Tata Steel Q2 net rises to Rs 4,703 crore

News Flash

FOREIGN FUNDS NET SELL RS.463.89 CR IN EQUITIES ON NOVEMBER 20 (PROV)
MUTUAL FUNDS NET SELL RS.176.7 CR IN EQUITIES ON NOVEMBER 19
DII'S NET BUY RS.18.46 CR IN EQUITIES ON NOVEMBER 20 (PROV)
TO ENTER INTO CUSTOMIZED MOTOR CYCLE BIZ VIA PRO-BIKING SHOWROOMS
TO EXPAND PANTNAGAR CAPACITY TO 70,000 UNITS IN NEXT FEW MONTHS
AKER IS A NORWEGIAN SERVICE PROVIDER CO FOR OIL AND GAS OPERATIONS
AKER SOLUTIONS TO PROVIDE SUPPORT SERVICES IN KG BASIN
AKER BAGGED SUB SEA PRODUCTION ORDER FROM RIL IN 2006 ALSO
RELIANCE IND PLACES RS.115 CR ORDER WITH NORWAY'S AKER SOLUTIONS
PORTING CHARGES TO BECOME APPLICABLE FROM DECEMBER 31, 2009
MNP ALLOWS USERS TO CHANGE OPERATORS WHILE RETAINING MOBILE NOS
USERS TO PAY MAX OF RS.19 TO CHANGE OPERATOR WHILE RETAINING OLD NUMBER
TRAI COMES OUT WITH NUMBER PORTABILITY CHARGES
PUNJAB NATIONAL BANK PLANS TO RAISE RS 700 CR BY SELLING BONDS
TATA TELE-QUIPPO OFFERING BETTER SERVICING DEAL FOR TOWERS: SOURCES
GTL BID 10-15% HIGHER THAN TATA-QUIPPO: SOURCES
DEAL VALUED AT AROUND RS.6000 CR : SOURCES
MAY JOIN RACE FOR SHELL'S EUROPEAN REFINERIES: SOURCES
SENSEX, NIFTY UP 1% EACH FOR THE WEEK
CNX MIDCAP INDEX UP 1%, BSE SMALLCAP INDEX UP 1.6%
METAL INDEX UP 3.7%, AUTO INDEX UP 2.3%, FMCG UP 1.5%
INDEX GAINERS: SUZLON UP 9.3%, TATA STEEL UP 6.3%, SAIL UP 5.3%
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
RIL SPOKESPERSON: 'WE ARE REVIEWING A NUMBER OF GLOBAL OPPORTUNITIES'
RIL SPOKESPERSON TO NDTV: 'REVIEWS CANNOT ASSURE TRANSACTIONS'
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)

Updated: 02/12/2008 | 09:01 PM IST

Top Stories

Press Trust of India

Tuesday, December 02, 2008 (New Delhi)

Blog

Comments:

Read (0)

Post

Rate the story

Riding on high prices and larger volumes, Tata Steel, India's biggest private steel firm, has posted excellent performance for the quarter ended September with the net profit zooming to Rs 4703.64 crore against Rs 1489.56 crore in the same period last year.

Sales rose to Rs 44,198.97 crore against Rs 32,441.61 crore in the same quarter of the last fiscal, a company release said here.

Speaking to reporters after a rescheduled board meeting today after the last week's terror attacks, Tata Steel Managing Director B Muthuraman said, "the company reported outstanding performance due to good prices, effective cost control measures, performance improvement and good integration benefits of European operations."

For the first half of the current fiscal (April to September), sales stood at Rs 87,755.65 crore against Rs 63,658.61 crore in the corresponding period.

Referring to the outlook for the company amid the current lull in steel prices, he said the Indian economy is expected to bounce back and steel prices should look up.

Besides, the company has initiated measures which would result in a saving of Rs 300 crore over the next five months.

He said the prices of raw material used by the company like iron ore and coal have also gone down considerably which will help in bringing down the cost of production.

Koushik Chatterjee, Group CFO and President, Finance, Tata Steel, said there are no liquidity issues with company having access to $1.5 billion of liquidity. There are no repayment concerns as well till December 2009, he said.