GRASIM INDUSTRIES-Lower Profitability

EPW Research Foundation STEEL major Tata Iron and Steel (Tisco) saw a sharp decline in its bottomline in 1996-97. Though the company performed well in the first half of the year when it reaped the benefits of its phase 111 modernisation programme, the second half of the year more than off set the gains from this following poor industrial offtake, a high inventory position and a severe liquidity crunch.