Tata Steel logs surprise Rs 364 cr Q2 loss

Consolidated turnover of Tata Steel Group rose by 4.1 per cent to Rs 34,133 crore against Rs 32,798 crore a year ago.

Kaushik Chatterjee, promoted as the Whole-Time Director with immediate effect from Group Chief Financial Officer, said Tata Steel's net debt, stood at USD 10.44 billion and the company has a USD 1.8 billion cash and cash equivalents as on September-end.

Chatterjee said there is no plan to raise debt immediately.

Nerurkar said the three million tonnes per annum (mtpa) brownfield expansion in the company's Jamshedpur (6.8 mtpa) facility is getting commissioned and would reach the capacity in the last quarter of the current fiscal.

The greenfield facility in Kalinganagar in Odisha would start production by FY'15, he added.

"The price of global benchmark hot-rolled coil that Tata Steel produces, used in making cars and home appliances, averaged 19 per cent lower in the last quarter, because of slowing sales in Europe and weak Chinese demand," said brokerage Microsec Capital Limited in a report.

($1 = 54.50 rupees)

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