Tata Steel posts Rs.1,978.81 crore profit

Mumbai, Nov 12 (IANS) Tata Steel Friday reported Rs.1,978.81 crore net profit for the second quarter of current fiscal as against Rs.2,707.25 crore loss during the corresponding quarter last year, on a significant turnaround in its European business.

Tata Steel Group’s total income rose 15.92 percent to Rs.29,460.45 crore for the quarter ended Sep 30, 2010, as compared to Rs.25,412.98 crore during the same quarter last year, the company said in a regulatory filing to the Bombay Stock Exchange (BSE).

In a separate statement, Tata Steel said the company planned to raise additional Rs.7,000 crore long term resources through issue of securities, including ordinary shares, equity shares with differential rights as to voting and dividend, GDRs, debentures and foreign currency bonds.

The company board of directors at their meeting held Friday approved the plan. The board has decided to seek approval of the shareholders of the company by means of postal ballot, the statement said.

Share price of Tata Steel fell 3.96 percent to Rs.606.30 at the Bombay Stock Exchange Friday.

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