Tata Steel bounces back

Tata Steel bounced back from 52-week low after its UK unit signed pact for procuring iron ore, a key raw material.
The stock was up 3.20% to Rs 282 at 13:57 IST on BSE, having recovered from the 52-week low of Rs 251.10 which was a fall of 10.95%.
The stock hit a high of Rs 283.70 so far during the day. The stock has a 52-week high of Rs 969.80 on 29 October 2007.
The company’s current equity is Rs 730.58 crore. Face value per share is Rs 10.
The current price of Rs 282 discounts the company’s Q1 June 2008 annualized EPS of Rs 81.47, by a PE multiple of 3.46.
Tata Steel’s UK subsidiary Corus and Companhia Vale do Rio Doce (Vale) signed a contract, under which Vale will supply around 63 million metric tonnes of iron ore to Corus’ Europe plant for over five years. The contract will come into effect in 2009.
Corus is Europe’s second largest steel producer with annual revenues of more than 12 billion pounds sterling and annual production of about 20 million tonnes.
On 1 October 2008, Tata Steel’s Singapore-based unit agreed to buy 19.9% stake in Canadian miner New Millennium Capital Corporation for $22.6 million.
In August 2008 Tata Steel announced that its overseas unit formed a joint venture with Vietnam Steel Corporation and Vietnam Cement Industries Corporation for a steel complex in Ha Tinh province in Vietnam.
Tata Steel's net profit rose 21.8% to Rs 1,488.40 crore on 46.9% rise in sales to Rs 6,165.03 crore in Q1 June 2008 over Q1 June 2007.
Tata Steel is an integrated steel producer, which manufactures a variety of steel products. The company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.