Tata Steel net dips 50% to Rs 903 cr

Tata Steel's net profit dipped 49.4 per cent to Rs 902.94 crore in the second quarter of 2009 compared to Rs 1787.81 crore in the quarter ended September 30, 2008. Its total income plunged 18.23 per cent from Rs 7054.33 crore for the quarter ended September 30, 2008 to Rs 5768.16 crore for the quarter ended September 30, 2009.

Tata Steel recently issued GDRs ( Global Depository Rceipts) worth $500 mn at a price of $ 7.64 per GDR. It also entered into an agreement with MMTC ( Mineral and Metals Trading Corporation) to establish a 74:26 joint venture for acquiring, development and operation of mines and processing of minerals and metals.