Steel stocks may advance - Dec 26 09:47

Tata Steel is reportedly eyeing the Western Cluster Iron Ore deposits in Liberia, for which a bid has already been submitted. The Western Cluster consists of several deposits spread over 207.58 square kilometer and the investment is likely to be around $1.5 billion.

Major steel companies may reportedly hike prices from next month to offset the rising prices of raw material.

Steel Authority of India (Sail) will reportedly invest Rs 20,000 crore in West Bengal. Reports suggest the company will invest Rs 13,500 crore in the IISCO Steel Plant at Kulti (up from the original plan of Rs 9,600 crore), Rs 5,600 crore in the Durgapur Steel Plant and the balance in an alloy steel plant also at Durgapur.

Assam Company reportedly plans to hive off oil and gas business.

PSU firm ITI (formerly known as Indian Telephone Industries), which has not been profitable since 2001, is reportedly seeking a new Rs 2,000 crore government aid. The funds are being sought to wipe out accumulated losses of Rs 2,225 crore and to obtain working capital for telecom equipment manufacturing. According to reports, a committee has been set up by the centre to finalize the package.

Bajaj Auto is reportedly planning to re-enter scooter business. The company is planning a series of steps, including setting up dedicated showrooms for scooter buyers on the lines of its 'Probiking' showrooms, the reports suggest.

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