Latest news with #Acharya
Hindustan Times
an hour ago
- Politics
- Hindustan Times
Cal HC asks Odisha govt to file affidavit in opposition to migrant workers detention claim
Kolkata, The Calcutta High Court on Wednesday directed the Odisha government to file an affidavit in opposition to the contentions in habeas corpus petitions that two Bengali-speaking migrant workers from West Bengal were illegally detained in the neighbouring state. Cal HC asks Odisha govt to file affidavit in opposition to migrant workers detention claim The Odisha government strongly denied before the court the contention that they were illegally detained. The court was informed that the two migrant workers over whom the habeas corpus petition was filed Sainur Islam and Rakibul Islam have already returned to their residences. Alleging that the two were illegally detained in Odisha, the petitioners' lawyer claimed that they are entitled to compensation. This contention was disputed by the Advocate General of Odisha. A division bench presided by Justice Tapabrata Chakraborty directed the Odisha government to file an affidavit in opposition to the contention of the petitioners by August 20. The petitioners were directed to file their reply to the contention of the Odisha government in its affidavit by August 27. The court directed that the matter will come up for hearing again on August 29. Odisha Advocate General Pitambar Acharya, appearing before the court through the virtual mode, submitted that there was no arrest of the persons over whom the habeas corpus petitions were filed. He stated before the court that the law encrafted in the Foreigners' Act authorises the civil authority to do certain things in respect of the suspected persons whose citizenship is in doubt. He stated that there was no arrest and that it was a lawful verification of documents as provided in the law, claiming that it was a frivolous petition. Acharya stated that the Odisha government has already submitted a status report on the matter before the court. Appearing for the West Bengal government, senior counsel Kalyan Banerjee stated that the opinion about a person's citizenship must be reasonable. The division bench had on July 10 directed the Odisha government to place before it relevant documents on whether the two had been detained or were missing. They were directed to answer that if they have been detained, whether such detention was in connection with any court's order and the grounds for that. The Odisha government was also asked to answer whether there has been any correspondence between the West Bengal and Odisha governments. After the order was dictated, Banerjee claimed that this was not a simple habeas corpus petition. Acharya stated that this was not an issue between the state governments of Odisha and West Bengal. He said that it is not about the citizenship of any of the two states, but of the nation. When Banerjee claimed that several Bengalis have been detained in Odisha over citizenship issues, Acharya said, "Bengalis are our neighbours and brothers and sisters. Most of the Odia people are very fond of Bengalis." He said that the current Chief Justice of the Odisha High Court is a Bengali. "We are not opposed to you, why are you opposing us?" Acharya asked, to which Banerjee said, "We must know how many Bengalis have been detained in this process." Banerjee further claimed that the alleged targeting of Bengali-speaking migrant workers in some states has become a national issue now. This article was generated from an automated news agency feed without modifications to text.
Time of India
a day ago
- Business
- Time of India
Watch out for cheap steel, JSW tells India amid rising China flow
India needs to remain watchful against the potential dumping of low-priced steel into the country, Jayant Acharya, joint managing director of JSW Steel Ltd. , said on Tuesday. Speaking to BloombergTV, Acharya said that imports remain a concern for the domestic industry despite the government imposing a 12% safeguard duty. Acharya warned that US tariffs on steel were contributing to fears of global oversupply, especially from China, the world's largest steel producer. He said India, which is seeing rapid economic growth, was exposed to the risk of trade diversions caused by such tariffs. Explore courses from Top Institutes in Please select course: Select a Course Category Degree Finance others Management Public Policy MBA Cybersecurity Artificial Intelligence Digital Marketing Project Management PGDM Leadership Technology Others Healthcare Product Management Data Science Design Thinking CXO healthcare Data Science Data Analytics Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details Acharya pointed to the increase in India's imports of iron and carbon steel products from China in recent months. According to China customs data, imports touched 264,854 tons in June — the highest monthly figure since October. However, he added that the overall volume for the first half of the year was still lower compared to the same period a year earlier. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo JSW Steel's own performance showed significant growth. The company's profit for the quarter ending June more than doubled, surpassing the average estimates of analysts. Looking ahead, Acharya said India would remain JSW's main market for expansion, supported by strong demand from the construction sector. The company currently operates with an annual steelmaking capacity of 35.7 million tons, with nearly 96% of it located in India. Live Events JSW aims to expand this capacity to 42 million tons by September 2027 and further to 50 million tons by the end of the decade. Acharya said India would continue to account for the largest share of this growth.
