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Tata Steel Q1 net zooms three fold to Rs 5,347 cr

This article was posted on Aug 12, 2011 and is filed under Market News

Tata Steel today reported nearly three-fold jump in consolidated net profit at Rs 5,347 crore for the quarter ended June 30, buoyed by mainly one-time gain after sale of stakes in Australian mining firm Riversdale and Tata Refractories.

The company had reported a net profit of Rs 1,825 crore during the corresponding quarter of last fiscal.

Net sales of the company also rose by 22% to Rs 32,840 crore during the quarter under review, compared to Rs 27,010.06 crore, the company said in a filing to the Bombay Stock Exchange.

Shares of the company were quoted at Rs 480 apiece on the Bombay Stock Exchange at 1450 hrs, down 0.97% from the previous close.

It added that in the April-June quarter, the company realised Rs 4,942 crore (AUD 1,060 million) by selling its entire 26% stake in the Riversdale to Rio Tinto. For more visit: Business Standard

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