Tata Steel Gains on Higher Sales in FY 2010

Resource from: CBCC Likes:2947

Apr 07,2010

Tata Steel rose 0.77% to Rs 684 at 15:02 IST after the company's sales rose 18% to 6.17 million tonnes in the year ended March 2010 over the year ended March 2009. Meanwhile, the BSE Sensex was down 19.66 points, or 0.11%, to 17,916.02. On BSE, 13.22 lakh shares were traded in the counter as against an average daily volume of 17.04 lakh shares in the past one quarter. The stock hit a high of Rs 694.64 and a low of Rs 672.50 so far during the day. The stock had hit a 52-week high of Rs 737 on 26 March 2010 and a 52-week low of Rs 220 on 8 April 2009. The stock had outperformed the market over the past one month till 5 April 2010, gaining 9.83% compared with the Sensex's 5.54% rise. It outperformed the market in past one quarter, rising 4.58% as against 1.41% rise in the Sensex. The world's eight largest steelmaker by output has an equity capital of Rs 887.21 crore. Face value per share is Rs 10. The current price of Rs 684 discounts the company's Q3 December 2009 annualised EPS of Rs 53.72, by a PE multiple of 12.73. Tata Steel reportedly paid Rs 513 crore as advance tax for Q4 March 2010 compared with Rs 406 crore in Q4 March 2009. Higher advance tax payment normally indicates higher profits for the period under review. Tata Steel net profit rose 155.6% to Rs 1191.75 crore on a 32.8% rise in sales to Rs 6307.48 crore in Q3 December 2009 over Q3 December 2008. Tata Steel is an integrated steel producer, which manufactures a variety of steel products. The company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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