Tata Steel

Europe kept shrinking: Netherlands deliveries fell to 1.30 million tonnes from 1.54 million and UK deliveries to 0.38 million from 0.57 million a year earlier.

Aggregate tax exposure falls to about Rs 1,259 crore from Rs 1,686 crore once the assessing officer gives effect. The company says the ruling may carry persuasive weight in pending FY2010 to FY2015 matters.

It has approached the UK government for more support on top of the 500 million pounds already granted within a 1.25 billion pound project. Every month of delay extends the period it buys slabs rather than making them.

The cumulative investment limit in that overseas holding company now stands at USD 26.21 billion, drawn from an approved facility of up to USD 2 billion.

The spend focuses on value-added downstream and new technologies, signalling a clear India-first growth tilt. Execution of the ramp is the thing to watch.

Rising imports have pressured realisations, and protection would aid JSW Steel, Tata Steel and SAIL on margins through the second half of FY26.