US Federal Reserve’s move to cut rates fails to lift domestic markets (19-09-2024)
While benchmark indices rallied close to 1 per cent in early trade and made new record highs, valuation concerns and a sharp selloff in the broader markets led to profit-taking
Indian Hotels–for long term portfolio stability (19-09-2024)
Investor presentation being made at the Jefferies 3rd India
Forum today.
IIFL Finance (erstwhile IIFL Holdings) ~ Retail focused diversified NBFC (19-09-2024)
IIFL FINANCE: Company inform that the Reserve Bank of India (RBI), through its communication has lifted the restrictions imposed on the gold loan business of IIFL Finance Limited (“the Company”).
Megatherm – Mega Opportunity (19-09-2024)
My Takeaways on Furnace Industry
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Typically, the hot metal is converted into steel through the basic oxygen furnace (BOF) route, while DRI (direct reduced iron) is converted to steel in an electric arc furnace (EAF) and an induction furnace (IF).
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The larger integrated steel plants (ISPs) typically use the BF-BOF and DRI-EAF pathways, whereas smaller plants use the coal-based DRI-IF pathway.
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A higher growth of 8% and 12% was observed in (Electric arc furnace) EAF and induction furnace (IF) routes of steelmaking compared to 7% for the BOF route.
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Green hydrogen can be used in blast furnaces and gas-based shaft furnaces as a substitute for fossil fuels since it has significantly lower breakeven cost than coal & natural gas. Tata Steel has demonstrated hydrogen injection in blast furnaces while JSW is planning for hydrogen injection in shaft furnaces.
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Despite lower breakeven cost than coal & natural gas it very unlikely to substitute due major challenges such as high capex required for modifying the furnaces, lack of a fully developed ecosystem and availability of green hydrogen.
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There are around 1032 Electric Induction Furnace (EIF) units in India with a total installed capacity of 68.8 Mt. The production through the EIF units is 50.4 Mt registered a capacity utilisation of 73% and contributed to 35% of crude steel production in India.
- Continuous technological developments and the availability of bigger-size furnaces enabled EIFs to contribute to steelmaking in India. The furnace capacity ranges from 8 tonne to 60 tonne.
Potential Problem or this an opportunity?
IF mainly uses scrap or a mix of scrap which consist 40-60% scrap material
Extremely low consumption of scrap totalling 33.36 Mt in FY24
All this round me back to the question, Is there really a significantly market size for Megatherm Induction Ltd? (Critics/opinions are appreciated)
Disclosure : Not invested, My understand may be about the business is very little
Gold rises to record high after Fed makes first rate cut since 2020 (19-09-2024)
Gold, Treasuries and the S&P 500 Index have all typically risen as the Fed starts lowering rates, according to an analysis of the past six easing cycles going back to 1989
Dow rallies 1%, S&P hits intraday record high as Fed kicks off rate easing cycle (19-09-2024)
Wall Street’s main indexes jumped at the open on Thursday, with the S&P 500 notching an intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.
Axel Springer Strikes Deal With KKR to Split Up Publishing Giant (19-09-2024)
The deal values all of Axel Springer at roughly $15 billion, with the company’s publishing assets worth about $4 billion.
Mumbai ex-police chief Sanjay Pandey joins Congress ahead of assembly polls (19-09-2024)
Former Mumbai police commissioner Sanjay Pandey, arrested in the NSE co-location case, has joined the Congress ahead of Maharashtra assembly polls. Inducted by Mumbai unit chief Varsha Gaikwad, Pandey emphasized his secular beliefs and confidence in the Maha Vikas Aghadi’s return to power. He also mentioned facing false cases during his tenure.