Business Line reported that Bhavnagar based Steelcast Ltd 108% jump in net profit and 40% in net sales in the Q2 of 2012-12, ended September 30th, compared with the corresponding quarter last fiscal. While the sales were INR 74.35 crore, net profit stood at INR 6.09 crore.

Mr Chetan Tamboli CMD of Steelcast Ltd said that the company’s share price closed 0.53% down at INR 56.55. During the second quarter, Steelcast received the quality assurance certification from the Association of American Railroads, which will help it tap the US Railways demand for steel castings. It will also reduce the company’s dependence on the mining sector and open up the railway market globally as well as in India.

Source - Business Line

(www.steelguru.com)