Tata Steel Q4 net profit at Rs 14688 crore

NCLAT to hear Bhushan Steel promoter’s plea against Tata Steel takeover

NCLAT to hear Bhushan Steel promoter’s plea against Tata Steel takeover

Tata Steel has been allegedly facing ground level resistance in and around the BSL unit at Odisha, his comments are likely to calm down concerns of contractual workers who are reportedly suffering job losses after the proposed acquirement.

Tata Steel Ltd was helped to a quarterly profit of Rs 14,688 crore ($2.17 billion) by a one-off pensions gain, in contrast with an Rs 1,168 crore loss a year earlier.

The consolidated total income of the company increased by 16 per cent to ₹ 20,862 crore during the quarter as against ₹ 17,973 crore in the corresponding quarter of the previous fiscal.

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.

"The UK pension scheme restructuring process has also been completed". The consolidated revenue increased 16% from the year ago, the report adds. "The 50:50 JV discussion with thyssenkrupp is progressing well and we are committed towards building a strong European portfolio", Narendran said.

The steel producer also said its Kalinganagar phase II expansion is progressing well, which will take its capacity from 13 million tonnes to 18 million tonnes of crude steel. I am also happy to share that NCLT has given its approval on our resolution plan for Bhushan Steel. "However, we continue to be bullish on steel prices and spreads with improving demand situation in India", Narendran said.

Koushik Chatterjee, executive director and chief financial officer, said FY18 has been a good year for the company and the group delivered a strong top and bottomline growth. "We maintain "BUY/SO" with TP of Rs 903, implying an exit multiple of 7.0x FY20E EBITDA", said Edelweiss Securities in a research note. Clearly, it does not intend to relinquish its position as India's largest steel maker to Tata Steel. "We also successfully completed a United States dollars 2 billion rights issue, one of the largest equity issuance in India", he said.

These projects are planned to be funded by a mix of debt of Rs 25,000 crore and internal accruals of around Rs 19,000 crore, Rao said.

Ahead of the results, shares in JSW Steel closed with a gain of 0.6 percent.

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