Latest news with #MineDevelopmentandProductionAgreement
India.com
07-07-2025
- Business
- India.com
Bad news for Ratan Tata's company, gets Rs 19020000000 demand notice over ‘shortfall' in…, from…
Tata Steel on Friday announced that it has received a demand notice of Rs 1,902 crore from the Deputy Director of Mines in Jajpur, Odisha, over an alleged shortfall in mineral dispatch from its Sukinda Chromite Block. In a filing, the steel maker said it will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forums. 'The company has received a Demand Letter issued by the Office of Deputy Director of Mines, Jajpur, in connection with revised assessment of shortfall in dispatch of minerals from the company's Sukinda Chromite Block, for the fourth year in terms of Mine Development and Production Agreement (i.e., July 23, 2023 through July 22, 2024),' Tata Steel said. Tata Steel Receives Rs 1,902 cr Demand Notice The notice received on July 3 alleges violation of Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, and consequent appropriation of performance security, the company said. 'The alleged shortfall in mineral dispatch by the company as per the aforementioned Mine Development and Production Agreement for Sukinda Chromite Block has resulted in an aggregate demand of Rs 19,02,72,53,760 including sale value of shortfall quantity and appropriation of performance security,' it said. The management believes that the 'state's demands lack justification and substantive basis and the Company will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forum(s),' it said. Tata Steel Stock Performance Tata Steel's share closed nearly 2% lower at Rs 163 during Friday's trading session. The stock opened at Rs 166 but later declined, touching a low of Rs 162.05. During intraday trading, it also hit a high of Rs 166.40. The stock's 52-week high stands at Rs 178.15, while the 52-week low is Rs 122.60. With this, the company's market capitalisation has risen to Rs 2,03,480 crore. (With Inputs From PTI)
News18
07-07-2025
- Business
- News18
Stocks To Watch: Tata Steel, IDBI Bank, Ultratech, BEML, Suzlon Energy, RVNL, And Others
Last Updated: Stocks to watch: Shares of firms like Tata Steel, IDBI Bank, Ultratech, BEML, Suzlon Energy, RVNL, and others will be in focus on Monday's trade Stocks to Watch on Monday, July 07, 2025: Indian stock markets ended flat on Friday amid continued volatility. On Monday, shares of Tata Steel, IDBI Bank, Ultratech Cement, Godrej Consumer, BEML, and others are expected to remain in focus due to recent news flow and quarterly updates. Suzlon Energy Suzlon Energy has received 'no adverse observations' letters from both NSE and BSE regarding its corporate restructuring plan. The proposal involves merging its wholly-owned subsidiary, Suzlon Global Services, with the parent company. IndusInd Bank The bank reported a decline in both advances and deposits for the June quarter. Net advances fell 3.9% year-on-year and 3.1% quarter-on-quarter to Rs 3.34 lakh crore. Tata Steel Tata Steel has received a demand notice from the Deputy Director of Mines in Jajpur regarding a revised assessment of a shortfall in mineral dispatch from the Sukinda Chromite Block for the fourth year, as per the Mine Development and Production Agreement. RVNL has received a Rs 143 crore order from South Central Railway. The company was declared the lowest bidder for a Rs 213.22 crore railway infrastructure project on June 30. Shyam Metalics and Energy In June 2025, the company's stainless steel sales volume declined 19% year-on-year to 5,665 tonnes, even as average realizations increased 3% YoY to Rs 1.43 lakh per tonne. UltraTech Cement UltraTech shares will be in focus after the company issued a clarification stating that it is not under investigation in the ongoing CCI cement cartelisation probe, contrary to recent media reports. Dabur India Dabur India has also secured a Rs 143 crore order from South Central Railway, having emerged as the lowest bidder for a Rs 213.22 crore project on June 30. Jyoti CNC Automation The company has acquired 20 acres of land at the Tumakuru Machine Tools Park (TMTP) in Karnataka's Tumakuru district, a strategic move aimed at expansion and long-term growth. Senco Gold Senco Gold reported a strong Q1 FY26 performance. Retail revenue rose 24% year-on-year, while total revenue jumped nearly 28%, driven by robust consumer demand. BEML The state-owned engineering firm announced two new export orders totaling approximately $6.23 million, signaling further global traction for its products. IDBI Bank IDBI Bank reported stable operational performance for Q1 FY26. The lender's total business rose 8% year-on-year to Rs 5.08 lakh crore. First Published: July 07, 2025, 08:00 IST
Mint
07-07-2025
- Business
- Mint
Stocks to watch: IndusInd Bank, Ultratech Cement, RVNL, BEML among shares in focus today
