Teen Traders' Blog

-The initial public offer (IPO) of the private sector shipbuilder, Pipavav Shipyard got subscribed 1.36 times on Day 1, according to the data available on the NSE. The company received bids for 95.62 million shares as against 70.17 million shares on offer. BusinessStandard

-Corus to start Port Talbot unit on rising demand:Report.IIFL

-Tata Steel soars 8% to new 52-week high.BusinessStandard

-Ruias-led Essar Steel has sought government approval for exporting iron ore produced as waste in the process to make steel and said it would earn up to $35 million if such shipments were allowed.BusinessStandard.

-Old Models must change for economic recovery to be sustainable:WEF.IIFL

-State-run Indian Oil Corporation (IOC), the nation’s largest fuel retailer, is losing about Rs 79 crore per day on selling auto and cooking fuel below cost.BusinessStandard

 Tata Consultancy Services, a leading IT services, business solutions and outsourcing firm, announced the opening of a new Global Delivery Centre in Buenos Aires, Argentina – the first company to officially inaugurate its facilities in the new Technology District of the city of Buenos Aires.BusinessStandard

Protesters  Broke windows, setoff smokebombs in protest of  layoffs and plant shutdowns.

Arcelor Mittal, the world’s largest steelmaker has been havinga rough time and shutdown plants around the world had a violent confrontation from steelworkers at the annual shareholders meeting in Luxembourg. The protests followed the plant shutdowns and reluctance by Arcelor Mittal to reopen the idled or closed plants.

An estimated 1000 protesters from the company’s plants in France and Belgium attacked the headquarters of the company at Luxembourg during a  shareholder meeting.

Though the meeting was carried on inspite of the protests, the compnay chairman Lakshmi Mittal told the shareholders that companies were buying less steel and making steel without customers makes no point. He adds that he would shift production of steel to lower cost plants.

The usual European and American plants are high cost plants and seem to be ties up with companies producing Automobiles and other products which have seen a steep fall in the recession.

Dan Boone, Vicepresident of United steel works in Cleveland did say that the anger amongst colleagues can be understood but he told. “But you are not going to see those kinds of violent protest here.”

Arcelor predicts that the global steel demand is set to fall of by 20% in the current year.