Tata Steel net up 5.4% to Rs 1,101 cr

Tata Steel, India's biggest private sector steelmaker, today reported a 5.4 per cent rise in net profit, driven by rising volumes, to Rs 1,101.49 crore for the quarter ended September 30, 2006.

Total income (net of excise) increased 9 per cent to Rs 4,362.98 crore.

Tata Steel, which has won approval from Anglo-Dutch Corus for its $8.04 billion takeover bid, hopes to produce and sell more in this financial year than the last.

"We will produce and sell 500,000 tonnes more than last year. Prices are likely to hold for the rest of the year," the company's managing director, B Muthuraman, was quoted as saying.

Last financial year, the company produced 4.55 million tonnes and sold 4.42 million tonnes.