Tata Steel India ops Q3 net halves; says demand weak

Slumping sales more than halved quarterly net profit at the Indian operations of Tata Steel Ltd (TISC.BO) and top officials said a recovery in demand was only expected in the second half of 2009.

But shares in the world's sixth-largest steel maker rose 2.6 percent to 176.85 rupees in a strong Mumbai market, lifted by a global rally in steel stocks on hopes metal producers will press for cuts in input prices. MORE...