SCCL pays Rs. 42.38 Crore as dividend

MOIL enters Fortune 500 companies list
MOIL has earned a rare honour of entering into the list of FORTUNE 500 companies in India. It has been ranked 486th position among the 500 top companies in India and 9th in the Mines and Metals Sector.

MOIL’s (earlier known as Manganese Ore (India) Limited) shares have been formally listed in Mumbai Stock Exchange and National Stock Exchange on 15.12.2010. MOIL’s IPO was oversubscribed by 56 times particularly by the retail and HNI segments have been heartening which reflects the inherent strength and bright future of the Company. The issue fetched Rs.618.76 crores to the Government of Ind

Industry bodies critical of Indian govt’s new mines and minerals (Development and Regulation) bill
The government’s proposal to impose 26 per cent tax on profits from coal mining and 100 per cent royalty on other minerals will make the Indian mining and mineral based industry as the most heavily taxed in the world and make it globally uncompetitive, industry body ASSOCHAM said today.

Instead of 100 per cent royalty contribution, mining companies may be required to make a one-time upfront payment of 26 per cent of the market value of land at the time of grant of

SAIL modernization programme on track, company achieves record crude steel production
Steel Authority of India Ltd (SAIL) is on track to complete the first phase of its ongoing modernization & expansion (M&E) programme on schedule by 2012-13. During Q1 of the current financial year, company made a record quarterly capital expenditure of $ 405 million (Rs. 2,006 crore). During the quarter, major production facilities commissioned were coke oven battery no. 6 at Bhilai Steel Plant (BSP), and coke oven battery No. 1 at Bokaro Steel Plant.

The company achieved highest-ever crude steel production through concast route at 2.35 million tonnes, showing growth of 5% over correspondi

Neyveli Lignite presents dividend of Rs.360 Crore to govt
Neyveli Lignite Corporation (NLC), a PSU of Ministry of Coal presented a dividend cheque of Rs. 360.02 crore here today to Coal Minister, Sriprakash Jaiswal. The dividend for the year 2010-11 was presented by A.R. Ansari, CMD of the company. On the occasion Secretary, Coal, Alok Perti, Additional Secretary, Zohra Chaterjee, Director, Finance of the company K.Sekar and senior officers of the Ministry were also present.

The shareholders of the company have declared a dividend at the rate of 23.00 per cent for the

Nippon Steel and Sumitomo Metal agree for a merger, hopes to save 150 billion yen yearly
Nippon Steel Corporation and Sumitomo Metal Industries, jointly announced that they have agreed to integrate their businesses effective October 1, 2012. The companies have entered into a Master Integration Agreement, after due discussion by the integration study committee co-chaired by the Presidents of both companies.

The agreed merger ratio or the ratio of the number of Nippon Steel shares to be delivered for each share of Sumitomo Metals has been worked out at 1: 0.735. Nippon Steel shares will be delivered by allotment to each of the shareholders of Sumitomo Metals as at the end of th

BHEL wins contract worth US$ 303.6 million
BHEL has said that it has won a contract to set up the raw material handling system for a steel plant at Nagarnar in Chhattisgarh. The plant is owned by NMDC and has steel production capacity of three million tonnes per annum. The order is pegged at US$ 303.6 million (Rs. 1,395 crore). As per PTI report, the contract was signed in the presence of BHEL CMD B P Rao and NMDC CMD Rana Som.

The project includes engineering, procurement and construction of complete system from receipt of various raw material (coal, iron ore etc) from wagon tippling to crushing. It will have a 30 Km long conveyor