Chief Correspondent, Commodities, India
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Jun 21, 2013

Reliance fund joins India’s campaign to curb gold imports

MUMBAI/NEW DELHI, June 21 (Reuters) – Reliance Capital
abruptly halted gold sales and investments in its
gold-backed funds on Friday, the latest squeeze on rampant
demand that has prompted India to try to curb imports.

India is the world’s biggest gold buyer and soaring imports
have sent its current account to a record deficit. New Delhi has
hiked import duty twice since Jan. 1, doubling it to 8 percent,
but central bank moves to tackle supply have had more impact.

Jun 16, 2013

Copper smelter Sterlite re-opens after protests: sources

NEW DELHI (Reuters) – India’s top copper smelter re-opened on Sunday after complaints from residents forced a two-month shutdown, a company source directly involved with the court-mandated process and a source at a local pollution board told Reuters.

Locals in the Tuticorin area of Tamil Nadu had complained that emissions from the plant, run by Sterlite Industries (STRL.NS: Quote, Profile, Research), a unit of London-based Vedanta Resources (VED.L: Quote, Profile, Research), were causing breathing problems.

Jun 16, 2013

India’s top copper smelter re-opens after protests -sources

NEW DELHI, June 16 (Reuters) – India’s top copper smelter
re-opened on Sunday after complaints from residents forced a
two-month shutdown, a company source directly involved with the
court-mandated process and a source at a local pollution board
told Reuters.

Locals in the Tuticorin area of the southern state of Tamil
Nadu had complained that emissions from the plant, run by
Sterlite Industries, a unit of London-based Vedanta
Resources, were causing breathing problems.

Jun 14, 2013

India’s biggest top copper smelter may re-open June 16-sources

NEW DELHI, June 14 (Reuters) – India’s biggest copper
smelter is likely to re-open on Sunday after a two-month
shutdown which was prompted by complaints from nearby residents
about its emissions and has caused tightness in supply of the
metal.

A company source told Reuters on Friday that power for the
smelter, which is run by Sterlite Industries, a unit
of London-listed Vedanta, had been turned on.

Jun 11, 2013

Indian federal police file case against Jindal Steel

NEW DELHI, June 11 (Reuters) – India’s federal police said
it filed a case on Tuesday against Jindal Steel and Power Ltd
over coal mining rights, a new setback for the ruling
party amid a series of corruption scandals.

Shares in Jindal Steel, which is controlled by Naveen
Jindal, a member of parliament for the ruling Congress party,
dropped 15.4 percent.

Jun 11, 2013

CBI files case again Jindal steel, shares plunge 18 percent

NEW DELHI (Reuters) – The CBI registered a case on Tuesday against Jindal Steel and Power Ltd(JNSP.NS: Quote, Profile, Research) over coal mining rights, a spokesman of the law enforcement body said, in a move that knocked nearly a fifth off the value of the company’s shares.

The Central Bureau of Investigation, India’s answer to the American FBI, is investigating whether there were irregularities in the award of the rights, potentially worth billions of dollars, to private firms.

Jun 11, 2013

India’s Jindal Steel falls 18 pct on federal coal probe

NEW DELHI, June 11 (Reuters) – India’s federal police
registered a case on Tuesday against Jindal Steel and Power Ltd
over coal mining rights, a spokesman of the law
enforcement body said, in a move that knocked nearly a fifth off
the value of the company’s shares.

The Central Bureau of Investigation, India’s answer to the
American FBI, is investigating whether there were irregularities
in the award of the rights, potentially worth billions of
dollars, to private firms.

Jun 6, 2013

Welsh valley steel town waits for word from India

PORT TALBOT/NEW DELHI, June 6 (Reuters) – In the shadow of
Britain’s largest steel works, the town of Port Talbot braces
itself after Tata Steel’s $1.6 billion writedown.

The worry is that its Indian parent company is tiring of
pouring gains from lucrative operations into European units
struggling to turn profits.

Jun 6, 2013

Appeal lodged against Sterlite copper smelter reopening

NEW DELHI (Reuters) – India’s top copper smelter faces another hurdle in reopening from a two-month shutdown after a local authority lodged an appeal with the Supreme Court seeking to keep it closed, a lawyer told Reuters on Thursday.

The smelter, run by Sterlite Industries, a unit of London-listed Vedanta (VED.L: Quote, Profile, Research), uses imported concentrates and produces 30,000 tonnes of refined copper a month, more than half of India’s total production. Its closure has squeezed domestic copper supplies and boosted imports.

Jun 6, 2013

Appeal lodged against top India copper smelter reopening

NEW DELHI, June 6 (Reuters) – India’s top copper smelter
faces another hurdle in reopening from a two-month shutdown
after a local authority lodged an appeal with the Supreme Court
seeking to keep it closed, a lawyer told Reuters on Thursday.

The smelter, run by Sterlite Industries, a unit of
London-listed Vedanta, uses imported concentrates and
produces 30,000 tonnes of refined copper a month, more than half
of India’s total production. Its closure has squeezed domestic
copper supplies and boosted imports.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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