Tata Steel, India's largest private sector steel maker, Thursday said its profit in the fiscal year ended March 31 rose a whopping 99 percent over the previous year on increased consumption.
The company, an arm of India's diversified business conglomerate Tata Group, said its profit in the fiscal 2004-05 touched Rs.34.74 billion as compared to Rs.17.46 billion logged in the previous year.
Tata Steel's sales in the last fiscal posted a growth of 33 percent at Rs.158.77 billion. The company reported export revenues of Rs.20.43 billion, a 37 percent rise over the previous year.
The board of Tata Steel has recommended a dividend of 130 percent for the fiscal year 2004-05.
Steel consumption in India has grown at a steady rate of five-six percent over the last decade to a level of about 33.4 million tonnes in the fiscal year 2004-05.
The consumption is expected to increase by about three to four million tonnes per annum for the next few years, exceeding 45 million tonnes by 2010.
Tata Steel has increased its capacity at the Jamshedpur Steel Works from four million tonnes a year to five million tonnes. The company plans to become a 15 million tonnes per annum steel company by 2010.
"This is planned by maximising the potential of Jamshedpur Steel Works, setting up green-field capacity, expansion of regional footprint through NatSteel Asia and further investment in India and overseas," said a company statement.
In addition to the expansion, the company had also signed a memorandum of understanding Nov 17, 2004, with the Orissa government for setting up a six million tonne green-field integrated steel plant.
The company took the first significant step to build a global business by investing in the steel business of NatSteel in the last fiscal.
Tata Steel signed a pact with NatSteel, Singapore, Aug 16, 2004 to acquire 100 percent of its steel business in Singapore and its regional steel subsidiaries and associated companies for Rs.13.13 billion.
Tata Steel now owns 100 percent of NatSteel Asia with a cumulative capacity of 1.7 million tonnes per annum.
--Indo-Asian News Service
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
Total Results : 354
More News (Opens in New Window) : [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Next Page
|