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2011 TATA STEEL
Prof. Nand Daneja
Angad Singh Kalra Nidhi Sharma Reema Kharbanda Sahil Kukreja Shubham Jain Sumit Gugnani
ACKNOWLEDGEMENT It is indeed a matter of great pleasure and proud privilege to be able to present this project report on “TATA STEEL”
The completion of the project work is a milestone in student life and its execution is inevitable in the hands of guide. We are highly indebted to Prof. Nand Dhameja for his invaluable guidance and appreciation for giving form and substance to this report. It is due to his enduring efforts, patience and enthusiasm which has given a sense of direction and purposefulness to this project and ultimately made it a success.
We would wish to thank the non teaching staff and our friends who have helped us all the time in one way or other. Really it is highly impossible to repay the debt of all the people who have directly or indirectly helped us for performing the project.
We take an opportunity to present this project report on “TATA STEEL” and put before readers some useful information regarding our project.
We have made sincere efforts and have taken care to present this matter in precise and compact form, the language being as simple as possible.
We are sure that the information contained in this volume would certainly prove useful for better insight in the scope and dimension of this project in its true perspective.
The task of completion of the project though been difficult was made quite simple, interesting and successful due to deep involvement and complete dedication of our group members.
TABLE OF CONTENTS
A.Objective B. Introduction
D.Cost of equity
a) Dividend growth model
b) Capital asset pricing model (CAPM)
OBJECTIVE Collect the following data for the past 10 yrs for a listed company (TATA STEEL) including sensex: a) EPS b) DPS c) Book value per share d) Avg. market value per share (avg. of high and low during a year)
From this data, a) Calculate growth rate and payout ratio. b) Using the dividend growth model, determine the firm’s cost of equity. c) Ascertain the company’s latest beta and cost of equity using CAPM.
Further collect the information about the company’s debt and interest rate and calculate the weighted average cost of capital.
INTRODUCTION TO “TATA STEEL” Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited), is the world's 5th largest and India's largest steel company with an annual crude steel capacity of 28 million tonnes. It is a Fortune Global 500 company with a rank of 315. It is based in Jamshedpur, Jharkhand, India. It is part of Tata Group of companies. Tata Steel is also India's second-largest and secondmost profitable company in private sector with consolidated revenues of Rs 1,32,110 crore and net profit of over Rs 12,350 crore during the year ended March 31, 2008. Tata Steel's largest plant is located in Jamshedpur, Jharkhand, with its recent acquisitions, the company has become a multinational with operations in various countries. The Jamshedpur plant contains the DCS supplied by Honeywell. The registered office of Tata Steel is in Mumbai. The company was also recognized as the world's best steel producer by World Steel Dynamics in 2005. The company is listed on Bombay Stock Exchange and National Stock Exchange of India, and employs about 82,700 people (as of 2007). In August 2007 Tata Steel won the bid to acquire the UK-based steel maker Corus in what was, to date, the largest international acquisition by an Indian company. It made the Tata Group the world's fifth largest steel maker, and catapulted them to the global league.
History Tata Steel was established by Indian Parsi businessman Jamshetji Nusserwanji Tata in 1907 (he died in 1904, before the project was completed). Tata Steel introduced an 8-hour work day as early as in 1912 when only a 12-hour work day was the legal requirement in Britain. It introduced leave-with-pay in 1920, a practice that became legally binding upon employers in India only in 1945. Similarly, Tata Steel started a Provident Fund for its employees as early as in 1920, which became a law for all employers under the Provident Fund Act only in 1952. Tata Steel's furnaces have never been disrupted on account of a labour strike and this is an enviable record.