The bank saw a drop in both advances and deposits during the June quarter, with net advances decreasing by 3.9% year-on-year and 3.1% quarter-on-quarter to ₹ 3.34 lakh crore. Tata Steel has received a demand notice from the Deputy Director of Mines in Jajpur concerning a revised evaluation of a shortfall in mineral dispatch from the Sukinda Chromite Block for the fourth year, as per the Mine Development and Production Agreement. The company has received a ₹ 143 crore order from South Central Railway after being declared the lowest bidder for a ₹ 213.22 crore project on June 30. In June 2025, stainless steel sales volume declined by 19% year-on-year to 5,665 tonnes, even as the average realization rose by 3% YoY to ₹ 1.43 lakh per tonne. UltraTech shares will remain in focus after the company issued a clarification stating it is not being investigated in the ongoing CCI cement cartelisation case, refuting recent media reports suggesting its involvement. The company has secured a ₹ 143 crore order from South Central Railway, having emerged as the lowest bidder for a ₹ 213.22 crore project awarded on June 30. The company has secured 20 acres of land at the Tumakuru Machine Tools Park (TMTP) in Karnataka's Tumakuru district, positioning itself for future growth and expansion. The company delivered a strong performance in the first quarter of FY26, with retail revenue growing by 24% year-on-year and total revenue climbing by nearly 28%. The state-run engineering company revealed that it has received two distinct export orders worth approximately $6.23 million in total. The bank delivered a stable operational performance in the first quarter of FY26, with its total business growing by 8% year-on-year to ₹ 5.08 lakh crore. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
The Print
04-07-2025
- Business
- The Print
Tata Steel receives Rs 1,902 cr demand notice over ‘shortfall' in mineral dispatch from Odisha block
'The company has received a Demand Letter issued by the Office of Deputy Director of Mines, Jajpur, in connection with revised assessment of shortfall in dispatch of minerals from the company's Sukinda Chromite Block, for the fourth year in terms of Mine Development and Production Agreement (i.e., July 23, 2023 through July 22, 2024),' Tata Steel said. In a filing, the steel maker said it will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forums. New Delhi, Jul 4 (PTI) Tata Steel on Friday said it has received a demand notice of Rs 1,902 crore from Deputy Director of Mines in Jajpur for alleged shortfall in dispatch of minerals from its Sukinda Chromite Block in Odisha. The notice received on July 3 alleges violation of Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, and consequent appropriation of performance security, the company said. 'The alleged shortfall in mineral dispatch by the company as per the aforementioned Mine Development and Production Agreement for Sukinda Chromite Block has resulted in an aggregate demand of Rs 19,02,72,53,760 including sale value of shortfall quantity and appropriation of performance security,' it said. As per the notice, the revision in assessment is based on declaration of average sale price notified by the Indian Bureau of Mines. The management believes that the 'state's demands lack justification and substantive basis and the Company will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forum(s),' it said. PTI ABI TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
04-07-2025
- Business
- Hans India
Tata Steel gets Rs 1,902 crore demand notice from Odisha govt
Mumbai: Tata Steel on Friday said that it has received a demand notice of Rs 1,902.72 crore from the Deputy Director of Mines in Jajpur, Odisha. The notice relates to an alleged shortfall in the dispatch of minerals from the company's Sukinda Chromite Block. According to a stock exchange filing by Tata Steel, the demand is based on a revised calculation of average sale prices provided by the Indian Bureau of Mines. The mining authorities issued the notice on July 3 under Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016. They have also moved to use the company's performance security amount to recover the dues. 'On July 3, Tata Steel Limited has received a demand letter issued by the Office of Deputy Director of Mines, Jajpur, in connection with revised assessment of shortfall in dispatch of minerals from the Company's Sukinda Chromite Block, for the fourth year in terms of Mine Development and Production Agreement (i.e., July 23, 2023 through July 22, 2024) in alleged violation of Rule 12A of the Minerals (Other than Atomic and Hydrocarbon Energy Minerals) Concession Rules, 2016, and consequent appropriation of performance security,' the company said in its filing. 'The revision in assessment is based on declaration of average sale price notified by the Indian Bureau of Mines,' the company added in its filing. The shortfall in mineral dispatch is said to have taken place during the fourth year of Tata Steel's mining agreement -- from July 23, 2023, to July 22, 2024 -- under the Mine Development and Production Agreement (MDPA) for the Sukinda block. Tata Steel has disagreed with the demand. The company said the claim has no justification or proper basis, and it plans to challenge the notice through legal channels. 'The Management believes that the State's demands lack justification and substantive basis,' the firm stated. 'Accordingly, the company will pursue suitable legal remedies before the appropriate judicial or quasi-judicial forum(s),' the company added. Sukinda, located in Odisha's Jajpur district, is one of the largest chromite reserves in the country and plays a key role in Tata Steel's raw material supply.
