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

Postado Mai 17, 2018

Mumbai: A one-time gain has lifted Tata Steel's quarterly profit to Rs 14,688 crore, in contrast to a loss of Rs 1,168 crore a year earlier.

The Indian steelmaker on Wednesday reported an exceptional gain of Rs 11,376 crore in the quarter to the end of March, which included a non-cash gain of Rs 14,077 crore relating to the restructuring of its British pension scheme.

The total consolidated income of the company increased to Rs 36,407.19 crore in January-March 2018, from Rs 35,457.06 crore in the same quarter of FY17.

Its total expenses increased to ₹ 17,275 crore during the fourth quarter compared to ₹ 16,578 crore in the year-ago period. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.

Tata Steel may well become the first company to complete the process of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) with the National Company Law Tribunal (NCLT) clearing its resolution plan on Tuesday.

Mr. Narendran said growth was broad-based across marketing segments and added Tata Steel Europe had a good quarter despite currency headwinds.

Sajjan Jindal-led JSW Steel today said the company has chose to invest an additional Rs 17,600 crore for increasing its steel capacity to 24.7 million tonne per annum (mtpa) by 2020.

The company says is ready for the buy out of Bhushan Steel and is awaiting all regulatory approvals.

Koushik Chatterjee, Executive Director and CFO, said FY18 has been a good year for the company and the group delivered a strong top and bottom line growth. Our $1.3 bn global bond issue in January 2018 helped us extend our maturity profile.

JSW Steel ended at Rs 336.65, up Rs 2.90, or 0.87 percent on the BSE.