India Today
2 days ago
- Entertainment
- India Today
Ram Charan bulks up, sweats it out in the gym for Peddi. Viral pic
Ram Charan's physical transformations have consistently made headlines. From 'Dhruva' to 'RRR' and now with 'Peddi', he's once again raising the bar. His latest post-workout photo, shared on social media, has fans buzzing with anticipation about his look in the upcoming film, 'Peddi', directed by Buchi Babu 'Acharya' actor shared the picture on X and captioned it, 'Changeover for @PeddiMovieOffl begin!! Pure grit. True Joy. (sic)'. The image shows him in a rugged look, flaunting his bulked-up physique, a clear teaser of the power-packed role he's preparing the post: Buzz around 'Peddi' has been building steadily ever since the first look and promotional glimpses were released, striking a chord with both fans and audiences. Joining Charan in the cast are Janhvi Kapoor as the female lead, Kannada superstar Shiva Rajkumar, Jagapathi Babu, and Divyendu a crucial schedule beginning tomorrow, Charan's preparation seems to be in full swing. Sporting tied-back hair (last seen in 'Govindudu Andarivaadele'), a dense beard, and a bulked-up frame, the actor looks ready to embrace a role that demands both physical grit and emotional by 'Uppena' fame Buchi Babu Sana, 'Peddi' is among the most ambitious films in Charan's career. It is produced by Venkata Satish Kilaru under Vriddhi Cinemas and presented by Mythri Movie Makers and Sukumar the first glimpse of Peddi: With music by AR Rahman, visuals by R Rathnavelu, and editing by Navin Nooli, 'Peddi' is shaping up to be a grand cinematic spectacle. The film is slated for release on March 27, coinciding with Ram Charan's birthday.- Ends
Mint
3 days ago
- Business
- Mint
Importers finding gaps in India's 12% steel safeguard duty: JSW Steel's Jayant Acharya
Mumbai: Importers are finding ways to bypass the 12% safeguard duty on steel imports levied in April this year, leading to a rout in domestic prices, even as the import volumes come down, said Jayant Acharya, the joint managing director of JSW Steel. One of the workarounds is the misuse of the Advance Authorization Scheme, which allows duty-free imports of raw materials for export-linked production. Importers get 18 months to export the finished product to prevent paying the safeguard duty. Some non-automotive importers are using this scheme to buy cheaper steel from overseas and sell the finished goods in the domestic market, alleged Acharya. They are betting on the domestic prices softening during the 18-month window allowed under the scheme before eventually using local steel to make products for export, he said. Other workarounds include buying semi-finished steel, which doesn't attract the safeguard duty, and then processing it further domestically, he said. Such imports have risen particularly from countries like Russia as well as the Asean bloc, he said. 'If there are any leakages which happen, we need to block (them)," Acharya said in an interview. The JSW Steel executive's comments come as prices of steel in the domestic market continue to fall despite strong demand and decreasing imports. Prices of benchmark hot-rolled coils (HRC) of steel, which is used in cars and consumer durables among other things, fell to a four-month low to ₹50,700 for a tonne in June, as per data from BigMint, a market intelligence firm. The price fall was in tandem with a fall in international steel prices, even as India's imports came down. The country imported 1.4 million tonnes of finished steel during the April-June quarter, a third less than the preceding quarter, as per an investor presentation from JSW Steel. During this period, India's steel consumption is estimated to have grown by about 7% compared with the preceding quarter at about 38.3 million tonnes. Acharya argued that the headline trade figures do not convey the full picture. Considering steel imports arrive 1-2 months after an order is placed, the official import data fails to reflect real-time market sentiment around pricing, he said. 'Sentiment is determined by the booking of imports which happen in the month of operation. So if the booking of imports is at a lower level, that becomes a reference point for discussion with the domestic (steel producers)," he said. Moreover, the import prices continue to influence the domestic market regardless of the quantities, he said. This means, even as import volumes narrow, the prices of domestic steel were likely to remain under pressure. 