After turning in a subdued financial performance
during the April-June quarter,
NSE 0.35 % joint managing director Seshagiri Rao said that there would be pain for another
quarter before benefits from the lower input costs accrue in the three months
to December. In an interview with Nehal Chaliawala and Satish John, Rao said
that lower demand forced the leading steelmaker to advance its maintenance shutdowns
to the first quarter, resulting in an estimated loss of production of half a million tonnes. The company has
also pruned its capex guidance for this fiscal to ₹15,000 crore from ₹20,000
crore earlier, but growth