Big jump in JSW Steel net profit

Tata Steel

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 a year ago.

Meanwhile, the total income of the company increased by 16 per cent to Rs 20,862 crore in the March quarter, against Rs 17,973 crore in the same quarter previous year.

The Indian steelmaker on Wednesday reported an exceptional gain of 113.76 billion rupees in the quarter to the end of March, which included a non-cash gain of 140.77 billion rupees relating to the restructuring of its British pension scheme.

Commenting on the guidance, Rao said the company is looking at a 3 per cent jump in steel production at 16.75 mt and 2.5 per cent increase in sales at 16 mt in FY19.

Commenting on the result, TV Narendran, CEO & MD said: "Tata Steel performance has been robust in FY18 driven by our strong execution strategy and supported by favourable global demand-supply balance".

The company had clocked a net loss of Rs 1,168.02 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing. Revenues went up to Rs 20,817 crore from Rs 17,917 crore a year ago. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant. "Growth was broad-based across our marketing segments". It was Rs925.03 crore in the year-ago period. Net debt declined to Rs 69,215 crore. "We have also received CCI approval for this transaction", he said.

The company had announced an overall estimated capital expenditure plan of close to Rs 26,815 crore past year.

Related News:

  • APC Calls On Ekiti To Help Them Recover Their Stolen Mandate

    APC Calls On Ekiti To Help Them Recover Their Stolen Mandate

    The chairman announced that the party's leadership had started work at consolidating on the victory recorded at the primary. I'm not on revenge mission-Fayemi Ekiti state All Progressives Congress (APC) governorship flag bearer, Dr.
    Man arrested for posing as Texas high school athlete to play basketball

    Man arrested for posing as Texas high school athlete to play basketball

    The 25-year-old was arrested last week and charged of tampering with government records and is now out on bond. This year, he used Hurricane Harvey as cover to attempt to relaunch his basketball career.
    Google Fixes Issue That Broke Millions of Web-Based Games in Chrome

    Google Fixes Issue That Broke Millions of Web-Based Games in Chrome

    The autoplay blocking is an example of how browsers are getting more assertive on behalf of users faced with pushy websites. The autoplay-video blocker is created to fix one of the greatest problems of the Internet: autoplaying videos on websites.
  • Coinbase Announces the Launch of New Products for Institutional Investors

    Coinbase Announces the Launch of New Products for Institutional Investors

    The last announcement made by Coinbase is regarding its Institutional Coverage Group, headquartered in the NY office. All the new products were developed with an aim to satisfy investors' needs in crypto trading and investing.
    Harbor Freight recalls chainsaws

    Harbor Freight recalls chainsaws

    All recalled chainsaws were sold with a black blade guard and have the model number printed on a lable on the bottom of the saw. Portland , One Stop Gardens and Chicago Electric 14-inch chainsaws have been recalled do to a problem with the on/off switch.
    Christina aguilera bares her soul on vulnerable new ballad 'twice'

    Christina aguilera bares her soul on vulnerable new ballad 'twice'

    You are truly a GEM, I have enormous love and respect for you! Even in that conversation we had, he would go on about other subjects and stuff like that.
  • Voter turnout in Oregon Primaries lowest in decades

    Voter turnout in Oregon Primaries lowest in decades

    OR voters appear on track to show their lowest turnout in a primary election in at least 16 years, ballot statistics indicate. Votes are due no later than 8 p.m. and voters can submit their ballots to any designated drop site or local elections office.
    The Crew 2 - Welcome to Motornation trailer

    The Crew 2 - Welcome to Motornation trailer

    Moreover, all closed beta players will be able to invite up to three friends to join them. The beta will run from May 31 to June 4, 2017 on Windows PC, Xbox One, and PlayStation 4.
    Florida teacher accused of drowning raccoons with students during class

    Florida teacher accused of drowning raccoons with students during class

    Some students even helped the teacher to punish the animals, the rest just watched, but nobody tried to prevent the execution. So they trapped the animals, and then placed the trapped animals inside a garbage bin filled with water.
  • Russian opposition leader Navalny sentenced to 30 days in jail

    Russian opposition leader Navalny sentenced to 30 days in jail

    The vocal Putin foe was released hours later but was ordered not to leave Moscow while the cases against him were pending. He was barred from running in the most recent election as a result and called for a boycott of the vote.
    Golf Program Receives Academic Honor

    Golf Program Receives Academic Honor

    The NCAA has recognized a total of 77 Penn State teams with a Public Recognition Award since the program's inception in 2006. The APR is an annual scorecard of academic achievement calculated for all Division I athletics teams across the country.
    NAFTA deal unlikely this week, says economy minister

    NAFTA deal unlikely this week, says economy minister

    Guajardo says the USA needs to show some flexibility on key NAFTA proposals, and he doesn't see it happening by Thursday. Guajardo said that negotiators were close to reaching agreement on rules of origin for the auto sector.


Most liked

Political Newcomer Wins Second District Democratic Primary
Eastman defeated former Congressman Brad Ashford , who was a favorite among top leaders in the party's primary. It will either be the republican incumbent Deb Fischer - or her democratic challenger Jane Raybould.

Ryan Reynolds And Josh Brolin Trade Playground Insults
There is also a sense of boredom creeping in certain intervals with some scenes (even the amusing ones ) dragging on and on. However, the returning characters from the first movie gets a raw deal, when trying to shape up the new ones .

Airline Workers At DFW Used Flights To Distribute Meth
A spokesman at Spirit Airlines told CBS11, Spirit has been advised of this matter and will cooperate fully with law enforcement. No actual drugs, firearms or explosives were smuggled onto flights as part of the investigation, authorities confirmed.

Metro health officials confirm E. coli case linked to lettuce
It's the worst outbreak of E. coli since 2006 when illnesses traced to spinach killed three and sickened more than 270. Iowa, Nebraska, and OR have now joined the list of states reporting E. coli cases linked to romaine lettuce.

Liam Payne has revealed the release date of his debut solo album
The group released five albums in five years. "So I had to figure out a way to make it work for me, rather than me work for it". Liam Payne has kicked off GMS Summer Concert Series with a mesmerizing performance of his latest single "Strip That Down".

Name change is expected to be adopted 15 May 2018
Norway's largest oil company Statoil officially changed its name to Equinor on Wednesday as it forges ahead with its drive into renewable energy.

Watch the trailer for new Whitney Houston documentary, 'Whitney'
The first official trailer for Whitney has arrived and it's packed with information about the late, great, icon, Whitney Houston . An interviewee speaking off camera in the teaser can be heard saying "Robyn was [Houston's] safety net" and "Bobby was jealous".

WWE Star Ronda Rousey Wants A Baby "Someday 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. The 31-year-old WWE superstar has been talking about babies for a while - first bringing up the topic on " Ellen " back in 2016.

Mikel Arteta favourite to become Arsenal manager
Arsene Wenger took charge of his last game at Huddersfield on Sunday as the curtain came down on a 22-year spell at the helm. Arteta would seek to bring in at least three of his own appointments - with further backroom changes expected.

Email 'Nudges' are rolling out in the new Gmail
Take note that Gmail stores data locally for this to work, so make sure there's enough storage space available, Forbes notes. The biggest of which allows users to use Gmail offline , replacing the Gmail Offline app in the Chrome browser.

Alexa developers get 8 new voices via Amazon Polly
To check it out head into your Home app, then under the hamburger menu go into "more settings " and scroll down to the bottom. Competition: Google recently announced six new voices for its Assistant including singer John Legend.

Chinese online giant Tencent posts 61% rise in net profit
The results were announced after the close of the Hong Kong stock market, where Tencent shares are traded. Anchored by its marquee title, the smartphone games business yielded 68 percent growth in the quarter.

Kent State graduate's photo with AR-10 goes viral
But campus police can't always intervene fast enough, Bennett said, arguing that "pulling out a gun is easier than dialing 911". The university told Refinery29 that Bennett, now that she's a graduate, is within her rights to openly carry her rifle.

Amazon is Migrating To Blockchain With New Partnership
Kaleido is the first enterprise blockchain platform to utilize Ethereum , the most proven smart contract platform in the market today.

Iran nuclear accord not ideal, but best to stick with it
Mogherini says "there was awareness of the urgency" and the four ministers agreed to find some solutions within weeks. Merkel said the Europeans aren't "blind" to threats posed by Iran's activities in Syria to Israel, for example.