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    TV NARENDRAN

    Tata Sons, TVS Motor, 5 other cos launch Indian Foundation for Quality Management
    Indian Foundation for Quality Management, led by prominent industry figures, strives to enhance quality and innovation in Indian businesses, aiming to compete globally and unlock their true potential.
    India's April-December steel imports hit five-year high as demand soars
    India's steel imports reached a five-year high, turning the country into a net importer of finished steel. Steel demand slowed down in Europe and the United States. Indian steel mills have asked for government interventions against surging imports, but the Ministry of Steel resisted curbs.
    Good margins from India business but rising Chinese imports hurting industry: TV Narendran, Tata Steel
    Tata Steel MD says, “ We are watching the space because in 2015 when China was exporting 10 million tonnes a month, we appealed to the government and we got some support. Now, China is exporting about 8 million tonnes a month, so it is pretty close to that. So, let us wait and see what happens in the next few months.”
    Tata Steel India has enough cash flow to fuel growth: TV Narendran
    Tata Steel's robust profitability in its Indian operations positions it well for growth despite increased steel imports from China impacting local prices, according to company MD TV Narendran. He highlighted a strong operational performance in India during the December quarter, with plans for capacity expansion at Neelachal Ispat.
    Tata Steel to shut down blast furnaces at Port Talbot; 2,800 job losses likely
    Tata Steel, one of the leading steel producers, has announced its decision to close down two blast furnaces and other heavy assets in Port Talbot, UK by the end of this year. This unfortunate move is expected to lead to a loss of 2,800 jobs over the course of three years. The company had previously revealed its plans to adopt an electric arc furnace for steel production, a transition that requires a substantial investment of 1.25 billion pounds.
    Tata Steel seeks financial aid for Netherlands unit; to submit decarbonization proposal to Dutch govt soon
    Tata Steel, having secured funding in the UK, is now seeking financial assistance from the Dutch government for its decarbonization efforts. Tata Steel Netherlands will soon submit a detailed decarbonization proposal, and both parties will discuss project conditions for approval. The company aims to produce carbon-neutral steel in Europe by 2050.
    • Won't take any more impairment charges for UK operations transition: Tata Steel MD
      Tata Steel will not incur additional impairment charges due to the transformation of its UK operations into cleaner manufacturing. Managing Director TV Narendran believes that the UK transition, backed by a £500 million government contribution, will cost structure by £100-150 per tonne post-transition Negotiations with the UK government will provide benchmark for Dutch discussions.
      No significant improvement in Tata Steel’s UK biz but better numbers will come out of the Netherlands in Q3 and Q4: TV Narendran
      “There was not much volume growth in H2 because all our operations are running at full capacity. The only one which we were ramping up was Neelachal which is also running at full capacity. I see marginal volume growth if at all. There will be volume growth next year when the Kalinganagar 5 million ton completion would have happened.”
      Availability of green hydrogen to reduce dependence on coal in steel making: Tata Steel CEO
      Tata Steel plans to scale up the usage of hydrogen in the steel-making process after the successful completion of the pilot project at its Jamshedpur plant in Jharkhand, Narendran told PTI recently. In April 2023, Tata Steel commenced the first of its kind experiment injecting hydrogen gas using 40 per cent of the injection systems in an E-blast furnace at its steel plant in Jamshedpur.
      Tata Steel to get £500 million from UK for Port Talbot
      Tata Steel has secured a £500 million grant from the UK government to support the transition of its Port Talbot plant to more sustainable technologies. The grant will help the plant shift to electric arc furnaces, with the project estimated at £1.25 billion. The rest of the capital is expected to be provided by Tata Steel.
      Tata Steel CEO TV Narendran new chairperson of IIT-Kharagpur's board of governors
      Narendran has over 34 years of experience in the mining and metals industry, the statement said, adding that he is a mechanical engineer from NIT-Trichy and an MBA from IIM-Calcutta.
      No "silver bullet" for green transition; government support needed: Tata Steel CEO TV Narendran
      There is "no silver bullet" for green transition in hard-to-abate sectors, including steel, Tata Steel global CEO & MD T V Narendran said on Saturday, noting it's a complex challenge and needs government support. The statement from the industry leader comes amid growing concerns across economies over emissions, and need to increase usage of green energy.
      Tata Steel CEO TV Narendran says company not so keen on any other new acquisitions
      Tata Steel CEO TV Narendran on Sunday said that the company, which is in an expansion mode in India, is not keen on any new acquisitions. According to PTI, ​the statement from Narendran has come amid Vedanta Ltd reviewing and evaluating its steel and steel-making raw materials businesses.
      Tata Steel CEO TV Narendran says prices to ease in Q2
      "In India, the Q2 (July-September) realisation will be about 3,000-3,100 rupees per tonne ($36.65-$37.87) lower than Q1 (April-June)," T.V. Narendran told Reuters in an interview, adding that prices in Europe would be 38 pounds per tonne lower in July-September.
