Tata Steel Q1, loss of Rs 2,238 cr

by khalid on 28/08/2009 · 2 comments

tata steel

Tata Steel Ltd. reported a consolidated net loss of Rs 2,238.53 crore for the Q1 ended June 30, 2009. The company is World’s no. 8 steel maker and Q1 results are surprise to all. This net loss is due to slowdown in demand in Europe and the US. In the same quarter in the previous fiscal, the company had a net profit of Rs 3,914.62 crore.

Total income declined to Rs 23,292.31 crore for the quarter ended June 2009, against Rs 43,496.17 crore in the same period in the corresponding fiscal.

CMP of Tata Steel is Rs 439 on the BSE. Its recovered more than doubled so far in 2009 after tumbling 77% last year. The bse index is up nearly 64% so far in 2009.

B. Muthuraman, managing director of Tata Steel, said that the global recovery is expected to be slow and the company will continue to focus on operating performance and liquidity.

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khalid August 29, 2009

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