ACC is trading higher by 2% at Rs 1,416 on reporting a healthy 86% year-on-year (y-o-y) growth in net profit at Rs 463 crore for the fourth quarter ended December 2011, on the back of higher sales and net tax credit of Rs 129 crore.
Tata Steel posted a net loss of Rs 687 crore on a consolidated basis for the third quarter ended December 31, as against a profit of Rs 949 crore in the same period last year.
The company had posted a net profit of Rs 1,003.02 crore in the corresponding quarter last financial year, Tata Steel said in a filing to the Bombay Stock Exchange (BSE).
Tata Sons, the holding company of the group, has hiked stake in Tata Steel by converting 1.2 crore warrants into equal number of shares for Rs 712.8 crore.
The Bombay Stock Exchange (BSE) metal index, the largest gainer among sectoral indices rallied as much as 4% or 435 points compared to 1% gain in the benchmark index Sensex at 1313 hours.
Tata Steel, the world's seventh-largest steelmaker, said on Monday sales from its Indian operations fell 1.1% to 1.62 million tonne in October-December.
Jharkhand government today said alternative arrangements would be made if expansion of Tata Steel caused pollution hazard to educational institutions situated near the proposed site in Jamshedpur.
The Tata Steel group has devised a strategy where two of its companies, Tata Steel Europe and India, are to help Tata Steel Thailand come back to profitability. The schedule to do so stretches for about 18 months.
Global headwinds haven’t subsided, but with strong profitability at home and expected fall in costs in European business, analysts expect gains in medium term.
Tata Steel is temporarily mothballing its hot-strip mill at Newport in South Wales with immediate effect, the Mumbai-headquartered company said on Friday.
The long wait for Tata Steel Europe to get its own coal is set to get over with its Mozambique mines, owned jointly with Rio Tinto, scheduled to start production in March.
Tata Steel and Hindalco Industries have plunged more than 3% each after reporting lower-than-estimated net profit for the second quarter ended September 2011 (Q2FY12) due to cost escalations and constraints in bauxite and coal availability in wake of the
Tata Steel, the world's seventh-largest steel maker reported a 89 per cent drop in the second quarter’s consolidated net profit, weighed down by rising raw material costs and weak prices in Europe.
Tata Steel on Friday announced it intended to cease its loss-making construction products business, an operation focused on roll-formed products and assemblies, based at the Llanwern site in Newport, South Wales.
Tata Steel, the world's seventh-largest steelmaker, said it would boost aerospace steel production in Europe by 30% in an attempt to win a bigger share of a fast-growing market.