Capacity Expansion Tata Steel has set an ambitious target to achieve a capacity of 100 million tonne by 2015. Managing Director B. Muthuraman stated that of the 100 million tonne, Tata Steel is planning a 50-50 balance between Greenfield facilities and acquisitions. Overseas acquisitions have already added up to 21.4 million tonne, which includes Corus production at 18.2 million tonne, Natsteel production at two million tonne and Millennium Steel production at 1.2 million tonne. Tata is looking to add another 29 million tonnes through the acquisition route. Tata Steel has lined up a series of greenfield projects in India and outside which includes 6 million tonne plant in Orissa (India) 6.8 million tonne in Jharkhand (India)(2.9 million tonne will be added by dec, 2011) 5 million tonne in Chhattisgarh (India) 3-million tonne plant in Iran 2.4-million tonne plant in Bangladesh 5 million tonne capacity expansion at Jamshedpur (India) 4.5 million tonne plant in Vietnam (feasibility studies underway)
Acquisitions On 20 October 2006, TISCO signed a deal with Anglo-Dutch company, Corus On 19 November 2006, the Brazilian steel company Companhia Siderúrgica Nacional (CSN) launched a counter offer for Corus at 475 pence per share, valuing it at £4.5billion. On 11 December 2006, Tata preemptively upped the offer to 500 pence, which was within hours trumped by CSN's offer of 515 pence per share, valuing the deal at £4.9 billion. The Corus board promptly recommended both the revised offers to its shareholders. On 31 January 2007 Tata Steel won their bid for Corus after offering 608 pence per share, valuing Corus at £6.7 billion.
In August 2004, Tata Steel entered into definitive agreements with Singapore based NatSteel Ltd to acquire its steel business for Singapore $486.4 million (approximately Rs 1,313 crore) in an all cash transaction. In 2005, Tata Steel acquired 40% Stake in Millennium Steel in Thailand for $130 million (approx. Rs 600 crore). In 2007 Tata Steel through its wholly owned Singapore subsidiary, NatSteel Asia Pte Ltd acquired controlling stake in two rolling mills: SSE Steel Ltd, Vinausteel Ltd located in Vietnam.
Controversies The company is facing increasing criticism that the drive for growth and profits is completely overshadowing its once famed philanthropy, and causing lasting social and environmental damage at various locations. In response, Tata cites its programs for environment and resource conservation, including reduction in greenhouse emission, raw materials and water consumption. The company has increased waste re-use and re-cycling, and reclaims land at its captive mines and collieries through forestation. Tata Steel's chief, environment and occupational health, says, "Our capital investment in pollution-abatement solutions was in the vicinity of Rs 400 crore in 2003-04.
Dhamra Port The Dhamra Port, a Joint Venture between Larsen & Toubro and Tata Steel, has come in for criticism from groups such as Greenpeace, Wildlife Protection Society of India and the Orissa Traditional Fishworkers' Union. The port is being built within five kilometres of the Bhitarkanika National Park, a Ramsar wetland of international importance, home to an impressive diversity of mangrove species, saltwater crocodiles and an array of avian species. The port will also be approximately 15 km. from the turtle nesting of Gahirmatha Beach, and turtles are also found immediately adjoining the port site. Aside from potential impacts on nesting and feeding grounds of the turtles, the mudflats of the port site itself are breeding grounds for horseshoe crabs as well as rare species of reptiles and amphibians. One such species, the amphibian Fejervarya cancrivora, is the first record for the Indian mainland.
Definitions Earnings per share (EPS) The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Calculated as: E S
When calculating, it is more accurate to use a weighted average number of shares outstanding over the reporting term, because the number of shares outstanding can change over time. However, data sources sometimes simplify the calculation by using the number of shares outstanding at the end of the period. Diluted EPS expands on basic EPS by including the shares of convertibles or warrants outstanding in the outstanding shares number.
Dividend per share (DPS) The sum of declared dividends for every ordinary share issued. Dividend per share (DPS) is the total dividends paid out over an entire year (including interim dividends but not including special dividends) divided by the number of outstanding ordinary shares issued. DPS can be calculated by using the following formula: D S
Book value per share (BV) Book value is an accounting concept. Assets are recorded at historical cost, and they are depreciated over years. Book value may include intangible assets at acquisition cost minus amortized value. The book value of debt is stated at the outstanding amount.
Market value Market value of an asset or security is the current price at which the asset or the security is being sold or bought in the market. Market value per share is expected to be higher than the book value per share for profitable, growing firms.
Growth rate The amount of increase that a specific variable has gained within a specific period and context. For investors, this typically represents the compounded annualized rate of growth of a company's revenues, earnings, dividends and even macro concepts - such as the economy as a whole. For example, the auto industry has higher rates of revenue growth during good economic times. However, in times of recession, consumers would be more inclined to be frugal and not spend disposable income on a new car.
