India's leading steel producer Tata Steel has decided to raise Rs. 7,000-crore to fund its capex plan even as it registered a consolidated net profit of Rs. 1,979-crore in Q2 FY 11.Tata Power, on a standalone basis, posted a 37 per cent rise in net profit at Rs 252 crore in second quarter of the current fiscal, compared with Rs 183 crore logged in the same period last year.
Due to lower cost of fuel, revenues came down to Rs 1,571 crore compared with Rs 1,672 crore, the company said. On the consolidated basis, revenues were marginally up at Rs 4,798 crore (Rs 4,735 crore). Net profit was Rs 676 crore (Rs 369 crore).
It has also decided to increase its authorised capital to Rs. 8,350-crore from existing Rs. 8,000-crore.The company will decide about fund-raising after shareholder approvals by means of postal ballot, which may take 45-50 days and the market conditions, Chatterjee said, adding that the funds will be used to finance the expansion of value-added products in Europe.
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