JK Lakshmi Cement Q4 profit jumps 62% to Rs34 crore

NCLT approves Tata Steel's bid for Bhushan Steel

Tata Steel Ltd. was helped to a quarterly profit of ₹146.88 billion rupees by a one-off pensions gain, in contrast with a ₹11.68 billion loss a year earlier.

"Looking at the domestic demand growth, we see a shortage of steel if we dont expand in the next two years", JSW Steel joint managing director and group chief financial officer Seshagiri Rao told reporters here while announcing nearly two-fold rise in consolidated net profit to Rs 2,879 crore in the March quarter, against Rs 1,008 crore in the year-ago quarter. "During the year, our Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of our marketing network and brand equity".

Tata Steel may well become the first company to complete the process of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) with the National Company Law Tribunal (NCLT) clearing its resolution plan on Tuesday. The issue has been resolved and the plant is now running at full capacity, said managing director T V Narendran.

He said growth was broad-based across marketing segments and added that Tata Steel Europe had a good quarter despite currency headwinds.

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JSW Steel is a leading integrated steel company in India with an installed steel-making capacity of 18 million tonne per annum (MTPA).

With the company already spending about Rs 4,700 crore in FY18, it plans to spend the balance Rs 39,715 crore over the next three years, according to him.

The company says is ready for the buy out of Bhushan Steel and is awaiting all regulatory approvals.

Shares of JK Lakshmi Cement settled at Rs383.10 on BSE, up 0.04% from previous close.

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