India's Tata Steel Sept quarter profit beats f'cast

MUMBAI, Nov 12 (Reuters) - India's Tata Steel, the world's seventh-largest steel maker by output, on Friday said September quarter net profit beat forecasts on stronger demand at European unit Corus and strong growth at its Indian operations. The Indian steel maker reported net profit after taxes, minority interest and share of profit of associates of 19.79 billion rupees ($442 million) for its fiscal second quarter ended September, compared with a consolidated net loss of 27.1 billion rupees a year ago. Net sales were 280.91 billion rupees compared with 252.76 billion a year earlier. A Reuters poll of nine brokerages had forecast a net profit of 15.3 billion rupees for the quarter, on net sales of 258.3 billion. Shares in Tata Steel, valued at $13 billion, have risen about 2 percent so far in 2010, compared with a 19 percent rise in India's benchmark index. ($1=44.8 rupees) (Reporting by Prashant Mehra; Editing by Jui Chakravorty) ((; +91 22 6636 9029; Reuters Messaging: Keywords: TATASTEEL RESULTS/ (If you have a query or comment on this story, send an email to COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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