Tata Steel on Saturday said that
global economic slowdown has not impacted the private steel major so far.
"The impact of the slowdown has not yet been felt in Tata Steel as its (Tata Steel) production and sales are being recorded at its maximum capacity,"
Tata Steel Managing Director H M Nerurkar told reporters at the J R D Tata Sports Complex after felicitating three mountaineers, including a tribal who conquered Mt Everest on May 26.
Admitting that the slowdown may have its impact on the century-old steel company in the last hours, he said at present, there was no such impact in the company due to its strong the delivery mechanism and quality products.
However, the impact of the slowdown was obvious all over, he said, adding that "our industrial growth for the last two months was not good and we need to bring it back on track soon."
About ratings agency Standard and Poor's recent observation on the country's growth rate, Nerurkar said the government was taking steps to address it but the steps should be visible on the ground to make a quick come back on the growth track.
Nerurkar said impact of the euro-zone crisis was witnessed across world including India.
Despite several negative developments on economic front in the week, the market gained as traders pinned hopes on the apex bank to cut key rates, analysts said.
Kishor Ostwal, CMD of CNI Research Ltd, said even though inflation number disappointed, the Sensex and Nifty rose on expectations of a cut in CRR and repo rate.
RBI is meeting on Monday to discuss policy matters and the Street is expecting CRR cut by 25 bps and possibly 25 bps repo rate cut.
Despite higher-than-expected cut in repo rate by RBI in April and rise in petrol prices, inflation was not that high, which suggests that inflation can only fall from hereon and hence the apex bank can justify another rate cut. A cut should infuse much required confidence among traders, he added.
FMCG major Hindustan Unilever (HUL) was the top Sensex gainer. The stock jumped 5.08 per cent to Rs 450.10. India's largest cigarette maker by sales ITC rose 3.50 per cent to Rs 248.10.
India's second-largest software exporter by revenue Infosys gained 4.17 per cent to Rs 2520.05. India's largest IT company by revenue TCS rose 3.27 per cent to Rs 1271.45.
India's largest listed telecom operator by sales Bharti Airtel rose 2.65 per cent to Rs 311.90. Telecom stocks gained on reports the Reserve Bank has approved the proposal to allow mobile phone companies to mortgage spectrum, a move that will allow telcos to use radio waves as collateral and raise funds from banks for the upcoming auctions.
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