Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Uttam Galva to raise prices for all products
BackBack

Uttam Galva to raise prices for all products

Uttam Galva to raise prices for all products

Premium

By Debarati Roy/Bloomberg

Mumbai: Uttam Galva Steels Ltd., India’s second-largest maker of galvanized steel, will raise prices of all its products because of rising demand from construction companies and makers of automobiles and home appliances.

Prices will be raised by as much as Rs5,000 a metric tonne ($116), finance director Ankit Miglani said. Rates for long- term supply contracts are being negotiated, he said.

Sales at the nation’s biggest carmakers Maruti Udyog Ltd and Hyundai Motor Co. and their local rivals are increasing as rising incomes make cars and home appliances more affordable. India, Asia’s fourth-largest economy, likely grew 9.2% in the year ended 31March, the most in almost two decades.

Galvanized steel accounts for 80% of the company’s revenue and cold-rolled steel brings in the rest. The company sells its products to automakers including Mahindra & Mahindra Ltd, Bajaj Auto Ltd and Tata Motors Ltd.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 10 Apr 2007, 02:26 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie