TATA STEEL

The acquisition of Corus helped Tata Steel post a six-fold jump in its consolidated profit after tax at Rs 6,388 crore for Q1FY08.The Indian company, which is now the world's sixth-biggest maker of the alloy, had recorded a consolidated profit after tax of Rs 1,014 crore in the same period last fiscal.Tata Steel had acquired Corus for $12.1 billion in early 2007. The acquisition catapulted the company to the sixth spot among the world's top steel players with total production capacity of over 23 million tons a year.Turnover on a consolidated basis also registered five-fold jump to touch Rs 31,155 crore during the period under review as against Rs 5,748 crore during the previous corresponding period.Consolidated operating profit increased to Rs 4,904 crore during Q1FY08 as against Rs 1,712 crore in the corresponding period of previous year.The results also include extraordinary item of Rs 4,121 crore primarily representing actuarial gains due to increase in the yield rates on Bonds held by various pension funds of Corus.The markets took note of the development and the stock at Rs 644 levels firmed up 6.4 per cent or Rs 38 in noon deals on Wednesday. (with PTI inputs)