Mumbai: Tata Steel, the country’s largest steel maker that is part of the Tata conglomerate, said on Monday its first quarter net profit jumped 28.2%.
Net profit for the three months to June rose to Rs1,220 crore from Rs953 crore a year earlier, with sales up 9.2% to Rs4,340 crore.
During the year, the firm bought Anglo-Dutch steel group Corus in a $13.7 billion (Rs55,485 crore) deal, catapulting it to sixth-largest global steel maker from 56th.
Tata Steel shares fell 0.66% to close at 647.30 while the benchmark Bombay Stock Exchange Sensex rose 26.34 points or 0.17% to 15,206.91.
Meanwhile, Tamil Nadu chief minister M. Karunanidhi said in Chennai that he would seek public opinion before taking a decision on Tata Steel’s Rs2,500 crore proposed titanium-dioxide project in the state.
Opposition parties have expressed reservations about the plant saying it would threaten the livelihood of farmers.