Iran-Israel conflict not to have much impact on Tata Steel unless it lasts long: MD & CEO T V Narendran
CEO & Managing Director T V Narendran on Tuesday said the overall impact of the
Iran-Israel conflict
on the company was not much.
He said this on the sidelines of a programme organised by the
Singhbhum Chamber of Commerce and Industry (SCCI)
.
Narendran said 95 per cent of sales of the company take place domestically on Indian currency. Hence, the overall impact on the company would not be much for the time being but if the conflict lasts long, then its impact will be felt globally including Tata Steel.
Narendran welcomed the ceasefire declared between Iran and Israel and expressed hope that this will help reduce the hostilities.
"However, Tata Steel being a global company, we have to be prepared to face such a situation," he said.
To a query, the
Tata Steel CEO
said trade and tariff coupled with an increase in duty imposed by US was a challenge for the sector globally.
"Our maximum export takes place to European nations and the US," he said and expressed apprehension that the company's customers in those countries would bear the brunt on the cost front.
Besides, the cost of shipping, shipping insurance, and logistics will also go up with the increase in oil prices if the Iran-Israel conflict stretches for long, Narendran said.
The oil prices had surged during the last fortnight and would go up further if the conflict continues, he observed.
"We procure limestone from the Middle East and also export steel there. The logistic cost would certainly increase if the conflict lasts long," he said.
About the country's projected 6.5 per cent GDP growth, Narendran said it is good compared to other economies of the world growing at 3 per cent.
"India is the fastest growing economy but we have to maintain it," added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
22 minutes ago
- Time of India
Noel Tata's mother, woman behind Lakme, Simone in critical condition
Mumbai: Simone Tata, the mother of Tata Trusts chairman Noel Tata, is in critical condition at the Breach Candy Hospital, sources with direct knowledge of the matter told TOI. She was airlifted from Dubai to Mumbai on Monday and is under the care of doctor Farokh Udwadia. Simone, 95, is battling symptoms of Parkinson's, the same illness that her stepson and former Tata Group chairman Ratan Tata passed away from last October. "She and Noel arrived in Mumbai from Dubai on a medical plane at Terminal 8," sources said. Simone is most famous for turning the Lakmé cosmetic brand into a household name in India. The name Lakmé comes from the French word for Lakshmi, the goddess of prosperity, in Hindu mythology. The Tata Group was urged by former Prime Minister Jawaharlal Nehru to launch a makeup brand as Indian women were spending valuable foreign reserves on Western makeup brands. Lakmé was established by the Tata Group in 1952. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Originally from Geneva, Switzerland, Simone first visited India as a tourist in the summer of 1953 at age 23. During her visit, she met Naval Tata, who was 26 years her senior and divorced from his first wife Soonoo. They fell in love, got married in 1955, and she decided to make Mumbai her permanent home. In 1996, the Tata Group sold Lakmé to Hindustan Unilever as part of a restructuring strategy. Simone used the proceeds to create Westside, a popular department store. She managed the Tata Group's consumer-facing businesses including Lakme and Trent (which owns Westside and Star India Bazaar stores) for over four decades until her retirement in 2006. She also served on the board of Tata Industries, an investment company within the group. After her retirement, Simone made fewer public appearances. She was last seen at Ratan Tata's funeral in Oct 2024. Following his passing, her son Noel took over his position at Tata Trusts, the driving force behind the $180-billion Tata Group. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
22 minutes ago
- Time of India
Cabinet okays bill that seeks to ban ‘online money game'
NEW DELHI: Cabinet on Tuesday approved a bill that seeks to ban "online money game", where users pay a fee or deposit money, proposing a maximum three years in jail or fine of up to Rs 1 crore for those involved in offering, encouraging or inducing players to participate, which also extends to banks facilitating these transactions. Tired of too many ads? go ad free now At the same time, Promotion and Regulation of Online Gaming Bill, which will be introduced in Lok Sabha on Wednesday, seeks to promote e-sports and online social games where no money is involved. A regulator body is planned to oversee the functioning of the sector, sources told TOI. The proposed legislation defines "online money game" as an online game played by a user by paying fees, depositing money or other stakes in expectation of winning. 2 years' jail, ₹50L fine likely for those advertising online games Online social games have been defined as those that don't involve exchange of money, although users may be allowed to pay a subscription or one-time access fee. Govt has proposed the new law considering unregulated online money gaming platforms pose threats to national and economic security as they use digital wallets and cryptocurrencies for money laundering and illicit money transfer, cross-border data flows without compliance of data protection law, sources said. Moreover, offshore entities are seen to be circumventing tax and legal obligations. The proposed legislation also assumes significance as online money gaming poses serious concerns, including addiction among children and youth, mental health issues, financial losses leading to suicides and lack of uniform regulation across states. Law enforcing agencies face problems in tracking and regulating these platforms, particularly those hosted or operated from outside India. Tired of too many ads? go ad free now Sources said the govt proposes penalties of up to two years in jail or with a maximum fine of Rs 50 lakh or both for any entity advertising such games in media. For those offering online money games and banks engaged in transactions face violations of the proposed law will be "cognisable and non-bailable" offences. Every subsequent violation after conviction would attract penalties of at least three years' jail and fine of Rs 10-20 lakh. In the case of advertisers, such penalties would be 2-3 years in jail and fine of Rs 5-10 lakh. The bill proposes to hold senior executives of the companies liable, if it's established that the offences have been committed with the consent or connivance or due to their neglect. It also proposes blocking of platforms and money gaming services, if the entities or individuals fail to comply with the law. According to the proposal, the bill seeks to encourage Indian startups to build culturally relevant content, reduce dependence on foreign platforms and promote self-reliance in the digital gaming ecosystem.
Economic Times
23 minutes ago
- Economic Times
India's F&O boom puts spotlight on retail protection through education
India's equity derivatives segment (EDS) is on fire. In March 2025, Indian exchanges topped global charts, clocking the highest number of contracts traded — with average volumes more than 4.3 times that of the world's second-ranked exchange. But beneath the headline numbers lies a troubling paradox: surging activity has gone hand in hand with mounting retail investor losses. Two recent studies by market regulator Sebi lay it bare — while
