in FY'24, maximum amount of Rs 13,268.55 crore was made to the state government of Jharkhand, followed by Rs 12,836.20 crore to the Odisha government, Rs 11,890.79 crore to Chhattisgarh, Rs 10,865.96 crore to Madhya Pradesh, and Rs 6,188.89 crore to Maharashtra among others.

The coal-producing states earned the revenue from royalty, District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) among others. The government had earlier said that the coal-producing states earned a revenue of Rs 1.52 lakh crore in the last nine years from royalty, DMF and NMET.

Coal mining sector has proved to be a big booster for the economic growth of the states that produce fossil fuel.

State governments are entitled to receive 14 percent of royalty on the sale price of coal and 30 percent of the royalty as contribution towards the proposed district mineral foundations (DMFs), which is meant to support project-affected people, and two percent of NMET from dry-fuel produced by the coal companies and also the private sector. In case of captive, commercial mines states are also entitled to receive the revenue share offered by the auction holder in a transparent bidding process.

A viability gap finance (VGF) programme of Rs. 8,500 crore was authorised by the union cabinet on Wednesday in order to encourage coal gasification.
In addition, Coal India Limited (CIL) plans to contribute to two significant joint venture projects, strengthening India's resolve to pursue greener energy efforts.
The monies are allocated among three groups under the authorised system. With a Rs. 4,050 crore budget, Category I focuses on government PSUs for a maximum of three projects. A grant of Rs. 1,350 crore or 15% of the project's capital expenditure (capex), whichever is less, may be awarded to any project falling under this category.

The largest steel producers in India are requesting government intervention to regulate the cost of raw materials, namely iron ore and coking coal.Mills has allegedly urged the government to advocate for a "more realistic" price discovery system after pointing out problems with the way that foreign players are determining the price of coking coal. 

Steel producers have demanded intervention and action regarding two important price indexes, Platts and Argus Indexation, which "remain subjective" in determining the price of coking coal. These demands have been made through the Indian Steel Association (ISA), which is made up of AM/NS India, JSW, Tata Steel, Jindal Steel & Power, and PSUs like SAIL and RINL. 

It has been argued that the two indices do not accurately represent the price.

The ISA stated that import prices are based on Platts and Argus Indexation, which appear to be "subjective" and that "without any actual transaction, index moves up." 

The pricing of a significant amount of coal has been said to be correlated with the average monthly index pricing that these companies report. Accordingly, the cost for December will be equal to the average monthly cost determined in November, and so forth. 

The price is determined by the minimal quantity of further liquidity in the spot market, which is as low as 4–6%, and at most 10%. This is particularly true in India. specific coal suppliers' agreements with their sister trading businesses, or trader-to-trader bids and offers in the absence of a deal, according to specific steel mills, are also recorded in the index price and affect the discovery process, which includes spot pricing.

In an effort to accelerate its expansion into new markets, the state-owned Oil and Natural Gas Corporation (ONGC) will establish a new division to house both its gas business and sustainable energy initiatives like green hydrogen.

The company said in a stock exchange filing that it was granted permission by the Ministry of Petroleum and Natural Gas last month to establish a wholly-owned subsidiary company focused on renewable energy projects and the gas industry.

"The proposed name of the company is 'ONGC Green Limited' subject to approval of the Ministry of Corporate Affairs, Government of India," it said, adding the company board at its meeting on Tuesday approved the formation of the wholly-owned subsidiary for green energy and gas business.

The wholly-owned subsidiary company will be for value-chains of energy business such as green hydrogen, hydrogen blending, renewable energy (solar, wind and hybrid), biofuels/ biogas business and LNG, ONGC said.

A division of the government-owned Steel Authority of India Limited (SAIL), Rourkela Steel Plant (RSP) dispatched the first 4mm Jackal Plates shipment with special treatment to Vehicle Factory Jabalpur.

The shipment was flagged off from SAIL's Special Plate Plant (SPP) at the Rourkela Steel Plant by Kartikeya Behera, CGM (SPP & NPM). At the event were Dr. Prasanta Kumar Padhi, GM In-charge (SPP), Prabir Kumar Behera, GM (SPP), and additional Senior Officers from the SPP, PPC, and Marketing departments of RSP.

The plate will be employed in the production of anti-mine vehicles. 34.648 tonnes of special grade plates, comprising spade materials and high strength 4mm Jackal Plates, were dispatched.

Notably, the plates underwent heat treatment at the RSP Special Plate Plant after being rolled at the Salem Steel Plant and processed through the heat-producing process at the Durgapur Steel Plant.

It is important to note that the Special Plate Plant (SPP), which was put into service in 1969, has a long history of producing rolling plates for the Indian Navy and Defence Department. Special Plate Plant has successfully created Naval Grade Plates, including DMR-249A, DMR-249B, and DMR 301 grade plates, which suit the strict standards of defence applications, under the direction of the Defence Metallurgical Research Laboratory (DMRL), Hyderabad.

As part of the "Make in India" initiative, SPP is also working hard to develop more import-substitute plates. Building domestic defence applications is essential to ensuring India's safety and security and will make the nation self-sufficient.

