INTUC to take part in RINL worker strike

BL reported that the CPI(M) has alleged that the management of Visakhapatnam Steel Plant has pushed the company to heavy losses due to its ‘lopsided’ policies even as the INTUC announced its full support to the strike by VSP employees to press for immediate wage revision.

All

http://www.steelguru.com/news/index/2009/11/02/MTE4MzQz/INTUC_to_take_part_in_RINL_worker_strike.html

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JSPL announces Q2 results

Jindal Steel & Power Ltd has announced the following unaudited results for the quarter ended September 30th 2009

JSPL has posted a net profit of INR 3050.10 million for the quarter ended September 30th 2009 as compared to INR 4500.00 million for the quarter ended September 30th 2008. Total

http://www.steelguru.com/news/index/2009/11/02/MTE4MzQy/JSPL_announces_Q2_results.html

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Ispat Industries Q2 sales down by 36pct YoY

Ispat Industries reported the loss for the quarter ended September 2009 has widened. As per report during the quarter the loss of the company increased to INR 794.10 million as compared with a loss of INR 267.40 million in the same quarter last year.

Ispat’s net sales for the quarter

http://www.steelguru.com/news/index/2009/11/02/MTE4MzQx/Ispat_Industries_Q2_sales_down_by_36pct_YoY.html

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Usha Martin on expansion path - Mr Jhawar

Indian specialty steel maker Usha Martin expects January to March revenue at INR 9 billion to INR 9.5 billion on higher production.

The report quoted Mr Rajeev Jhawar MD of Usha Martin as saying that the company's current steel production is at 80,000 tonnes per quarter and it would rise

http://www.steelguru.com/news/index/2009/11/02/MTE4MzQw/Usha_Martin_on_expansion_path_-_Mr_Jhawar.html

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Macroeconomic Indicators - India inflation up by 1.51 pct

FE reported that India’s inflation grew by 1.51% as of October 17 on the back of higher food prices, vindicating Reserve Bank's hawkish stance of slowly withdrawing its easy money policy.

The wholesale prices-based inflation stood at 1.21% in the previous week. During the week, tea, mutton and arhar and manufactured food items including edible oil and gur turned expensive.

Projecting inflation to touch 6.5% mark by the end of the current fiscal the RBI in its quarterly monetary policy review on October 27 had taken steps to suck out liquidity from banks.

The apex bank had raised Statutory Liquidity Ratio the amount of deposits that banks are to keep in government securities, cash and gold, by one percentage point to 25%.

(Sourced from http://www.steelguru.com/news/index/2009/10/30/MTE4MTAz/Macroeconomic_Indicators_-_India_inflation_up_by_1.51_pct.html)

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