Fri Aug 12, 2011
MUMBAI (Reuters) - Tata Steel on Friday said first-quarter net profit more than tripled, beating estimates, helped by stronger volumes at its Indian operations, better prices in Europe and a one-time gain from a stake sale.
Excluding a one-time gain of 28.8 billion rupees ($634 million) from the company's sale of its stake in Australian coal miner Riversdale to Rio Tinto, Tata Steel reported a profit of 24.7 billion rupees.
Shares in Tata Steel, valued at about $10 billion, have fallen nearly 29 percent so far in 2011, compared with a nearly 17-percent fall in the BSE Sensex.
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