UK offers counter-package to Tata Steel

New Delhi (PTI): The UK government has offered a counter-package to Tata Steel against its proposal seeking a financial package to execute its decarbonisation plans for its plant in Port Talbot, its global CEO & MD TV Narendran said.

However, there is a big gap between what Tata Steel had asked for and what the British government has offered, he said without sharing any details of the government’s offer.

When asked if the Rishi Sunak-government in the UK has responded to Tata Steel’s proposal seeking fi- nancial support, the CEO replied in affirmative.

Tata Steel UK had submitted a proposal to transi-

1.5 BN POUNDS PACKAGE

z Tata Steel owns the United Kingdom’s largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans

Top Talking Points

z The RBI’s inflation outlook for current fiscal has improved from 6.8% projected earlier, to 6.5%, on the back of steeper decline in Indian basket of crude at $95 a barrel z Assuming an average crude oil price of $95 per barrel, inflation is projected at 6.5% in 2022-23 time, economic activity in India is expected to hold up well," RBI Governor said.

"...Assuming an average crude oil price (Indian basket) of $95 per barrel, inflation is projected at 6.5% in 2022-23, with Q4 at 5.7%. On the assumption of a normal monsoon, CPI inflation is projected at 5.3% for 2023-24, with Q1 at 5%, Q2 at 5.4%, Q3 at 5.4% and Q4 at 5.6%. The risks are evenly balanced," Das said.

Sensex rebounds 377 pts, Nifty closes above 17,850

Mumbai (PTI): Benchmark equity indices Sensex and Nifty closed higher by more than half a per cent on Wednesday following buying in IT, financial and oil stocks after the RBI slowed down the pace of interest rate hikes.

Ending its two-day slide, the 30-share BSE Sensex rebounded by 377.75 points or 0.63% to close at 60,663.79 with 24 of its constituents posting gains.

tion into a new process route, which will be greener and more sustainable. The UK government has come back with a counterproposal, which is less than what the company had asked for, Narendran said.

The broader Nifty of the NSE spurted by 150.20 points or 0.85% to settle at 17,871.70, riding on a rally in Adani Enterprises, Ada-

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RISES 19 PAISE TO END AT 82.51 AGAINST US DOLLAR

Mumbai (PTI): The rupee appreciated 19 paise to close at 82.51 (provisional) against the US dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points. At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. It finally settled at 82.51, up 19 paise over its previous close of 82.70.

ni Ports and HDFC Life.

Among Sensex stocks, Bajaj Finance rose the most by 3.14%.

— Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India