Tata Steel posts second-quarter profit, misses estimates
India`s Tata Steel Ltd posted a Sept-quarter profit, boosted by strong volume growth following the ramp-up of its Kalinganagar plant in India.
Consolidated quarterly total steel deliveries were up 15 percent to 6.45 million tonnes, with Indian deliveries contributing about 48 percent of the total.
Net profit was 10.18 billion rupees ($156.93 million) in the quarter ending Sept. 30, missing analysts` estimates of a profit of 16.78 billion rupees. http://bit.ly/2xxynUt
The steelmaker had posted a loss of 493.8 million rupees for the same period a year earlier.
Deliveries from India operations grew 17 percent year-on-year to 3.08 million tonnes in the quarter.
Shares of Tata Steel closed 1.18 percent lower ahead of the results in a Mumbai market that gained 0.39 percent.($1 = 64.8700 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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