Tata Steel Quarterly sales soar 13%

Faced with a tough job of finding a buyer for its entire UK business, Tata Steel on Friday had some reason to cheer as the steelmaker said its sales in the fourth quarter jumped 13 per cent to 2.72 million tonnes (mt). The sales stood at 2.41 mt in the January-March quarter of 2014-15, the Mumbai-based firm said in a regulatory filing. The firm, which is trying to dispose of its cash-guzzling UK business, achieved record sales of 9.54 mt in 2015-16 as against 8.75 mt in 2014-15.