The magnificent temple in Ayodhya dedicated to Ram Lalla, the infant form of Lord Ram, is a true blend of traditional Indian heritage architecture with science-based building techniques, ensuring its longevity for years to come.
According to Shri Nripendra Misra, the head of the Shri Ram Janmabhoomi Teerth Kshetra Trust, Ayodhya, "the temple has been made to last more than a thousand years."

He claims that leading experts in India have helped to transform it into an iconic edifice unlike any other. In the temple, even ISRO technology have been used appropriately. 

The architectural plan was created in accordance with Chandrakant Sompura's Nagar Shaily or northern Indian temple designs. Chandrakant Sompura has been creating historical temple constructions for 15 generations as a family tradition. Over 100 temples have been designed by the family.

Mr. Sompura states, "In the annals of architecture Shri Ram Temple will be the rarely seen, unique kind of splendid creation ever conceptualised not only in India but at any place on Earth."

According to Nripendra Misra, the temple would have a built-up space of around 57,000 square feet and a total area of 2.7 acres. It will have three floors. He claims that since iron only lasts for 80–90 years, neither steel nor iron have been utilised in the temple. The temple will rise to a height of 161 feet, or around 70% of the Qutab Minar's height.

In a statement, the India-based Tata Sons conglomerate's business subsidiary, Tata Steel UK Ltd., announced that it will proceed with its plan to install recycling-based electric arc furnace (EAF) technology and idle its blast furnace/basic oxygen furnace (BOF) capacity.

While its capacity to mine coal has been declining for decades, the United Kingdom has long been a nation with a surplus of ferrous scrap. According to Tata Steel UK, the goal of this plan is to turn around almost ten years of losses and move away from blast furnaces and towards a more environmentally friendly, sustainable steel industry.

A provisional deal to fund and complete the BOF-to-EAF transition was reached last September as a result of talks including Tata Steel UK, the U.K. government, and labour unions present at the BOF mills.

"The plans follow detailed discussions with the U.K. multi-trade union representative body (UK Steel Committee) and its advisors, in which Tata Steel carefully considered their endorsed proposal for maintaining a single blast furnace," reads the company's most recent release outlining its intentions. Tata Steel has agreed to accept some of the idea after giving it some thought, but they believe that continuing to produce blast furnaces is not practical or cost-effective.

According to the corporation, as part of its aim to restructure and reform its U.K. operations, it will now "commence statutory consultation.It is anticipated that up to 2,800 workers might be impacted, with about 2,500 of those roles likely to be affected in the upcoming 18 months.

Share Price of Steel Strips Wheels Today: On the last day, Steel Strips Wheels finished at ?276.1, having opened at ?278. During the day, the stock saw highs of ?278.15 and lows of ?270.9. The company has a market valuation of ?4265.34 crore. The stock's 52-week high is ?298.9, and its 52-week low is ?126.2. There were 38,595 shares traded on the BSE for the day.

The allocation of 8.65 crore fully paid-up equity shares (face value R1) of Tata Steel to qualified shareholders of Tinplate Company of India Limited (TCIL) has been approved by the board.

The allocation is a result of TCIL and Tata Steel's merger. The merger became operative on January 15, 2024. 33 fully paid-up ordinary equity shares of the firm with a face value of R1 will be distributed for every 10 fully paid-up equity shares of TCIL with a face value of R10 as a result of the merger.

The National Company Law Tribunal's Mumbai bench granted approval to the amalgamation scheme on October 20, 2023, and its Kolkata bench granted approval on January 1, 2024. 

At the JSW Steel Dolvi factory in Raigad, the construction process involved turning about 80,000 tons of CONARC Steel slag into processed steel slag aggregates.

The first part of the National Highway Steel Slag Road in India, which connects Mumbai and Goa via NH-66, was officially opened on Saturday, marking a noteworthy milestone. By transforming trash from the steel industry into a useful resource for constructing sturdy and environmentally beneficial national roadways, the highway represents a turning point in sustainable road construction technology.

Transformative Steel Slag Road Technology from CSIR-CRRI: Efficiency and Economy

Turning waste from the steel industry into money is made possible in large part by the CSIR-Central Road Research Institute (CSIR-CRRI) and their innovative Steel Slag Road Technology. The National Highways Authority of India (NHAI) uses this technology to build safer and greener national highways throughout the nation.

It might be more difficult for India to expand its steel industry if the European Union places restrictions on the export of scrap metal in an effort to cut industrial emissions.

In order to minimize the use of polluting feedstocks like iron ore in the steel-making process, countries are recycling more scrap domestically. India needs imports in order to meet its goal of doubling its steel production capacity to 300 million tons by the end of the decade. India is scrap deficient as a result of its small consumer base.

Producers keep an eye on changes in policy, such as the EU's recent update to its waste shipment regulations in response to China's tightening of scrap metal export restrictions. According to the bloc's proposal, waste should only be transferred to nations outside of the Organization for Economic Cooperation and Development if those nations are able to fulfill stringent environmental requirements.

