Wednesday, May 25, 2011

Buy Tata steel at or above 565 585 ..

Tata Steel

The world's seventh-largest steelmaker by output reported net profit of Rs 89.83 billion ($2 billion) for the year after taxes, minority interest and share of profit of associates, compared with a consolidated net loss of Rs 20.09 billion a year ago. 

Net sales for the year were Rs Rs 1.17 trillion, compared with Rs 1.02 trillion in the previous year. 

Tata Steel on Wednesday reported a conolidsated net profit for the fiscal year ended March versus a loss in the year ago, helped by stronger volumes at its Indian operations and better prices in Europe. 
Tata Steel's European operations account for two-thirds of its global capacity of about 28 million tonnes, while the booming Indian operations contribute a quarter. It also has units in Thailand and Singapore.
Tata Steel today reported 71.61 per cent jump in consolidated net profit to Rs 4,177.14 crore for the quarter ended March, 2011.
The company had recorded Rs 2,434 crore net profit in the corresponding quarter last fiscal, it said in a statement.
Turnover of the company rose to Rs 33,818 crore during the quarter against Rs 27,501 crore in the January-March quarter of the previous fiscal.
Tata Steel's net profit during FY'11 was at Rs 8,983 crore. It had reported a loss of Rs 2,010 crore for the year-ago period.
During the year, turnover of the company increased to Rs 1.18 lakh crore from Rs 1.02 lakh crore a year ago.

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