Retention ratio = 1- payout ratio
Payout ratio The amount of earnings paid out in dividends to shareholders. Investors can use the payout ratio to determine what companies are doing with their earnings. Calculated as: E
D S E S
Cost of equity In financial theory, the return that stockholders require for a company. The traditional formula for cost of equity (COE) is the dividend capitalization model: C
A firm's cost of equity represents the compensation that the market demands in exchange for owning the asset and bearing the risk of ownership. The capital asset pricing model (CAPM) is another method used to determine cost of equity.
Weighted average cost of capital (WACC) A calculation of a firm's cost of capital in which each category of capital is proportionately weighted. All capital sources - common stock, preferred stock, bonds and any other long-term debt - are included in a WACC calculation. All else equal, the WACC of a firm increases as the beta and rate of return on equity increases, as an increase in WACC notes a decrease in valuation and a higher risk. The WACC equation is the cost of each capital component multiplied by its proportional weight and then summing:
Where: Re = cost of equity Rd = cost of debt E = market value of the firm's equity D = market value of the firm's debt V=E+D E/V = percentage of financing that is equity D/V = percentage of financing that is debt Tc = corporate tax rate Businesses often discount cash flows at WACC to determine the Net Present Value (NPV) of a project, using the formula: NPV = Present Value (PV) of the Cash Flows discounted at WACC.
Beta Beta is a measure of the systematic, non-diversifiable risk of an investment. The beta coefficient of a security, fund, or portfolio represents its market sensitivity, relative to a given market index and time period.
The formula for the beta of an asset within a portfolio is
Where: ra = rate of return of the asset rp = rate of return of the portfolio Cov (ra,rp) = the covariance between the rates of return.
The portfolio of interest in the CAPM formulation is the market portfolio that contains all risky assets, and so the rp terms in the formula are replaced by rm, the rate of return of the market.
COST OF CAPITAL The cost of capital is a term used in the field of financial investment to refer to the cost of a company's funds (both debt and equity), or, from an investor's point of view "the shareholder's required return on a portfolio of all the company's existing securities". It is used to evaluate new projects of a company as it is the minimum return that investors expect for providing capital to the company, thus setting a benchmark that a new project has to meet. Significance of cost of capital • The acceptance criterion in capital budgeting (in NPV, as a discounting factor and in IRR it is used as a cut off rate to compare with) • The determinant of optimum capital mix in capital structure decision (ie., the mix that minimizes the overall cost of capital) • A basis for evaluating the financial performance (ie., Economic value added = capital employed (ROI – cost of capital) ) • A basis for taking other financial decisions (dividend policy, making rights issue , working capital decisions)
COST OF CAPITAL A. OVERVIEW Definition: Cost of capital refers to the rate of return • a firm must earn on its investment projects to increase the market value of its common shares • required by market suppliers of capital to attract funds to the firm
Notes: • If project rate of return > cost of capital value of firm increases • If project rate of return < cost of capital value of firm decreases • Goal: minimize cost of capital
Assumptions: 1. Business risk (not able to cover operating costs) is unchanged 2. Financial risk (not able to cover financial obligations) is unchanged 3. Cost of capital is measured on an after-tax basis kl rl b p f p
Ways to evaluate the basic equation: 1. Time-series: historic cost of capital 2. Compare with other firms (cross-section)
Example 1 (Time-series) Firm A had a cost of long-term debt 2 years ago of 8%. Risk-free cost of longterm debt is 4%. Business risk premium is 2%, and financial risk premium is 2%. What is the cost of long-term capital of the firm when the current riskfree cost of long-term debt is 6%?
Example 2 (Cross-section comparison) Firm B is in the same business and with a financial premium of 4%. The cost of capital of firm B is higher than that of firm A by 2 %.
For an investment to be worthwhile, the expected return on capital must be greater than the cost of capital. The cost of capital is the rate of return that capital could be expected to earn in an alternative investment of equivalent risk. If a project is of similar risk to a company's average business activities it is reasonable to use the company's average cost of capital as a basis for the evaluation. A company's securities typically include both debt and equity, one must therefore calculate both the cost of debt and the cost of equity to determine a company's cost of capital.
of debt is relatively simple to calculate, as it is composed of the rate
of interest paid. In practice, the interest-rate paid by the company can be modeled as the risk-free rate plus a risk component (risk premium), which itself incorporates a probable rate of default (and amount of recovery given default). For companies with similar risk or credit ratings, the interest rate is largely exogenous (not linked to the company's activities).
