Advertisement
Singapore markets open in 7 hours 18 minutes
  • Straits Times Index

    3,367.90
    +29.33 (+0.88%)
     
  • S&P 500

    5,489.01
    +13.92 (+0.25%)
     
  • Dow

    39,169.83
    +0.31 (+0.00%)
     
  • Nasdaq

    17,975.72
    +96.42 (+0.54%)
     
  • Bitcoin USD

    61,969.96
    -1,467.40 (-2.31%)
     
  • CMC Crypto 200

    1,309.00
    -35.51 (-2.64%)
     
  • FTSE 100

    8,121.20
    -45.56 (-0.56%)
     
  • Gold

    2,332.70
    -6.20 (-0.27%)
     
  • Crude Oil

    83.25
    -0.13 (-0.16%)
     
  • 10-Yr Bond

    4.4510
    -0.0280 (-0.63%)
     
  • Nikkei

    40,074.69
    +443.63 (+1.12%)
     
  • Hang Seng

    17,769.14
    +50.53 (+0.29%)
     
  • FTSE Bursa Malaysia

    1,597.96
    -0.24 (-0.02%)
     
  • Jakarta Composite Index

    7,125.14
    -14.48 (-0.20%)
     
  • PSE Index

    6,358.96
    -39.81 (-0.62%)
     

Tata Steel posts second-quarter profit, misses estimates

Waste metal is seen at Tata Steel's new robotic welding line at their Automotive Service Centre in Wednesfield, Britain, February 15, 2017. REUTERS/Darren Staples (Reuters)

(Reuters) - India's Tata Steel Ltd posted a Sept-quarter profit, boosted by strong volume growth following the ramp-up of its Kalinganagar plant in India.

Consolidated quarterly total steel deliveries were up 15 percent to 6.45 million tonnes, with Indian deliveries contributing about 48 percent of the total.

Net profit was 10.18 billion rupees ($156.93 million) in the quarter ending Sept. 30, missing analysts' estimates of a profit of 16.78 billion rupees. http://bit.ly/2xxynUt

The steelmaker had posted a loss of 493.8 million rupees for the same period a year earlier.

Deliveries from India operations grew 17 percent year-on-year to 3.08 million tonnes in the quarter.

ADVERTISEMENT

Shares of Tata Steel closed 1.18 percent lower ahead of the results in a Mumbai market that gained 0.39 percent.

($1 = 64.8700 Indian rupees)

(Reporting by Vishal Sridhar in Bengaluru, editing by Louise Heavens)