'There are other countries also which are now coming into India," he said, indicating a surge in imports from Russia and the 10-narion Asean bloc in recent months. This was because of the high tariffs in markets like the US and Europe, forcing these countries to export more to India, he said. The steel industry contributes nearly 2% to India's GDP. JSW Steel is the largest domestic steelmaker by capacity, followed by Tata Steel, Steel Authority of India and Jindal Steel and Power. During a post-earning interaction with analysts last week, JSW Steel's management said that it expects a favourable decision when the government reviews the safeguard duty on steel imports, both on the duration and rate. The government imposed a 12% safeguard duty on steel imports on 21 April for a period of 200 days. Steel is a capital-intensive industry, Acharya said, pointing to the need for long-term stability in terms of tariffs to avoid exposure to global market uncertainties before making long-term investments in steel plants. JSW Steel tripled its profits in June quarter of FY26, supported by higher production and sales volume along with easing coking coal costs, a key raw material. The steelmaker reported a profit of ₹2,209 crore compared to ₹867 crore in the same quarter a year ago. The consolidated revenue for the first quarter of FY26 was ₹43,147 crore, compared to ₹42,943 crore from the same period last year. The Supreme Court's ruling on Bhushan Steel and Power Ltd (BPSL) won't impact their expansion plans, said Acharya. On 2 May, SC rejected JSW Steel's ₹19,700 crore acquisition of BPSL and ordered its liquidation. The company is waiting for the apex court hearing on their review petition before undertaking a 0.5 million tonne expansion at BPSL. However, that has no bearing on their target and they are on track to achieving its 50-million-tonne-capacity by 2050. Archarya also reaffirmed that steel demand in India is strong and is set to see an incremental growth of around 13 -14 million tonnes in FY26. This would be a rise from 144 million tonnes in FY25, as per BigMint estimates. With additional volumes kicking in from the ramp-up at JSW Vijayanagar Metallics Ltd (JVML) and the Blast Furnace 3 upgrade post-shutdown will aid the steel maker's ability to meet this growing demand. JSW Steel is expanding its Vijayanagar plant in Karnataka by adding 5 million tonnes per annum (mtpa) through its subsidiary JVML, which will bring the total capacity of the plant to 18 mtpa. JSW Steel has a consolidated capacity of 35.7 mtpa including domestic capacity of 34.2 mtpa and 1.5 mtpa in the US. On the cost front, the steelmaker expects to see some benefit due to the strategic steps taken, particularly in areas like coking coal. In the current quarter coking coal prices were softer but they are stabilizing now, said Acharya. Coking coal is a key ingredient used to make steel besides iron ore. It is heated without air and turned into coke, which is used in blast furnaces to help turn iron ore into liquid iron. This iron ore is then used to make steel. On the raw material side, 'we continue to look at startup of the new mines which we have got in the captive in Karnataka and Goa," he said, adding that their domestic coking coal mines are expected to be operational in the next few years, which will further support cost efficiencies. The company's overseas operations are expected to improve, driven by a more favourable international pricing environment. The steelmaker has a 1.5 mtpa electric-arc-furnace-based steel manufacturing unit in Ohio, US and a 1.75 mtpa plate and pipe production mill in Texas. In Italy, it has a 0.32 mtpa rail manufacturing unit, which is undergoing an expansion in capacity to 0.6 mtpa.
News18
5 days ago
- Business
- News18
JSW Steel expansion plan on track despite SC order on BPSL: Jayant Acharya
New Delhi, Jul 18 (PTI) JSW Group on Friday said its expansion plan will not be impacted by the Supreme Court order to set aside the acquisition of Bhushan Steel and Power Ltd (BSPL) through the insolvency process. JSW Steel Joint MD and CEO Jayant Acharya, in an earnings call, said that BPSL was not part of the brownfield expansion that the steel company took into account while setting the 50 million tonnes capacity target by 2030-31. 'In our 50 MT tonne outlook (expansion) that we have given up to 2030-31, BPSL was not part of the brownfield expansion that which we have taken into account. So therefore, it will not impact our target which we have given," Acharya said, in an earnings call, said while replying to a question if the acquisition of BPSL asset going into legalities will affect JSW Steel's expansion plans. He also said that the company has filed a review in Supreme Court for BPSL case and believes there is a strong ground for the same. 'For that 0.5 MnT (expansion) we will take a view. That is the only one (expansion) basically to be decided (after the SC decision on BPSL)," Acharya said. Located in Odisha's Jharsuguda, BPSL recorded a crude steel production capacity of 3.38 million tonnes (MT) in FY25. JSW Steel had envisaged ramping up BPSL's capacity to 5 MT, eyeing to benefit from the higher sales and realisations from value-added products such as colour-coated, galvanised sheets, pipes and wires. In 2019, JSW Steel had won the bid to acquire Bhushan Power & Steel under the IBC for a little less than Rs 20,000 crore. BPSL has an operating capacity of 4.5 MT as of now. JSW Steel said the Committee of Creditors and Resolution Professional have also filed separate review petitions. The review petitions will be listed in the Supreme Court in due course. The Supreme Court has directed status quo in respect of proceedings before NCLT for implementation of the SC judgment until the review petition is decided. 'We, along with our legal advisors, have analysed the matter and are of the view that we have strong grounds to pursue the Review Petition," he said. PTI ABI ABI MR MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 18, 2025, 22:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
