Tata Steel,announced a consolidated net profit of Rs 1,979 crore for the quarter ended June-September year-on-year against a net loss of Rs 2,710 crore in the same period last year.
The company witnessed a strong demand at European unit Corus and strong growth at its Indian operations.
The company saw its net sales rise by 16% from Rs 25,412 crore in September 2009 to Rs 29,460 crore in the previous quarter. The company will raise
capital of Rs 7,000 crore and would take the shareholders approval over the next few weeks said Koushik Chatterjee, CFO, Tata Steel.
The share price of Tata Steel fell 4% on Friday to close at Rs 606.3. The company said that the actuarial gains and losses on funds for employee benefits of Tata Steel Europe for the period from April ,2008 have been accounted in the reserves and surplus in the consolidated financial statements.