Tata steel net down 60 percent

September 16th, 2009 KOLKATA - Tata Steel management has signed a bonus agreement with employees, the company said Wednesday. The agreement was signed for annual bonus to the employees of the steel major's Jamshedpur unit, including the tubes division, for 2008-09.

July 29th, 2009 MUMBAI - Steel major Tata Steel's net profit fell 46.93 percent in the quarter ended June 30 to Rs.789.83 crore ($163 million) from Rs.1,488.4 crore in the like period last year. Total income of the company decreased 8.16 percent to Rs.5,661.89 crore during the quarter from Rs.6,165.14 crore a year earlier.

July 27th, 2009 LONDON - Tata Steel, one of the world's leading steel companies, Monday raised $500 million on the London Stock Exchange - the largest ever Indian Global Depository Receipt (GDR) offering in London. Welcoming Tatas, the London Stock Exchange (LSE) said the amount represented one of the biggest new equity issues to be conducted by a company outside its home market on any global exchange in the last 12 months.

July 9th, 2009 MUMBAI - Tata Steel subsidiary Corus, Europe's second largest steelmaker, Thursday announced plans to cut a further 366 jobs at its site in Scunthorpe, Britain. The move aims to improve the competitiveness of its (Corus') Scunthorpe site in Northeast England by aligning employment cost with anticipated steel demand.

June 8th, 2009 Tata Steel downgraded on weakness of UK unitMUMBAI, India — Moody's downgraded the company rating of India's Tata Steel Ltd on Monday because of weak performance at its U.K. Corus unit — sign of how troublesome Tata's ambitious overseas acquisitions have become since the global financial crisis hit.

May 30th, 2009 MUMBAI - Tata Steel has reached an agreement with lenders of Tata Steel UK for resetting the covenants on the 3.7 billion pound loan raised for the acquisition of Anglo-Dutch steel maker Corus. This comes two days after group company Tata Motors announced a revision in the maturity deadline on the bridge loan for its acquisition of Jaguar Land Rover (JLR).

May 15th, 2009 NEW DELHI - Tata group veteran Syamal Gupta has retired as chairman of Tata BP Solar after 53 years with India's largest industrial house. He will be succeeded by BP Solar's chief executive Reyad Fezzani.

May 6th, 2009 JAMSHEDPUR - Industrial Energy Ltd (IEL), a joint venture between Tata Steel and Tata Power, Wednesday commissioned a 120-MW power plant that will run on waste gas produced by the steel major. The plant, built at an investment of Rs.490 crore, will supply the entire generated power to Tata Steel to help the company meet its growing power requirements in its Jamshedpur unit, an official statement said.

March 11th, 2009 KOLKATA - Steel major Tata Steel is hopeful of saving 600 million pounds ($831 million) between October 2008 and March 2009 from its Corus operations, a top official said here Tuesday. Last year, the company had launched a cost-cutting programme to save this amount to tide over the economic crisis.

March 8th, 2009 KHARAGPUR - Pig iron manufacturer Tata Metaliks, which plans to establish an integrated steel plant in Karnataka, has identified land for this some 300 km from Bangalore, a top company official said here Saturday. 'We had appointed (consultancy firm) Mecon to find a suitable place for us in Karnataka.

February 12th, 2009 KOLKATA - Steel major Tata Steel will not focus on any acquisition 'for the time being', a top company official said here Friday. 'We will go slow on acquisition plans.

February 12th, 2009 KOLKATA - Tata Steel expects its February sales to grow 10-15 percent as compared to last month on the back of falling steel prices. 'In light of what is happening around the world, the Indian demand situation is not bad.

January 27th, 2009 NEW DELHI - Tata Steel Wednesday reported 56.4 percent year-on-year decline in net profit in the third quarter this fiscal. The company posted Rs.4.66 billion (Rs.466.24 cores/$103.6 million) net profit for the quarter, compared to Rs.10.68 billion in the corresponding period last year.

January 5th, 2009 RAIPUR - The country's largest steel maker Tata Steel Tuesday reported a 14 percent fall in sales in the October-December quarter over the corresponding period uin 2007. According to an official statement, the company's total sales during the period stood at 1.07 million tonnes.

January 1st, 2009 BHUBANESWAR - Thousands of tribals Friday staged a demonstration against a proposed Tata Steel plant in Orissa's Jajpur district, while about 200 people supporting the project took out a counter-rally. Armed with bows and arrows, tribal protestors including hundreds of women raised anti-project slogans and took out a massive rally at the Kalinga Nagar industrial complex, some 100 km from here.