Tata Steel ties up Rs 17K cr debt for Bhushan Steel buy

JSW Steel and Tata Steel plan massive capacity expansion to meet anticipated steel demand

Tata Steel on Wednesday posted a profit of Rs 10,187.23 crore for the quarter ended March 31, 2018 against a consolidated loss of Rs 725.14 crore in the corresponding quarter previous year. On a standalone basis, the company's quarterly profit and turnover declined 27% and 5% to Rs 1,031 crore and Rs 16,281 crore, respectively.

Tata Steel has tied up a debt of Rs 17,000 crore to acquire Bhushan Steel Ltd and plans to pump Rs 18,000 crore as equity for the Rs 35,200 crore asset.

The company's consolidated net profit stood at Rs 2,879 crore, up from Rs 1,008 crore in the same period past year.

Texas man, 25, poses as Harvey evacuee, stars for HS hoops team
The woman, who spoke on the condition of anonymity said her daughter didn't have a sexual relationship with Gilstrap-Portley. This is a unique situation that shows us areas that need improving when we open our doors to students in times of need.

T V Narendran, CEO & MD of the company, said: "Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance". "With introduction of GST, revenue from operations for current quarter & year are not comparable with corresponding quarter & year, since sales in current year from 1 July 2017 are net of GST whereas excise duty was included in revenue from operations and formed part of expenses till 30 June 2017", the company said. "Growth was broad-based across our marketing segments".

The gain in profits was despite lower production the company had witnessed of 6.26 million tonne (mt) during Q4 as compared to 6.40 mt a year ago.

The Sajjan Jindal promoted company announced a capital expenditure of Rs 17,600 crore, mainly on cost reduction projects such as coke oven and pellet plants.

Spanish GP stats: Why Saturday is the most important day in Barcelona
Meanwhile, despite Hamilton being confirmed for the 2019 season, there remains a question mark on his teammate for next season. The Austrian said: "Valtteri deserved to win in Baku and could even have won the last two.

He said the company is awaiting NCLT approval for Monnet Ispat and Energy (MIEL) acquisition.

Ahead of the results, shares in JSW Steel closed with a gain of 0.6 percent.

Europe, Iran diplomats plan to save nuclear deal
He was due to hold talks later in Brussels with the foreign ministers of Britain, France and Germany . President Donald Trump withdrew from last week.

Related News:



Most liked

Windrush scandal: United Kingdom admits 63 people could have been wrongfully deported
Two victims of the Windrush scandal have told MPs they believed they would not have faced deportation were it not for their race. Ms Wilson, 61, from Wolverhampton, gave evidence to the MPs and peers on the committee alongside her daughter, Natalie Barnes.

Deadpool 2 Movie Review
This doesn't exactly dilute the impact of Deadpool 2 , but forebodes a bigger problem in the evolution of the superhero genre. She has a lot of fun with her deadpan lines, bemoaning the choices that led her to get involved with Deadpool's mission.

Spike Lee: President blew opportunity over Charlottesville
Recently we had the pleasure of another Spike Lee-directed film being introduced to us in the trailer for BlacKkKlansman . BlacKkKlansman ends with actual footage from Charlottesville, as well as Mr Trump's televised response.

Coli update: You can now safely eat romaine again
Health officials say there is a lag time of two to three weeks between when someone falls ill and when it's reported to the CDC. It's the worst outbreak of E. coli since 2006 when illnesses traced to spinach killed three and sickened more than 270.

Ronda Rousey wants a baby 'soon'
"Rowdy" Ronda replied to the question and said that she would like to have a child "someday soon", but that she didn't know yet. As you'll see in the video, James' took the brunt of Ronda's offense at the close of the contest.

Bucks hire former Atlanta head coach Mike Budenholzer as new head coach
Budenholzer has experience as an National Basketball Association head coach, having last coached the Atlanta Hawks from 2013-18. Alongside Antetokounmpo, the Bucks have players like Eric Bledsoe, Khris Middleton , Malcolm Brogdon, and Thon Maker.

Ekiti guber: APC congratulates Kayode Fayemi, courts other aspirants
He said that the APC was taking the Ekiti governorship poll seriously "to redeem the state from a very abusive government". Fayemi should not celebrate this pyrrhic victory yet because it is nothing but a flame that will be quenched on July 14 .

Arteta favourite to land Arsenal job
A 68-year-old Arsene Wenger headed Arsenal since 1996. "So that's why I say - yes, Patrick Vieira is ready to manage Arsenal ". Not just because he's my friend. 'He is doing very well with New York City, and he told me the job is very hard and difficult.

Manhattan District Attorney Will No Longer Prosecute Minor Marijuana Cases
Johnson is calling on the NYPD to issue summonses instead of making arrests when someone is caught smoking pot in public. Andrew Cuomo signaled last month that the time might be right to consider loosening statewide restrictions.

Kent State graduate's photo with AR-10 goes viral
Bennett said even though she's received death threats because of her post, she has no regrets. Only this time, I won't have to worry about being expelled for expressing my views".

Harbor Freight Chainsaw Recall
Over a million chainsaws sold at Harbor Freight Tools stores across the US have been recalled, because they may not turn off. Customers who may have this product should return them for a replacement chainsaw, which will be available starting May 21.

Christina Aguilera Didn't Quit The Voice Because of Gwen Stefani
The powerhouse singers collaborated on Aguilera's newest track, which was released on Wednesday, and it's pretty empowering. The new song is off of Christina's upcoming album Liberation , which will be released on June 15.

Guajardo says NAFTA deal unlikely by Thursday
Sanders did not address Ryan's timeline, but said Trump was adamant he would get a deal "that works for America". Rosa DeLauro of CT on Wednesday urged negotiators to continue their talks, saying Ryan's deadline is arbitrary.

Google Chrome's autoplay audio blocker has been messing up web games
To correct that, Google said Tuesday it's temporarily removing the autoplay policy for the Web Audio API from Chrome 66 . As users continue browsing the web, Chrome updates that list as it learns where you play media and where you don't.

Petrol price soars close to Rs 75 a litre in Delhi
According to the new revised rate, the petrol will cost Rs 110 per litre and diesel and kerosene will cost Rs 92. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak.