• Steel demand in India is expected to grow above 7 per cent in 2019 and 2020 due to the wide range of continuing infrastructure projects.
  • Global steel demand is expected to grow by 1.3 per cent in 2019 and 1% in 2020 over the corresponding previous year.
  • In developed economies, steel demand is expected to reduce, reflecting a deteriorating trade environment.
  • In Asia, excluding China, there will be an increase in the growth during 2019 and 2020, making it the fastest-growing region in the global steel industry.
  • The Telangana high court order implies that tax authorities can levy interest on the gross tax liability of an assessee if there is any delay in tax payment.
  • The GST Council had recommended changing the law to provide that interest should be charged only on the net liability of a taxpayer, after taking into account the admissible input tax credit
  • The council’s recommendations will become effective only after the state and Central GST acts are amended.
  • The decision of the Telangana high court seems contrary to the government’s intention and the practice which industry would have been following in general, as was followed during the erstwhile regime.
  • Tata Power, the country’s largest private power producer company will lead the nation’s renewable energy transition and will cease to build new coal-fired power capacity.
  • The shift away from new coal-fired power is moving faster.
  • The company is also leading India in rooftop solar, electric vehicle charging via its recent installation of India’s first grid-scale battery storage system.
  • Tata Power will need to increase its renewables installation rate significantly if it is to meet its Strategic Intent target of reaching up to 11.3 GW of non-fossil fuel power capacity by 2025.
  • ACC has reported a 38.19 per cent increase in its consolidated profit at Rs 346.02 crore for the first quarter of 2019 (January – March) , on account of increase in sales volume. The consolidated profit was 250.39 crore in the January-March quarter a year ago.
  • ACC’s cement sales volume was up 5.63 per cent to 7.5 million tonne in the January-March quarter as against 7.1 million tonne.
  • During the first quarter of 2019, revenue from cement segment along with ready mix concrete business have also shown an increase over the year-ago period.
  • The government’s continued drive on infrastructure development as well as ‘Housing for All’ initiatives are expected to energize the construction sector and stimulate cement demand.
  •  The rupee on April 23, gained 5 paise to close at 69.62 against the US dollar on some dollar selling by banks and exporters. However, subdued equity market sentiment and a stronger dollar against its key rival currencies limited the rupee’s gain.
  • China among the top ten steel using countries, alone had a share of 835 mt of the total world use of 1.712 billion tonnes of steel in 2018 and will continue to make a reflective impact on the rate at which global steel demand will move.
  • Indian steel use will be growing by over 7% first to 102.8 mt and then to 110.2 mt during the years 2019 and 2020 respectively. India’s per capita steel consumption of about 70 tonnes falls far short of the world average of208 kg.
  • Developing Asia, excluding China will stay as the fastest growing region in the global steel industry with expected 2019 growth at 6.5 per cent followed by a slightly lower 6.4 per cent in 2020.
    Steel demand will get a boost if more steel is used in house building and construction.