Thursday, May 21, 2015
Stock In News Today: Financial News For 21st May 2015
Falling steel prices and a huge impairment have dragged Tata Steel to a net loss of Rs.5,674 crore during Q4FY15 compared with a profit of Rs.1,036 crore in Q4FY14. The company had to write down Rs.4,951 crore mainly relating to the long products UK business in Tata Steel Europe. During the quarter, its total income fell 20% to Rs.33,666 crore from Rs.42,428 crore in Q4FY14.
Bharat Forge has posted a standalone net profit of Rs. 203 crore for the fourth quarter ended March 31, 2015 compared with Rs. 118.90 crore in the same quarter previous year, representing a rise of 70% year-on-year. Total income from operations for the Pune-based forgings major rose to Rs. 1,224 crore versus Rs. 931 crore in the same quarter last fiscal, a growth of 31% YoY.
Steel Strips Wheels (SSWL) has forayed into the North American market by bagging an order worth $4.5 million (around Rs. 29 crore) to supply 1.75 lakh wheels to Canada’s passenger car aftermarket. The wheels will be shipped by the end of June.
DLF reported a fall of 21.81 per cent in net profit at Rs. 172 crore for the fourth quarter of the financial year 2014 -15 against Rs. 220 crore for the corresponding period previous fiscal. The consolidated revenue for the quarter stood at Rs. 2,101 crore, down by 17 per cent from Rs. 2,522 crore for the corresponding quarter in the previous fiscal.