Tata Steel (TATA)
Metals & Mining
FY2012 annual report: Subsidiaries a drag on profits. Tata Steel’s FY2012 annual
report highlights (1) subsidiaries were a drag on profits, contributing Rs58 bn of the
earnings swing; (2) book value increased by Rs74/share, contributed by a Rs52/share
increase in foreign exchange translation reserves; (3) conversion costs increased by 19%
for the India steel business, which is a concern and (4) movement in items of pension
fund of TSE requires clarification. This is our preliminary read through; we may follow
this up with a detailed update. We maintain our ADD rating.
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link :http://www.kotaksecurities.com/pdf/indiadaily/indiadaily19072012lu.pdf
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