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India's Tata Steel Q1 net slumps, lags estimate
August 13, 2012 / 1:36 PM / in 5 years

India's Tata Steel Q1 net slumps, lags estimate

MUMBAI, Aug 13 (Reuters) - India’s Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market.

Net profit after minority interest and share of associates was 5.98 billion rupees ($108 million) for the quarter ended June, compared with a profit of 53.5 billion rupees, including one-time gains of about 40 billion rupees, a year earlier.

A Reuters poll of brokerages had forecast net profit of 6.7 billion rupees.

Shares in Tata Steel, valued at $7 billion, closed down 1.2 percent ahead of the results.

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