Tata Steel posted an 8% growth in Q1 June 2018 sales led by its highest ever quarterly sales of automotive steels in India. Sales touched 2.97 million tonnes (mt) in Q1 June 2018 against 2.75 mt in same period last year. The announcement was made after market hours on Friday, 6 July 2018.
Automotive and Special steels sales jumped to 557 KT in Q1 June 2018 due to stronger demand and new product approvals. The company said branded products and retail business achieved highest ever Q1 sales of 975 KT, registering a growth of 12% compared to 873 KT in Q1 June 2017. Additionally, overall engineering segments registered 70% growth year on year with 97 KT sales in Q1 June 2018 against sales of 57 KT sales in Q1 June 2017.
In Europe, Tata Steel sales grew marginally to 2.43 mt in Q1 June 2018 against 2.40 mt in Q1 June 2017 while production went up to 2.81 mt in Q1 June 2018 against 2.79 mt in the previous corresponding period on improved plant availability, Tata Steel said in a statement.
NMDC said that on a provisional basis its total iron ore production up to 30 June 2018 was at 6.87 million tonnes (mt). Total iron sales up to June was at 6.84 mt. The announcement was made on Saturday, 7 July 2018.
Maruti Suzuki India said its total production rose 11.75% to 1.32 lakh units in June 2018 over June 2017. The announcement was made after market hours on Friday, 6 July 2018.
Sterlite Technologies announced the signing of definitive agreements for acquisition of a European specialized optical cable manufacturer based in Italy. Sterlite Tech, through its wholly owned Italian subsidiary Sterlite Technologies S.p.A, will acquire 100% stake in Metallurgica Bresciana S.p.A (Metallurgica). The acquisition is an all cash deal for approximately Euro 47 million, which is being funded through a combination of Euro debt instruments and internal accruals. The announcement was made after market hours on Friday, 6 July 2018.
Goa Carbon announced that the operations at its Goa Plant located at St. Jose de Areal, Salcete-Goa, has been temporarily shut down for regular maintenance work from 6 July 2018. There would not be any material financial impact due to the temporary shut-down of the unit on account of sufficient inventory of finished material. The announcement was made after market hours on Friday, 6 July 2018.
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