Tisco net soars 316

TISCO, which produces a fifth of the steel sold in India and is the second-largest after state-run Steel Authority of India Ltd SAIL , is expected to maintain the growth with analysts forecasting prices to rise about 6 per cent this quarter.

The steel industry in India has benefited from the booming sales in the automobile and housing sectors as rising incomes and cheaper loans that have helped India8217;s 290 million-strong middle class to buy more cars and houses.

The Tata firm had charged Rs 71.10 crore as employee separation costs in the first quarter, up 14 per cent from the year earlier.

The 96-year-old steelmaker has cut over a quarter of its workforce in four years from 59,235 to improve productivity and reduce costs. Tata Steel8217;s shares, which had risen 22.4 per cent versus a 5.2 per cent rise for the broader market this year, were barely changed at Rs 186.25 after the results in a stable market.