Tata Wanted Highly in Europe
Tata Steel Ltd looked to reviving European demand and infrastructure investment by the Indian government to boost sales in coming quarters after posting higher sales but a drop in net profit for April-June on Wednesday. Net sales rose 11 percent to 361.43 billion rupees in the quarter to end-June, helped by a surge in European demand. The figure was in line with expectations for 361.16 billion rupees, according to Thomson Reuters data.
Tata Steel’s European business, the result of its $13 billion acquisition of Britain’s Corus in 2007, contributed roughly 57 percent to its total steel production of over 27 million tonnes in the last fiscal year to end-March.