"Due to the implementation of a circular economy at home, every country is going to protect its scrap," Material Recycling Association of India president Sanjay Mehta stated in a Mumbai interview. "We're going to be in a very difficult situation," he said, because India's supplies will probably be restricted as a result of the EU's new rules.

According to the industry group, India is the second-largest market for European scrap after Turkey. It purchases the remaining scrap from the US, Central and South America, Asia, and the Middle East. By the end of the decade, the nation's consumption of ferrous scrap metal is expected to increase by 50% to 60 million tons, while imports are expected to double to roughly 20 million tons.

Based on data from the trade ministry, the country in South Asia imported metal scrap valued at approximately $12 billion in 2022—more than twice as much as it did just five years prior. Steel scrap, which is used as feedstock in induction and electric arc furnaces, made up nearly half of the incoming cargo.

Metco Ventures LLP partner Dhawal Shah stated that the US, Europe, and the Middle East want to ensure that these productive raw materials do not disappear too quickly. "In order to secure sufficient supplies, India will need to exert greater effort," he continued.

Following the implementation of the EU's cross-border carbon tax, Mehta stated that Indian producers such as Tata Steel Ltd., JSW Steel Ltd., and ArcelorMittal Nippon Steel Ltd. are expected to utilize more scrap in order to continue trading with the EU. In 2021, Tata Steel opened its first steel recycling facility in northern India.

Because there are currently few used cars being disposed of, India's recycling infrastructure is limited, and it will continue to depend on imports to meet its rising demand, according to Mehta.

The Indian government implemented a scrapping policy in 2021 in an effort to promote recycling and get outdated, environmentally harmful cars off the road, but little has changed in terms of adoption.

Shah stated, "India has begun recycling end-of-life vehicles today; tomorrow, it could be refrigerators, air conditioners, and white goods." "I believe that as society develops and the amount of scrap produced domestically increases, the import dependency ratio will naturally decline."

India remained a net importer of steel in October, with imports totaling 0.57 million metric tons (mt) against exports of 0.29 mt. Even as cheaper offers from China entered the country, numbers were impacted by a lack of export offers from Vietnam, West Asia, and Europe.

According to a Steel Ministry report that Businessline was able to access, imports were more than exports by almost 0.28 million tons.

As per the report, the month's imports fell by 4% YoY (from 0.6 mt in October 2022), while exports declined by 21% (from 0.36 mt). However, imports increased by 50% month over month from 0.38 mt in September, a sign that lower-priced Chinese and Vietnamese goods are eroding the market share of domestic steel producers, according to trade sources. Despite September's exports being among the lowest in the previous five years at just 0.16 mt, export numbers improved by 78% month over month.
India continued to be a net exporter of steel for the seven-month period from April to October, with 3.52 mt going out (down 11% from 4 mt exported in 7MFY23) and 3.47 mt coming in (up 10% from 3.2 mt).
India's imports of steel have increased in H1 FY24 (April–September). India's imports are increasing, so this is still an area we need to be cautious about. During an earnings call, Jayant Acharya, Joint MD and CEO of JSW Steel, stated that exports also decreased during this time. Due to "global headwinds," the company's export share for the July–September quarter was rebalanced to 11%.

Mix by category
Exports of non-alloyed steel increased by 277 percent year over year to 0.24 million metric tons during the reviewed month. Trade sources reported that an export duty had reduced offers in October of last year. However, imports into the category increased to 0.47 mt, a 28% increase. Offers for stainless and alloyed steel decreased by 86% and 53%, respectively, in both the import and export markets.

Non-alloyed steel shipments into the nation increased by 80% month over month, indicating the growing discrepancies in price between Chinese and domestic products. Exports increased by 75% after a recovery. Within the stainless and alloy steel industry, exports increased by 102% while imports decreased by 13%.

When discussing the price difference, Acharya emphasized that certain nations were making an effort to "offload excess stock" and stated: "If somebody were to convert with the current raw material, then the prices at which some of those imports of the lower price have come in are not sustainable."  
He believes that prices internationally have probably peaked. The price of steel has "bottomed out" globally, and he predicted that going forward, steel prices would rise in response to rising raw material costs, particularly those of coal.
 

India's economy is largely dependent on the steel industry, which propels expansion and development in a number of areas. Hot rolled coils are an essential industry component that play a major role in infrastructure development, automotive manufacturing, construction, and many other areas. India's hot rolled coil prices serve as both a gauge for the state of the economy and for the industry. JSW Steel is a noteworthy player in this industry due to its extensive influence on hot rolled coil prices in India as well as its wider ramifications.

India's Hot Rolled Coil Price
The raw material for many downstream steel products is hot-rolled coils. Steel slabs are heated and then rolled into the required thickness and shape to create these coils. The cost of raw materials, government regulations, demand and supply dynamics, and worldwide steel prices are just a few of the numerous variables that affect the price of hot rolled coils in India.

The Impact of JSW Steel
Hot rolled coil prices in India are greatly influenced by JSW Steel, a major force in the Indian steel sector. The company has positioned itself as a leading manufacturer of these coils through strategic positioning and ongoing technological and market adaptation. Because of its flexibility, JSW Steel can influence price trends and maintain its competitiveness.