Tata Steel returns to profit on one-off gain

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With the company already spending about Rs 4,700 crore in FY18, it plans to spend the balance Rs 39,715 crore over the next three years, according to him.

JSW Steel has reported a 186 per cent jump in net profit and a 16 per cent growth in revenue in the fourth quarter, backed by strong margins of the alloy across the globe.

Income from operations in the quarter rose by 2.6 per cent to Rs 35,737 crore, the company said in a statement.

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

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In the same quarter past year, Tata Steel booked charges of Rs 4,069 crore, including curtailment charges relating to the closure of Tata Steel Europe's pension scheme.

"The UK pension scheme restructuring process has also been completed. The 50:50 JV with Thyssenkrupp is progressing well and we are committed towards building a strong European portfolio", Narendran said.

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

It is the leading integrated steel company in India with an installed steel-making capacity of 18 million tonne per annum (MTPA).

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Financial Express reported that Tata Steel said that any delay in the acquisition of debt-ridden Bhushan Steel may lead to governance issues since the latter has a running plant.

Koushik Chatterjee, executive director and chief financial officer, Tata Steel, said the possibility of delisting the stressed asset can not be ruled out.

"We completed two large financing transactions, which apart from providing funds also gives us significant flexibility to pursue our growth plans". Our $1.3 billion global bond issue in January 2018 helped us extend our maturity profile.

Tata Steel's Q4FY18 performance beat was largely due to favourable steel environment globally. "We also successfully completed a Dollars 2 billion rights issue, one of the largest equity issuance in India", he said. This is now expected to be enhanced by Rs 17,600 crore to implement new projects.

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The shares of the company closed at Rs 622.05 apiece on the BSE, down 0.32 per cent from the previous close.

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