Tata Steel FY08 net zooms 195%
Mumbai: Tata Steel Group has posted a three-fold jump in its consolidated net profit at Rs 12,349.98 crore for the year ended March 31, 2008 (FY08) when compared with Rs 4,177.27 crore for FY07.
According to an official release issued by the company to the BSE today, total income has increased to Rs 1,32,110.09 crore for the year ended March 31, 2008, from Rs 25,650.45 crore for the year ended March 31, 2007.
On a stand-alone basis, the company has posted a net profit of Rs 4,687.03 crore for FY08 as compared to Rs 4,222.15 crore for the year ended March 31, 2007.
Total income has increased to Rs 20,028.28 crore for FY08 from Rs 17,984.76 crore for FY07.
The board of the company has recommended a dividend of 160%, i.e. Rs 16/share for FY08.UTVi spoke exclusively to Philip Varin, CEO, Corus, who said that the increase in whole material costs is inevitable.
While , B Muthuraman, MD of Tata Steel, believes that India's demand for steel would increase, despite stagnant growth."We have contracts...one year contracts. In a situation when an increase in the material costs happen, in time it will become comfortable as we are able pass this cost increase to our consumers," said Philip Varin, CEO, Corus.
"Growth could go down to 6-6.5%. If you look at steel, India imported 6-7 million tonne last year as opposed to 8-9 million tonne this year. India's demand for steel will increase irrespective of stagnant growth," said B Muthuraman , MD, Tata Steel.
---------------------------------------------
Other Corporate stories from Reuters INdia
India may see snap poll after nuclear deal end game
Chidambaram: double digit inflation to last some weeks - TV
Wall St drops on banking worries, tech outlook
SBI raises lending rate by 50 basis points
Tata Steel profit rises on Corus /India's Tata Steel FY08 consol net $2.9 bln
Union Bank raises prime lending rate by 50 bps
S&P cuts India 08/09 GDP growth forecast to 7.8 pct
Rupee at 3-wk high on firm stocks, softer oil
Source: http://www.utvi.com and http://in.reuters.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
No comments:
Post a Comment