2024-10-18 12:32

BENGALURU, Oct 18 (Reuters) - India's Jindal SAW (JIND.NS) , opens new tab reported a rise in second-quarter profit on Friday, as demand in its key Middle East and North Africa (MENA) markets remained steady while expenses came in nearly flat. The company, which makes steel pipes for the energy, transportation and water sectors, said its consolidated profit after tax grew 32.5% to 5 billion rupees ($59.5 million) in the three months ended Sept 30. KEY CONTEXT Jindal SAW's quarterly raw materials expenses dropped 14.4% from a year ago. The falling prices of iron ore and coking coal, key raw materials for steel firms, were expected to partially offset the weak steel prices, analysts had said. Steel prices in India plunged to a more than three-year low in August, as the world's second-biggest crude steel producer remained a net importer of the metal. India's stainless steel maker Jindal Stainless (JIST.NS) , opens new tab posted a decline in second-quarter profit on lower steel prices on Thursday. Industry majors JSW Steel (JSTL.NS) , opens new tab and Jindal Steel (JNSP.NS) , opens new tab are yet to report their September-quarter results. PEER COMPARISON * The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT JULY-SEPTEMBER STOCK PERFORMANCE -- All data from LSEG IBES -- $1 = 84.0430 Indian rupees Sign up here. https://www.reuters.com/markets/commodities/indias-jindal-saw-posts-325-jump-q2-profit-2024-10-18/

2024-10-18 12:29

PARIS, Oct 18 (Reuters) - France will launch tenders in coming months for two fixed and three floating wind farms totalling 9.2 gigawatts (GW), the energy ministry said in a decision published on Friday. The projects will be built off the coast of Fecamp, northwest France, as well as in waters off Brittany, the western Gascogne Gulf and the southern Mediterranean coast. The new installations are part of national plans to have 45 GW by 2050, energy minister Olga Givernet told reporters during a visit to Fecamp. "This is a signal for the industrial value chain, to tell them it's not the moment to de-localise, it's not the moment to draw up layoff plans — it's on this land that we need to build the wind turbines and then install them," Givernet said. Earlier this year French daily Les Echos reported , opens new tab that General Electric planned to halve the workforce at its wind turbine factory in Saint-Nazaire. The company could not be immediately reached for comment. Sign up here. https://www.reuters.com/business/energy/france-tender-92-gw-offshore-wind-projects-coming-months-2024-10-18/

2024-10-18 12:05

MUMBAI, Oct 18 (Reuters) - India's foreign exchange reserves (INFXR=ECI) , opens new tab dropped for a second consecutive week, falling to a one-month low of $690.43 billion as of Oct. 11, data from the Reserve Bank of India (RBI) showed on Friday. The reserves fell by $10.75 billion in the reporting week, the biggest drop since April 1, 2022. They had fallen by $3.7 billion in the previous week. Changes in foreign currency assets are caused by the central bank's intervention in the foreign exchange market as well as the appreciation or depreciation of foreign assets held in the reserves. The RBI intervenes on both sides of the forex market to prevent undue volatility in the rupee. In the period for which the forex reserves data pertains, the rupee had declined past 84 per dollar for the first time ever amid a jump in outflows from local stocks and elevated oil prices. The rupee's fall below 84 was significant as it was a crucial psychological support level that the RBI had defended for more than two months, traders said. The RBI intervened in the forex market to keep the rupee's fall in check, they added. Forex reserves also include India's reserve tranche position in the International Monetary Fund. Foreign investors pulled out $8.4 billion so far this month from local stocks on a net basis, surpassing the previous record monthly outflow of $8.35 billion, recorded in March 2020. The currency closed at 84.0650 against the dollar and was flat week-on-week. FOREIGN EXCHANGE RESERVES (in million U.S. dollars) --------------------------------------------------------- Oct 11 Oct 04 2024 2024 --------------------------------------------------------- Foreign currency assets 602,101 612,643 Gold 65,658 65,756 SDRs 18,339 18,425 Reserve Tranche Position 4,333 4,352 ---------------------------------------------------------- Total 690,430 701,176 ---------------------------------------------------------- Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx , opens new tab Sign up here. https://www.reuters.com/markets/currencies/indias-fx-reserves-log-worst-fall-2-12-years-2024-10-18/

