Content creators mean business
Social media influencers are flipping the rules by first getting followers and then launching products and ...
Tata Steel reported on Thursday that its production was down 34 per cent in the June quarter to 2.99 million tonnes (mt), against 4.50 mt logged in the same period last year, due to weak demand amid the Covid-19 pandemic.
Sales volume was down 26 per cent at 2.92 mt (3.96 mt) as most leading corporates cut down on their infrastructure spending.
Overall production and sales volumes were lower due to mobility restrictions, as the pandemic hit industrial activity and consumer sentiment across all geographies, said Tata Steel in a statement.
In India, it said, capacity utilisation of upstream facilities was adjusted to about the 50 per cent level in April while downstream units were closed.
With the phased opening of the economy, utilisation levels were ramped up gradually to about 80 per cent by June-end. Downstream facilities were also restarted and are being ramped up progressively, said the company.
To counter the closure of the Indian markets in April and May, exports were ramped up significantly by tapping new markets which constituted about 50 per cent of the total sales volume in the June quarter.
While April and May sales were lower, it improved significantly in June as economic activity resumed in India. With an improvement in domestic demand, the proportion of sales in India will increase in the September quarter, said the statement.
The company’s steel production in Europe was down 19 per cent at 2.14 mt (2.65 mt) while sales dipped 14 per cent to 1.94 mt (2.26 mt).
Though Europe did not impose a complete lockdown, the macroeconomy was impacted by the Covid outbreak. Production levels in Europe were scaled down to about 70 per cent. Key steel consuming sectors such as automotive and construction sector continue to be under pressure though the demand for packaging material has been robust, said the company statement.
Social media influencers are flipping the rules by first getting followers and then launching products and ...
Paneer, once alien to the South, has found a lucrative market in Chennai
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Carriers claim that all measures — including pre-flight tests, cabin sanitisation and fresh air inflow — have ...
What filters should you apply when mining for under-the-radar small-cap stocks? Read on to find more
High valuation, intensely competitive landscape and small cap nature of the stock are key risks.
Amid choppiness, the benchmark indices slipped marginally; approach the week with caution
SBI Cards (₹1,032.7): Witnesses fresh breakoutBetween September and December last year, the stock of SBI Cards ...
A virus swept aside 2020 plans to mark the 250th year of the birth of Beethoven. We need the German composer’s ...
A mysterious new exhibit has been the centre of attraction at the gallery of Modern Art. This art work has ...
Tara was a curious little girl who loved to ask questions.She lived with her parents and her grandmother — ...
On the day the oleander baby was born, there was a steady, happy drizzle. Madhu woke up feeling unsteady. The ...
Social media influencers are flipping the rules by first getting followers and then launching products and ...
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Paneer, once alien to the South, has found a lucrative market in Chennai
The Flipkart kids playing adults are back — this time to push the home grown e-commerce marketplace’s grocery ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor