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JSW Steel sues top US companies, accuses them of stifling competition

JSW Steel claims three of the largest American steelmakers conspired to stifle competition by refusing to sell raw metal to its US pipe and platemaking operations after the Trump administration imposed imports on cheaper foreign supplies. US Steel Corp, Nucor Corp. and Cleveland-Cliffs Inc control more than 80 per cent of domestic steelmaking capacity and conspired to cause direct harm to JSW, according to a lawsuit filed in Houston federal court. JSW said it hasn’t been able to get enough semifinished steel slab from suppliers outside the US since the tariffs were imposed in 2018. When the American companies refused to supply metal, JSW said its costs rose.

Expect overall traffic to reach pre-Covid level by Q2 of 2022: IndiGo CEO

IndiGo is hoping to reach pre-Covid level of overall traffic, both domestic and international, by the second quarter of next year, its CEO Ronojoy Dutta said on Wednesday. The carrier is currently operating around 40 per cent and 30 per cent of its pre-Covid domestic and international flights, respectively, and it does not plan to lay off any employees this year, Dutta told PTI in an interview. In July last year, India's largest carrier had laid off 10 per cent of its workforce due to the coronavirus-induced economic crisis. Before the pandemic hit, IndiGo used to operate around 1,500 daily flights.

Bata India Q4 net falls 23%, announces dividend of Rs 4 per share

Shoemaker Bata India Ltd on Wednesday reported 23.3 per cent fall in consolidated net profit at Rs 29.47 crore for the fourth quarter ended March 31, 2021. The company had posted a net profit of Rs 38.40 crore in the year-ago period, Bata India said in a BSE filing. Revenue from operations was down to Rs 589.90 crore during the quarter under review from Rs 620.57 crore in the corresponding quarter of 2019-20. Commenting on the results, Bata CEO Sandeep Kataria said: The Q4 results are satisfactory for us, considering Q3 sales have historically been always better because of the festive season.

US-based Advent International sells 5.36% stake in CG Consumer

US-based private equity firm Advent International-owned Amalfiaco sold a 5.36 per cent stake in CG Consumer at Rs 400 per share, according to the bulk deal data. It garnered Rs 1,348.1 crore from the transaction. Among the buyers of stake include two Ashoka India funds (Rs 166.2 crore), ICICI Prudential Life Insurance (Rs 100 crore), HDFC Standard Life (Rs 59.3 crore), Mirae Asset Mutual Fund (Rs 120.1 crore), SBI Life Insurance Company (Rs 74.9 crore), SBI Mutual Fund (Rs 499.7 crore), Morgan Stanley Mauritius Company, Aurigin Master Fund, Bharti Axa Life Insurance Company and BNP Paribas Arbitrage Fund.

GAIL's Q4 net jumps 28% to Rs 1,908 cr as petrochemical margins soar

State-owned gas utility GAIL (India) on Wednesday reported 28 per cent jump in March quarter net profit as petrochemical margins soared and gas marketing business turned around on rise in international prices. Net profit in January-March at Rs 1,907.67 crore is compared with Rs 1,487.33 crore net profit in the same period a year ago, GAIL Chairman and Managing Director Manoj Jain said on a call with reporters. Higher profitability was mainly due to improved performance of the petrochemical business as well as natural gas marketing and LPG segment, he said. With the economy rebounding after a stringent Covid lockdown, petrochemical plant operated near full capacity, helping clock 40 per cent higher pre-tax profit at Rs 608 crore.

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