Tata Steel reports Q4 business update

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⭐ Tata Steel reports Q4 business update 

Steel maker has reported a 5% YoY rise in crude steel production to 5.15 million tons during the fourth quarter. Meanwhile, its annual production stood at 19.9 million tons, an increase of 4% YoY. Debottlenecking across sites and ramp-up of Neelachal Ispat Nigam have supported production growth.  

⭐ Religare Enterprises makes new acquisition  

Religare Enterprises has signed a share purchase agreement to acquire MyInsuranceClub, an IRDAI registered insurance web aggregator. As per Religare Enterprises management, the acquisition will help the company to expand its offerings into the insurance distribution space. 

⭐ India’s sugar production drops

India’s sugar production declined by 3% YoY to 299.6 lakh tonnes in the first half of the current marketing year. Lower output in key states like Maharashtra and Karnataka impacted the overall production as per the latest data released by Indian Sugar Mills Association (ISMA). The sugar industry follows the October to September marketing year.

Global markets (at 8:30 AM today)

Fact of the day

Office leasing increased 9% YoY to 12.6 million sq ft during the last quarter of FY24 

Source: Economic Times