Li Keqiang's India Visit
With wary eye on the U.S., China courts India
Chinese Premier Li Keqiang, smiling and effusive, was out to smooth ruffled feathers in India this week, promising to ease tensions and increase trade between Asia's fastest growing economies in his first trip overseas since taking office. Full Article | Slideshow
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Tata Steel Q3 net loss widens, misses estimates
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A man walks through the Corus steel factory in Ijmuiden in this April 4, 2006 file photo.
Credit: Reuters/United Photos/Files
MUMBAI |
MUMBAI (Reuters) - Tata Steel (TISC.NS) posted its second straight quarterly loss on Wednesday, as weak demand and prices in its main European market squeezed margins.
Tata, which operates nearly two-thirds of its 28-million-tonne capacity in Europe, reported a worse-than-expected net loss of 7.6 billion rupees for the three months to December 31. Net sales fell 3 percent to 318.21 billion rupees.
Analysts on average had expected the company to report a net loss of 745 million rupees for the December quarter, according to Thomson Reuters StarMine Smart Estimate data.
The net loss for the quarter compared with a loss of 6 billion rupees a year earlier.
Shares in Tata Steel, valued at $6.9 billion, closed down 2.3 percent ahead of the results announcement.
(Reporting by Prashant Mehra; Editing by Anand Basu)
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