Tata Steel Tops Views in India

Ivaylo
30 Jan, 2007
New York City

Tata Steel, resource company, has reported a Q3 consolidated net profit increase of 27.3%. Net revenues advanced 18.86%, while revenue from steel business advanced more than 20%. Total income grew considerably. Tata is reportedly considering a sweetened bid for Corus ahead of the auction. Tata competes with CSN of Brasil. The shares of Tata finished Rs10 higher yesterday on BSE.

[R]10:00AM NY-9:00PM Mumbai Tata Steel tops estimates, ONGS net up 20%.[/R]
Tata Steel, resource company, has reported a Q3 consolidated net profit increase of 27.3% to Rs 1,054.65 crore, or Rs 18.19 per share, higher than Rs 828.51 crore, or Rs14.93 per share for the same period the previous year. Net revenues advanced 18.86% to Rs 5,971.15 crore, up from Rs 5,023.69 crore for the same period the previous year. Revenues from the steel business rose 20.44% compared with same time a year ago and operating profits advanced 26.58%. Total income of the group advanced to Rs 6,072.28 crore for Q3, while it was Rs 5,082.38 crore in the same period a year ago.

Oil and Natural Gas Corp. Ltd., oil company, announced its Q3 net profit rose 20%, topping forecasts of 6% rise in net profit. The oil and gas producer reported net profit rose to Rs 4,668.310 crore from 3,887.76 crore a year ago. ONGC produces 80% of the oil and gas in India. Total income rose to Rs 16,269.01 crore from Rs 13,038.01 crore for the same time the previous year. The governement demands that ONGC sell crude at discount to refiners to keep the cost of fuel down.

The Tata Power Company Limited, power company, reported that Q3 profit after tax as well as net profits after tax stood at Rs. 279.90 crores on revenues of Rs. 1200.51 crores, compared to Rs. 227.65 crores and Rs. 1224.77 crores for the same period the previous year respectively. Sales Volume during Q3 rose by 9.05% at 3655 MUs, while units sold in the Mumbai license area advanced by 5.44%.

Gokaldas Exports Limited, manufacturer of ready-made fashion garments, has reported 13.42% rise in net profit for Q3 compared to he same time the previous year. Total revenues in Q3 advanced 14.69% and stood at Rs 245.83 crore against Rs 241.35 crore in the same period a year ago. Although interest costs were higher and stood at Rs 5.48 crore in Q3 against Rs 3.68 crore for the comparable period a year ago, the company announced that this was on account of borrowing under the textile upgradation fund of Rs 60 crore.