of equity is more challenging to calculate as equity does not pay a set
return to its investors. Similar to the cost of debt, the cost of equity is broadly defined as the risk-weighted projected return required by investors, where the return is largely unknown. The cost of equity is therefore inferred by comparing the investment to other investments (comparable) with similar risk profiles to determine the "market" cost of equity. It is commonly equated using the CAPM formula (below), although articles such as Stulz 1995 question the validity of using a local CAPM versus an international CAPM- also considering whether markets are fully integrated or segmented (if fully integrated, there would be no need for a local CAPM).
of equity is the minimum rate of return a firm must offer
shareholders to compensate for waiting for their returns, and for bearing some risk. The return consists both of dividend and capital gains, e.g. increases in the share price. The returns are expected future returns, not historical returns, and so the returns on equity can be expressed as the anticipated dividends on the shares every year in perpetuity.
CAPITAL ASSET PRICING MODEL CAPM provides an alternative approach for the calculation of cost of equity. It ’ equity:RISK FREE RATE—The yields on the government treasury securities are used as the risk free rate. These can be either the short term or long term securities. Current risk free rate should be used rather than the historical average. MARKET RISK PREMIUM—The market risk premium is measured as the difference between the long term, historical arithmetic average of market return and risk free rate. If you use the current long term government bonds as the risk free rate, then the market risk premium should also be based on the historical average return of the long term bond. On the other hand if you use the current yield on long term government bond as the risk free rate then the market risk premium should also be based on historical average yield of long term government bonds. BETA OF FIRM’S SHARE—Beta is the systematic risk of an ordinary share in relation to the market. The share returns are regressed to the market returns to estimate beta. A broadBSE’ proxy for the market.
Ke = Rf + (Rm - Rf βj
2009 2008 2007 2006
Risk free rate (Rf)
Market Premium rate
(Rm) Cost of equity (ke)
Cost of Preference Shares The measurement of cost of preference capital poses some conceptual difficulty. In case of debt, there is binding legal obligation on the firm to pay interest & interest constitutes basis to calculate cost of debt. However, in case of preference capital, payment of dividends is not legally binding on the firm & even if the dividends are paid, it is not a charge on earnings, rather it is a distribution or appropriation of earnings to preference share holders. Cost of Preference share is not adjusted for taxes because preference dividend is paid after corporate taxes have been paid. Preference dividends do not save any taxes. Thus cost of Preference share is automatically computed on an after tax basis. Since interest is tax deductible & preference dividend is not, the after tax cost of preference is substantially higher than after tax cost of debt.
Cost of Irredeemable Preference Shares:-
The preference share may be treated as a perpetual security if it is irredeemable Thus, its cost is given by following equation:-
K p = D p / P0 ( 1 - f ) Where
kp = Cost of Preference Capital d = Constant Annual Dividend Payment P0 = Expected Sales Price of Preference Shares F = Flotation Costs as a percentage of Sales
Redeemable Preference Share:The cost of redeemable preference shares is given as follows:
P0(1-f) = ∑nt=1 Dpt / (1+kp)t + Pn / (1+kp)n Where
P0 = Expected Sales Price of Preference Shares F = Floatation Cost a percentage of Preference Shares D = Dividends paid on Preference Shares P n = Repayment of Preference Capital Amount
For Tata Steel, the preference shares are being redeemed on September 1, 2009. Thus, it is a short term source of funding and will be ignored to calculate the WACC of the company.
Cost of Debt The cost of debt is the rate of interest actually paid by the company to the parties which provide the capital to the company in lieu of a fixed return to them. So it is the effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; however, because interest expense is deductible, the after-tax cost is seen most often. This is one part of the company's capital structure, which also includes the cost of equity. A company will use various bonds, loans and other forms of debt, so this measure is useful for giving an idea as to the overall rate being paid by the company to use debt financing. The measure can also give investors an idea as to the riskiness of the company compared to others, because riskier companies generally have a higher cost of debt. The following tables show the calculation for cost of debt .
