Published: Thu, May 17, 2018
Life&Culture | By Rose Hansen

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

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

The company had clocked a net loss of Rs 1,168.02 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.

JSW Steel has reported a 186 per cent jump in net profit and a 16 per cent growth in revenue in the fourth quarter, backed by strong margins of the alloy across the globe.

The country's largest steelmaker on Wednesday reported an exceptional gain of Rs 11,376 crore in the quarter that included a non-cash gain of Rs 14,077 crore relating to the restructuring of its United Kingdom pension scheme, the company said.

Tata Steel Ltd was helped to a quarterly profit of Rs14,688 crore by a one-off pensions gain, in contrast with an Rs1,168 crore loss a year earlier, reports Reuters. "The depletion in assets in any form will be a concern and we will certainly look into it whenever the process is completed". Total estimated project cost is Rs 23,500 crore, including Rs 16,500 crore up to HRC stage and balance on raw material handling facilities and 2.2 MTPA (million tonnes per annum) cold rolling mill.

He added that the company continues to execute its strategy of expanding footprint in India.

Financial Express reported that Tata Steel said that any delay in the acquisition of debt-ridden Bhushan Steel may lead to governance issues since the latter has a running plant.

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The company says is ready for the buy out of Bhushan Steel and is awaiting all regulatory approvals.

Koushik Chatterjee, Executive Director and CFO, said FY18 has been a good year for the company and the group delivered a strong top and bottom line growth.

"We completed two large financing transactions, which apart from providing funds also gives us significant flexibility to pursue our growth plans. We also successfully completed a United States dollars 2 billion rights issue, one of the largest equity issuance in India", he said.

Tata Steel Ltd, an Indian steel making company has chose to take all 5,000 employees of Bhushan Steel largest manufacturer of auto-grade steel in the country.

The companys shares closed at Rs 622.05 apiece on the BSE, down 0.32 per cent on the BSE today, against a 0.44 per cent decline in the benchmark.

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