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Tata Steel posts Rs 14688-cr net on one-off gain

17 May 2018

JSW Steel reported about three-fold jump in its consolidated net profit for the fourth quarter ended 31 March, reports PTI.

Income from operations in the quarter rose by 2.6 per cent to Rs 35,737 crore, the company said in a statement. The issue has been resolved and the plant is now running at full capacity, said managing director T V Narendran.

India's JSW Steel posted record quarterly net profit on Wednesday, almost tripling from previous year, largely beating market estimates thanks to higher commodity prices and spreads.

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Tata Steel's Q4FY18 performance beat was largely due to favourable steel environment globally. It also reported a decline of about 5.9 per cent in total steel deliveries for the fourth quarter, while domestic deliveries slipped 5.6 per cent to 3.03 million tonnes. "The depletion in assets in any form will be a concern and we will certainly look into it whenever the process is completed".

Tata Steel Europe is seeking buyers for its five non-core business units that supply products to niche markets. "The 50:50 JV with Thyssenkrupp is progressing well and we are committed towards building a strong European portfolio", Narendran said.

"Kalinganagar Phase 2 expansion is progressing well, which will take our capacity from 13 million tonnes (mt) to 18 mt of crude steel".

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"Engineering work is going as per plan and construction work has also started". Revenues went up to Rs 20,817 crore from Rs 17,917 crore a year ago.

"On the steel outlook, we are closely watching the developments in global steel trade because of U.S. protectionist measures".

On the steel outlook, he said the company is closely watching the developments in global steel trade because of the protectionist measures by the USA and added, "However, we continue to be bullish on steel prices and spreads with improving demand situation in India".

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"We have chose to expand our capacity from 18 mt (million tonne) to 24.7 mt, which includes addition of one mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020", he said. Our $1.3 bn worldwide bond issue in January 2018 helped us extend our maturity profile. "We also successfully completed a Dollars 2 billion rights issue, one of the largest equity issuance in India", he said.

Tata Steel posts Rs 14688-cr net on one-off gain