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28 October 2009 at 12:10 IST
Tata Steel Q2 net profit down 49.5 percent
MUMBAI (Commodity Online) : India’s Tata Steel announced dips in its second quarter net profit from Indian operations due to high prices and lack of demand.
In a statement issued here, world's eighth-largest steel maker, said profit fell 49.5 per cent and standalone net profit fell to Rs 9.02 billion for the three months to September, from Rs 17.87 billion a year earlier.
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Total income fell 16 per cent to Rs 56.29 billion for the quarter, said the statement to the Mumbai stock exchange.
Analysts had expected the company to post a profit of around Rs 11 billion.
The earnings data does not include consolidated earnings from Tata Steel UK (Corus), which would be disclosed by November this year.
Tata Steel shares fell Rs 34.75 , or 6.43 per cent to Rs 505.8 at the Mumbai stock exchange as the earnings data came in.
Tata Steel acquired Anglo-Dutch company Corus for $13.7 billion in 2007.
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