Tata Steel has hiked prices of its long products by about Rs 1,000 per metric tonne from March 1, 2012. Further, the company’s Kalinganagar project in Odisha is going on and the progress was far better than expectations. The company is targeting to commission it between January and March 2014.
The project will be having the capacity of 3.5 million tonne in the first phase and the company will spend Rs 24,000 crore by 2014 while the total cost of the project was Rs 36,000 crore.
Earlier, the company increased prices of the metal alloy in the domestic market by Rs 1,000 per tonne for February.
The company posted a fall of 6.09% in its net profit to Rs 1421.26 crore for the quarter ended December 31, 2011 as compared to Rs 1513.46 crore for the same quarter in the previous year. However, total income increased by 12.78% to Rs 8355.56 crore for quarter under review as compared to Rs 7408.66 crore for the quarter ended December 31, 2010.
