IGI Logo

Key News

Arcelor Mittal reports strongest quarter in more than a decade

ArcelorMittal, the world's largest steelmaker, reported slightly lower than expected third-quarter earnings on Thursday after what it said was its strongest quarter in more than a decade. The company said it expects global steel demand to grow by between 12% and 13% this year, excluding China, where real demand has weakened. Arcelor now expects a slight contraction in Chinese steel demand in 2021, it said, citing the country's real estate sector. Third-quarter core profit (EBITDA), the figure most watched by the market, showed about a sixfold increase from the same period last year at $6.06 billion, slightly lower than the average forecast of $6.15 billion in a company poll.

Srei Group expects delay in Q2 results on insolvency order

Srei Infrastructure Finance on Wednesday said there may be a delay by the company and its subsidiary Srei Equipment Finance Ltd (SEFL) in submitting financial results for September quarter due to initiation of corporate insolvency resolution process against them. Through an order on October 8, 2021, the National Company Law Tribunal (NCLT), Kolkata bench initiated corporate insolvency resolution process against Srei Infrastructure Finance Ltd (SIFL) and SEFL under the Insolvency and Bankruptcy Code, 2016.

Go Colours IPO to open for bidding during November 17-19

Go Fashion, the women's bottom-wear products maker under Go Colours brand, has decided to launch its initial public offering for subscription on November 17. This would be second public issue getting launched next week after Tarsons Products. The offer comprises a fresh issue of Rs 125 crore and an offer for sale by promoters and investors. Promoters PKS Family Trust and VKS Family Trust will sell up to 7,45,676 equity shares each via offer for sale. Among investors, Sequoia Capital India Investments IV will offload 74,98,875 equity shares, India Advantage Fund S4 I will sell 33,11,478 equity shares, and Dynamic India Fund S4 US I has put up 5,76,684 equity shares for sale in OFS.

EV charging platform ElectricPe raises $3 million seed capital

EV charging platform ElectricPe has raised a $3 million in a seed round led by Blume Ventures and Micelio Fund. The company will utilize the capital to further develop its deep-tech platform to enable easy access to affordable charging points via the ElectricPe App. Other investors who participated in round include Anshuman Bapna (Terra.do), Anupam Mittal (Shaadi.com), Arjun Ravi Sheth (partner at Anchorage Capital Partners), Ashish Goel (Urban Ladder), Bhuvan Gupta (OfBusiness), Jasminder Singh (Nowfloats), Khadim Batti & Vara Kumar (Whatfix), Mukul Rustagi (Classplus), among others.

Zomato to invest in startups

Zomato will invest $1 billion in startups over two years, its chief executive Deepinder Goyal said on Wednesday when the food delivery company announced its losses had widened.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer