Tata Steel , the world's No. 7 steelmaker, posted its first quarterly net loss in more than two years, hit by higher raw material costs and weak prices in Europe.
Tata Steel reported a net loss of Rs 687 crore for its fiscal third quarter ended December, compared with a net profit of Rs 949 crore a year earlier.
After minority interest and share of associates, it reported a net loss of Rs 603 crore.
Analysts, on average, had expected a net profit of Rs 34 crore, according to a Reuters poll of 12 brokerages.
Global crude steel production hit a record high of 1.53 billion tonnes in 2011, but the pace of growth was sharply lower than the previous year as the sovereign debt crisis in Europe and slowing economic growth in top consumer China dented demand.
Shares in Tata Steel, valued at USD 8.9 billion, closed up 0.3% ahead of the results. The stock has jumped about 36% so far in 2012, compared with a nearly 15% rise in India's benchmark index.
Source: www.moneycontrol.com
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