      It has been a more challenging year than expected but H2 will be much better than H1, says Tata Steel MD TV Narendran
      High energy prices in Europe have hit mid-sized and smaller companies and, as a result, steel consumption, according to TV Narendran, MD, Tata Steel. Inflation persists, with central banks increasing rates. However, while the first quarter saw Tata Steel's consolidated net profit fall by 92% YoY to INR634 crore, Narendran believes that Q2 will be better, with China seeming to recover on the back of auto sales and construction growth.
      Status quo is not an option for Tata Steel UK: MD, TV Narendran
      The Rishi Sunak-led government's earlier proposal barely covered a fifth of the estimated capital cost required at Port Talbot Steelworks, Narendran said. The company's European operations continued to be a drag on its consolidated financials. Edited excerpts:
      Next year, Tata Steel will be back on track for reducing debt by $1 billion annually: TV Narendran
      Tata Steel CEO and MD, TV Narendran, expects steel consumption to return to positive levels in Europe from next year. The company’s Dutch business, the strongest in Europe, has been significantly challenged because of rising gas and electricity prices last year. The UK business still poses a long-term challenge, but the fundamentals of demand in India are still very strong due to construction activity and a revived auto industry. Narendran also spoke about the three big factors that will drive sentiment – domestic demand in India, China's recovery and resurgence, and coal prices.
      UK govt offers to sweeten package for Tata Steel UK
      Tata Steel has been requesting fiscal aid from the UK government and has conveyed its stance to the UK that it cannot move forward with its British growth plan based on the government's previous offer. The steelmaker is seeking half of the capital costs pegged at £1-2 billion from the UK government as it doesn't see the business justifying such a large investment.
      Tata Steel may not have to add debt to fund acquisitions: MD TV Narendran
      "Honestly, if we were to raise (capital), it would only be for refinancing," Narendran said about the company's capital market plans. "From our own growth ambitions, we want to grow as well as reduce our debt." At the end of December, Tata Steel had a net debt of ₹71,706 crore, translating to a net debt to ebitda ratio of 1.76. It has committed to keep the ratio under 2 over the medium term across commodity price cycles.
      Tata Steel MD explains why he expects Q4 to be better than Q3, doesn’t rule out exiting UK
      “We see Q4 getting better than the third quarter for a couple of reasons. One, in Q3 , coking coal cost came down by about $90 a tonne and iron ore prices by about $20, our costs are showing a 31 pounds per tonne increase largely because we have taken some NRV losses on some of the stocks that we had. The margin expansion has started happening in India because the margins were at lowest level in November as prices dropped from October to November and started picking up in December.We expect margin expansion to continue. ”
      European operations dragged Q3 performance: Tata Steel MD TV Narendran
      The UK Government, meanwhile, has agreed to the company’s request for fiscal support for upgrading its assets in the country, but it was less than what the steelmaker was seeking, he said.
      TV Narendran on Tata Steel Q3 Results: 'India volume, margin expansion to continue'
      Budget 2023: Mega capex in infra to create demand for multiple industries, jobs: TV Narendran, Tata Steel
      “If I look at sectors like steel and cement, one certainly needs to have green energy sources available, green hydrogen available. One needs to have the policy framework to support investments in these areas as a user industry. In Europe, we need to have carbon border adjustment mechanisms to make sure that carbon inefficient products do not come into the country when one is investing in creating carbon efficient products. "
      Tata steel merger: Don't go by latest share price, says MD TV Narendran
      "Given the size and scale of some of these businesses and the fact that for growth they would need support from Tata Steel, it made sense to merge them. And then we said if we are doing it, let's do it all at once. It simplifies the structure below the parent significantly and also brings in synergy onto the table."
      Watch: TV Narendran of Tata Steel expresses his views on rising steel prices
      Tata Steel UK operations do not justify investment in large capex without government aid, says TV Narendran
      Narendran’s statement to ET comes after reports that Tata Steel may shut its UK operations unless the government provides aid to the tune of £1.5 billion (Rs 14,470 crore). The reports quoted Tata Steel Chairman N Chandrasekaran. The total expense to upgrade the plant will be to the tune of £3 billion, as per the report first published by the Financial Times.
      Margins will stay under pressure in Q2, H1 to be robust: Tata Steel MD
      The margins of domestic steelmakers will remain under pressure in the second quarter despite a dip in input costs as they are carrying more expensive inventory that will now be liquidated, said TV Narendran, managing director, Tata Steel. While the imposition of a 15% export duty in May has hurt the steel industry, the impact on Tata Steel was not very significant as the company had low exposure to exports, he said.
      Margins of steelmakers will be under pressure in Q2, strong recovery in H2: TV Narendran
      The benefits of lower coal prices will reflect only in the third quarter of this financial year, setting the stage for robust second-half performance, Narendran told ET in an interview on Tuesday.
      Tata Steel aims to restart NINL steel mill in next 3 months: TV Narendran
      Tata Steel's next move will be to take ownership of NINL and work hard along with employees and other stakeholders to realise the full potential of the asset, CEO & MD T V Narendran said on a query on the company's future strategy with respect to the newly acquired steel plant.
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