Thursday, June 26, 2008

Tata Steel 4th-Quarter Profit Rises on Higher Prices

June 27, 2008

The company will supply some critical parts for the Nano, the world's cheapest car that associate company Tata Motors Ltd. is developing, Managing Director B. Muthuraman told reporters in Mumbai today.

Tata Steel Ltd., India's largest producer, posted a 9 percent gain in fourth-quarter profit, excluding contributions from unit Corus Group Plc, as higher demand from construction and automobile customers boosted prices.

Net income rose to 12.1 billion rupees ($282 million) in the three months ended March 31 from 11 billion rupees a year earlier. The numbers were derived from full-year earnings announced by the Mumbai-based company today. Five analysts in Bloomberg News survey had predicted a median profit of 12.3 billion rupees. Sales gained 15 percent to 57.4 billion rupees.

Info source:Bloomberg