2024-10-18 12:01

JAKARTA, Oct 18 (Reuters) - Indonesia aims to manage nickel ore supply and demand to support prices, its mining minister said on Friday, amid reports of delays in the quota approval process forcing some smelters to import ores from the Philippines. Indonesia, a major producer of nickel ore, has from this year changed the validity of its mining quota document, known as RKAB, to three years from one year, although it will determine mining volumes for each year. "The state must be present to maintain supply and demand. If the supply is ample while demand is low, the price will drop," mining minister Bahlil Lahadalia told reporters on Friday. Bahlil said prices and demand from smelters would be used as parameters to calculate the market balance. He declined to give a price target, but said the government's monthly mineral reference price could be used as a guide. "We will fix the reference price so that it will be proportionate between the industrial products and raw materials, so that maximum profits are not only obtained by the industry, but also by miners," he said. He also said the mining quota should not be concentrated among big players so business at smaller local miners can grow. "We hope the industries also procure ores from miners who do not have smelters," he said. Bahlil's term as energy minister in President Joko Widodo's government is due to end in two days, however he has been asked to join the next government by incoming president Prabowo Subianto, who will be sworn in on Sunday. Bahlil did not comment on his position in the new cabinet, but mentioned he discussed natural resources management and energy security with the president-elect. Sign up here. https://www.reuters.com/markets/commodities/indonesia-aims-manage-nickel-ore-supply-support-prices-2024-10-18/

2024-10-18 11:46

SLB warns of limited spending by international producers Says rate of upstream spending growth has moderated Quarterly revenue misses estimates, profit beats by 1 cent Shares down 1.4% in premarket trading Oct 18 (Reuters) - Oilfield services firm SLB's (SLB.N) , opens new tab third-quarter profit rose 13% and beat analysts' estimates on Friday on steady demand for its equipment and technology in international market and from offshore projects in North America. However, the company warned of limited spending by international producers in a weak oil price environment. SLB, which gets 81% of its business from international markets, has been betting on overseas demand in recent quarters to offset weakness in North America. "This performance was achieved despite an environment where short-cycle activity growth softened, and some international producers exercised cautious spending triggered by lower oil prices and ample global supply, while land activity in the U.S. remained subdued," Chief Executive Officer Olivier Le Peuch said. Le Peuch also warned that the rate of upstream spending growth has moderated in the last few months as some customers have "adopted a more cautious approach to their near-term capital expenditures and discretionary spending amid lower commodity prices." SLB shares were down 1.4% to $43.37 in premarket trading. International revenue grew 12% on the year, the lowest increase in a year, helped by increased sales in Middle Eastern countries including Saudi Arabia, the UAE, Iraq and Kuwait, as well as North Africa, offseting reduced drilling activity in Mexico and Guyana. North America revenue rose 3% sequentially due to higher activity in the U.S. Gulf of Mexico, partially offset by lower drilling in U.S. land. Total revenue of $9.16 billion missed estimates of $9.25 billion, according to data compiled by LSEG. Smaller rival Liberty Energy (LBRT.N) , opens new tab on Wednesday also warned of operator reluctance to accelerate completions activity ahead of the new year, adding they expect a low double-digit percentage reduction in North America activity in the next quarter. SLB reiterated its expectations to grow full-year adjusted margins on earnings before interest, tax, depreciation and amortization at or above 25%. Net income attributable to SLB, excluding charges and credits, rose 13% to $1.27 billion in the three months ended Sept. 30. Excluding charges and credits, SLB reported a profit of 89 cents per share for the quarter, compared with an estimate of 88 cents. Last quarter, the company said it had started a cost cutting program in some parts of the organization, including adjusting resources due to lower North America activity levels, and centralizing some digital delivery services. Sign up here. https://www.reuters.com/business/energy/slb-beats-quarterly-profit-estimates-international-business-strength-2024-10-18/

2024-10-18 11:37

Oct 18 (Reuters) - Voestalpine (VOES.VI) , opens new tab will reorganize its automotive component business locations in Germany, including the closure of one of the sites, to respond to falling demand and structural changes, the Austrian specialty steelmaker said on Friday. The plants in Dettingen, Schmoelln, Schwaebisch Gmuend and Boehmenkirch will form a joint production network, with each site focused on selected core technologies, Voestalpine said. "The aim of these measures is to secure the future of the automotive supply segment of the Metal Forming Division in the long term, and with it around 2,000 jobs in Germany," it said. Operations in Birkenfeld will be discontinued subject to the outcome of negotiations with the works council and the IG Metall trade union, impacting about 220 employees, said the company. "Despite ongoing investment and improvement measures, the long-term slowing in the macroeconomic environment and associated drop in orders from the automotive industry in the specific product segment mean that it is no longer financially feasible to continue operations at the location," it added. Around a third of the current workforce of 650 employees in Dettingen could also be affected by the personnel adjustment, according to a statement. European carmakers are struggling with weak demand and rising costs, with German automakers, in particular Volkswagen, facing increased competition in China from local automakers. Voestalpine's shares were up 3.3% at 1203 GMT. Sign up here. https://www.reuters.com/markets/commodities/voestalpine-reorganizes-automotive-component-business-sites-germany-2024-10-18/