total debt total equity d/v e/v Interest Rate of Interest(Rd)
25,239.20 37168.75 0.404423 0.595577 1,848.19 0.07
26,946.18 18,021.69 9,645.33 2,516.15 29704.6 27300.73 14096.15 9755.3 0.475654 0.397633004 0.406265 0.205041 0.524346 0.602366996 0.593735 0.794959 1,489.50 929.03 251.25 168.44 0.06 0.05 0.03 0.07
WACC In the last three subsections, the cost of each contributing part is calculated. In this section, the proportion of each part to the total, i.e., the weight of each part will be calculated and each will be multiplied with the respective costs to get the final WACC. The discount rate to be used for the cash flows must be chosen in a manner that reflects the aspirations of all categories of capital suppliers.The two broad kinds of suppliers of capital to a firm are (i) those who lend funds and expect a fixed return irrespective of success or failure of project and
(ii) those who are willing to merge their fortunes with the performance of the project ,expecting high returns ,if profits permit and sacrifice returns if the project does not succeed.
Weighted average cost of capital ,WACC will be one single number that will take into account ,the expectations of all suppliers of capital .This may be used as a hurdle rate that must be overcome if the project is to be accepted. Crossing of this hurdle rate will imply that all capital suppliers are satisfied with by the benefits of the project . In order to develop a single number ,we need to consider the cost of suppliers of all kinds of capital ,individually .Depending upon the proportions of each kind of
capital ,individually .Depending upon the proportions of each kind of capital,a weighted average may be found .Mathematically ,this can be represented as
WACC = we*re +wp* rp +wd *rd We = Proportions of equity Re = Cost of equity Wp = Proportion of preference capital Rp = Cost of preference capital wd = Proportion of debt rd = Cost of debt
CALCULATION OF WACC FOR TATA STEEL: Year OWNER'S FUND Equity share capital Share application money Preference share capital Reserves & surplus
2010 887.41 -
LOAN FUNDS Secured loans (crore) Unsecured loans (crore) Total total debt (crore) total equity (crore) d/v e/v Interest (crore) Rate of Interest (Rd) % beta risk free rate (Rf) market return rate (Rm) % cost of equity (Re) %
0.404423 0.595577 1,848.19 7.32
0.475654 0.524346 1,489.50 5.53
0.397633004 0.602366996 929.03 5.16
0.406265 0.593735 251.25 2.60
0.205041 0.794959 168.44 6.69
Assuming Tax Rate to be 33%
WACC COMPARISON AMONG THE THREE MAJOR PLAYER:
WACC for TATA Steel 150 100 50 WACC for TATA Steel 0 2010
WACC FOR JSPL
80 60 40 20 0 -20 -40 -60 -80
WACC For SAIL 150 100 50 0
WACC For SAIL 2010
-50 -100 -150
The bar graphs show the value of WACC for three different firm for a period of five years. All the three graphs follow the same trend with a negative value for the year 2008. This is mainly due to recession. For the TATA steel, there is an increase in the interest rate for the year 2010. This is due to the increase of equity for TATA steel and thus debtors depends higher interest rate for debt confirming the corporate theory. The cost of equity is negative during the recession period but assuming that WACC cannot be negative, the value taken will be zero. Also we can see that the value of WACC increases to a large extent after recession period. Generally the WACC needs to come down as interest rates have reduced the WACC of companies. On the other hand, the spates of corporate disasters like those at Enron and WorldCom have increased the perceived risk of equity investments
FINANCIAL RESULTS OF TATA STEEL COMPARED TO LAST YEAR: T T S ’ 2010-11 demonstrated an overall improvement compared to the previous year with an 83% increase in the Group EBITDA from 9,340 crores (US$ 2.09 billion) in 2009-10 to 17,103 crores (US $3.84 billion) in 2010-11. This was possible due to the continued robustness of the Indian business and significant turnaround of the operating performance of the European business even though the market conditions remain challenging in some sectors including construction. During the year, European apparent steel consumption rose by c.20% in contrast to the de-stocking in 2009. European steel prices rose with an increase in demand and were also aided by elevated raw material prices. Our European performance also had the benefit of restructuring exercises and cost rationalisation measures undertaken in the previous year. The mothballing and subsequent divestiture of Teesside Cast Products for a value of £434 million (US $700 million) contributed favourably when compared to the heavy losses sustained by the facility in the previous year. Continued steel usage growth in India ensured that Indian operations delivered more than their rated capacity of 6.8 million tonnes of crude steel. T S ’ j product mix continues to deliver results. Sales to the Indian auto segment touched 1 million tonnes during the year, including best-ever Skin Panel and Galvanised Annealed product sales. On the construction side, the share of value-added products in rebar sales increased from 6.8% to 9.6%. We focused on branding and increased our market penetration by reaching smaller consumption centres which enabled us to realise a premium in the market over the secondary steel manufacturers. The Ferro Alloys and Minerals Division also registered an increased operating profit of 825 crores (US $185 million) (FY 10: 345 crores; US $77 million).
