Steel companies in Bellary, India begin layoffs; over 30,000 jobless

The economic consequences of the Supreme Court ban on mining in Bellary are beginning to be felt in thousands of homes in Karnataka as their primary bread winner is facing an axe or has already been pink-slipped. More than 30,000 people working for mining and steel companies are jobless. Another 15,000 workers employed in over half-a-dozen steel companies and 77 other related-industrial units face layoff threat as their companies face an acute shortage of raw materials (iron ore).

Economic Times | August 24, 2011 | 1:57 am

Coal India Ltd unions place wage demands raging from 100 pct to 500 pct hike

Four of the five trade unions of mining major have placed their wage demand with the management.

Economic Times | August 22, 2011 | 4:01 pm

Cautious buying advised in gold: Bharath Kumar, GFM

What is your sense of where crude prices or rather gold prices actually may be heading, do you see a correction or do you think there is still significant headroom?

Economic Times | August 17, 2011 | 9:56 am

Iron ore production down 4.81 pc in FY’11

Production of iron ore, a vital steel-making raw material, in the country fell by 4.81 per cent in 2010-11 to 208.11 million tonnes (MT), Parliament was informed today.

Economic Times | August 12, 2011 | 10:12 am

India gold extends gains to record; physical demand muted

MUMBAI: India's extended gains by more than 2 percent on Monday and hit a new peak following strong overseas markets and a weaker rupee back home, which hit its lowest level in six weeks, dealers said. The October contract on the (MCX) hit a record of

Economic Times | August 8, 2011 | 10:10 am

Nalco gets forest clearance for renewal of Bauxite mining lease

The blue-chip Navaratna public sector, (Nalco) has received Stage-II (final) forest clearance for renewal of its bauxite mining lease for the Panchpatmali South Block in Koraput district of Orissa for 20 more years.

Economic Times | July 25, 2011 | 11:27 am

Soon half of India’s power from private sector: Power Minister

Power Minister Sushil Kumar Shinde has promised reform and an enabling policy environment that will ensure half of India's electricity is generated and distributed by private players, complementing state-run utilities.

Economic Times | July 24, 2011 | 10:15 am

Gold glitters, hits record high at Rs 23,470 on global cues

NEW DELHI: Taking positive cues from the global markets , gold added Rs 200 to touch a new peak of Rs 23,470 per 10 grams today on heavy buying by stockists and investors. The yellow metal crossed its last record level of Rs 23,270 set on July 16 this

Economic Times | July 19, 2011 | 10:28 am

Iron ore exports seen falling to 8-year low

MUMBAI: Iron ore exports from India are likely to fall by more than a quarter to their lowest level in eight years because of higher costs and slow efforts in a key state to resume shipments, a Reuters poll showed. Iron ore sales from the world's

Economic Times | July 18, 2011 | 9:16 am

India’s largest non-bank financier to offer loans against the security of gold ETFs

, the largest gold financing NBFC in India, has launched a scheme to offer loans against the security of gold Exchange Traded Funds (ETFs). Launching the service, , managing director, said that through loan against gold plans to service the financial

Economic Times | July 16, 2011 | 6:22 pm

Rocked by blasts, Mumbai diamond traders may shift to new bourse

"Many of the Opera House diamond merchants' clients are from Israel...they are no strangers to terror and blasts," said Vasant Mehta, a leading merchant who was at home recovering from fever when the blast tore through Mumbai's congested diamond district.

Economic Times | July 15, 2011 | 4:47 am

Silver plunges to Rs 53,200 on global cues, gold gains Rs 165

NEW DELHI: There was no change in the pattern of trade in the bullion market today as silver tumbled by Rs 1,320 to Rs 53,200 per kg, while gold added another Rs 165 to Rs 22,810 per 10 grams in line with a similar trend in overseas markets. Silver coins

Economic Times | July 12, 2011 | 10:28 am

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