Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
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Chemicals Corporate - Outlook Tata Chemicals hopeful of better growth this fiscal Our Bureau
Mr Ratan Tata, Chairman, Tata Chemicals Ltd, with Mr R. Gopalakrishnan, Vice-Chairman, at the company's AGM held in Mumbai on Monday. - Paul Noronha
Mumbai , Dec. 15 TATA Chemicals Ltd recently went in for a $20-million external commercial borrowing (ECB) at an interest cost of 3 per cent to meet its regular corporate requirements, Mr Ratan Tata, Chairman of the company, told shareholders on Monday. The company is expected to end the current fiscal with an outstanding debt position of Rs 600 crore. By the end of first-half of this fiscal, the company had brought down its debt to Rs 617 crore from Rs 816 crore in the previous year's first-half. However, during the second-half of this fiscal, the debt reduction will not be significant because of the ECB, company officials said at the end of the annual general meeting. Mr Tata said Tata Chemicals is poised to perform better this fiscal because of a "more robust economic situation." In the first two months of the third-quarter, Tata Chemicals reported a 4 per cent increase in sales. The company is looking at projects and opportunities to invest, Mr Tata said. However, the company officials said no plans have been firmed up. Mr Tata's response to the query whether Tata Chemicals had bid for National Fertilisers Ltd was, "We looked at the company data and decided not to bid," he said. However, there were challenges, particularly in soda ash, with tariff reductions and WTO allowing imports. "The challenge is to remain competitive in such circumstances," he told shareholders. Salt is an equally competitive market. "We have revamped our distribution network and are focusing in the South and the East," Mr Prasad Menon, Managing Director, said. About Tata Chemicals' investments in mutual funds, Mr Tata said the company earned post-tax returns of 6 per cent on its mutual fund investments. "We have created a small group that looks at various net asset values and decides when to exit and enter a scheme," he said.
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