REASON FOR INCREASING DEBT OF TATA STEEL : The Compan ’ C
. I , C ’ strategy was focused on raising capital from portfolio divestments and external financing methods to rebalance the capital structure and finance the growth projects. Following the above approach, the Company undertook several initiatives to raise 10,822 crores (US $2.4 billion) of capital, through divestments of about 3,121 crores (US $700 million), equity of around 4,546 US $1.02 , I ’ around 1,500 crores (US $336 million) and debt for the Jamshedpur expansion and working capital requirement of around 1,655 crores (US $371 million). All these financing initiatives coupled with substantially better internal generations enabled us to improve the financial metrics of Tata Steel Group significantly. The Net Debt/Equity improved from 1.77 times in 200910 to 1.55 times in 2010-11 and the Net Debt / EBITDA improved from 4.75 times in 2009-10 to 2.73 times in 2010-11. The improved cash flows from operations during the year enabled us to fund the Jamshedpur expansion programme through internal generations rather than drawing down the project debt that was tied up. This would significantly help in keeping the ’ . As part of its strategy to de-risk the capital structure and provide more flexibility to the business, the Company refinanced the entire long term debt in Tata Steel Europe (TSE), deferring repayments by four years and allowing deployment of earnings for growth and improvement initiatives. The refinancing has also allowed greater flexibility in the financial covenants and provided flexibility to the business to invest larger capital sums for the European operations. The Company continued to focus on working capital and liquidity management across all geographies in the current volatile market environment especially with very high raw material prices. As a result of all the financing initiatives and effective liquidity management, the Company had
cash and cash equivalents in excess of 10,890 crores (US $2.4 billion) at the end of the financial year 2010-11.
CHANGE IN RAW MATERIAL AFFECTING STEEL INDUSTRY: During 2010, there was a structural change in terms of the contract structure of the key raw materials for the primary steelmakers. During a period of slow economic recovery globally, this move has certainly added more volatility to the steel prices and hence on the margin of the steel makers. The movement in spot prices of raw materials in the first three quarters of the financial year reflected the seasonal demand in different geographies and the impact of monetary measures taken by the various national governments to stimulate demand. In the last quarter of the financial year 2010-11, the coking coal and iron ore contract prices were settled at a record level due to supply disruptions in Australia and some stoppages of iron ore exports from India. C ’ expected to culminate in a seaborne supply deficit situation and higher iron ore prices in the near future. Coking coal is a more supply constrained commodity and with rising coking coal imports into China and India it is expected that the coking coal prices will also remain at elevated levels in the near future. The above situation in iron ore and coal is likely to continue till 2014 when it is expected that global supply will be augmented with the commencement of production from the new mines that are currently being developed
Book Value per share
Avg Market Value per share
2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
71.58 56.37 69.7 63.85 72.74 63.35 62.77 47.33 27.53 5.52
12 8 16 16 15.5 13 13 10 8 4
487.55 416.6 336.69 296.65 236.81 171.68 123.67 118.16 85.58 66.8
552.8 592.82 388.12 549.17 723.9 510.17 387.77 348.82 285.5 118.75
Equity share capital 58%
Preference share capital Reserves & surplus Secured loans
COMPARISON OF BETA:
The above table shows the beta was higher during the recession period and is quite lesser for the government owned entity i.e. SAIL.
COMPARISON AMONG THE PEER COMPANIES OF THE LONG TERM DEBT/ EQUITY: Long term debt/Equity 4 3.5 3 TATA STEEL
1 0.5 0 Mar '06
COMPARISON AMONG THE PEER COMPANIES OF THE DEBT EQUITY RATIO: Total Debt/Equity 4.5 4 3.5 TATA STEEL
1.5 1 0.5 0 Mar '06
COMPARISON AMONG THE PEER COMPANIES OF THE DIVIDEND PER SHARE: Dividend Per Share 20 18 16 14
6 4 2 0 Mar '06
I.M.PANDEY ( 10th Edition)