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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's Tata Steel consolidated Q2 profit up 215 pct AFP - Wednesday, December 3 MUMBAI (AFP) - - Tata Steel, the world's sixth-largest steelmaker Tuesday reported consolidated second quarterly net profit jumped over 215 percent, lifted by earnings from its British unit Corus. For the three months to September consolidated net profit rose 215.8 percent to 47.03 billion rupees (930 million dollars) from 14.89 billion rupees a year earlier, the company said. Half-yearly earnings showed that the company's net profit rose 121 percent at 86.18 billion rupees (1.7 billion dollars) from 38.98 billion rupees a year ago. "We have had an outstanding first half, backed by good prices and strong integration benefits," B.Muthuraman, chief executive of Tata Steel said. Last month, Tata Steel's Indian operations announced a better-than-expected 50.1 percent rise in second-quarter net profit to 17.87 billion rupees for the quarter ending September 30. The company, part of the sprawling Tata Group conglomerate, was catapulted to sixth biggest steelmaker from 56th after buying Anglo-Dutch company Corus for 13.7 billion dollars last year. The merged Tata Steel-Corus company plans to produce 25.6 million tonnes annually, the company has said. Tata Steel officials said that raw material prices, which had already softened, could move lower. Global steel prices are in the 600-650 dollar per tonne range, way below recent highs of 1,200 dollars per tonne. The company said it was planning to acquire iron ore from mines in Canada and South Africa, which would be supplied to Corus. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Brilliance to receive $73 mln cash injectionReuters - 34 minutes ago Treasurys extend gains amid investor worriesAP - 2 hours 10 minutes ago Canada November auto sales skid as recession loomsReuters - 2 hours 19 minutes ago World milk powder prices fall further-NZ's FonterraReuters - 2 hours 45 minutes ago Related Articles: Business Japan Hot Stocks-Hitachi, Fast Retailing, HondaReuters - 31 minutes ago Hyundai Motor says cuts its overseas productionReuters - 33 minutes ago Brilliance to receive $73 mln cash injectionReuters - 34 minutes ago China should keep buying U.S. bonds -reportReuters - 37 minutes ago Seoul shares open 1.5 pct higher; banks leadReuters - 52 minutes ago Enlarge Photo India's Tata Steel consolidated Q2 profit up 215 pct Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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