Tata Steel shares surge 9 per cent post Q4 earnings

Reuters

According to the company, its net profit during the quarter under review increased to Rs 1,003.40 crore from Rs 367.09 crore reported in the corresponding period of 2015-16.

At NSE, shares of the company jumped 8.92 per cent to Rs 497.30.

JSW steel is an Indian based steel manufacturing company under the flagship of JSW group.

Tata Steel also reported an Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amount of £230m for its United Kingdom operations for the fourth quarter of 2017, the highest figure since 2008. The company employs more than 9,000 people in the United Kingdom after the sale of its speciality steels business to Liberty House earlier this year.

Revenue from its European business, which has a capacity of nearly seven million tonnes each in Britain and the Netherlands, rose 17.4 per cent to Rs 15,243 crore.

JSW Steel on Wednesday reported a sharp rise in its standalone net profit and 60 percent increase in income from operations for the fourth quarter (Q4) on the back of higher volume sales and better price realisations.

In the case of Tata Steel, it said that while the loss for the quarter was after one-off items including non-cash pension curtailment charges, it appears to be on the road to recovery after years of stress on account of a slump in steel sales in Europe and India.

The results are another sign of a marked pickup in India's steel sector, which had been hit by a global slowdown amid excess capacity.

Earlier this month, India's cabinet approved a proposal to make local steel mandatory in government infrastructure projects.

"This announcement is a stepping stone in the process to secure British Steel Pension Scheme members' benefits in a new modified scheme", said unions in a joint statement.

But he warned: "Steel imports into Europe rose by a further nine per cent past year which continues to restrict domestic growth".

At the start of 2017, the company had commissioned the three blast furnaces (one each at Vijayanagar, Dolvi and Salem works) which were under shutdown for relining and modification.

Tata Steel Ltd on Tuesday reported an unexpected fourth-quarter consolidated loss of Rs1,168 crore due to a one-time charge related to a deal involving the pension scheme at its bloated United Kingdom business.

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