:::  Half Yearly Results :::

TATA STEEL LIMITED
Regd. Office: BOMBAY HOUSE, 24 HOMI MODY STREET, MUMBAI 400001

Audited Financial Results for the Quarter/Six months Ended on 30th September, 2007

NOTES:

1.Segment Revenue, Results and Capital Employed

2. The Company has raised Rs 3,578.75 Crores (US$ 875 Million, including the green shoe option US$ 150 million) through the issue of Foreign Currency Convertible Alternative Reference Securities (“CARS”). The CARS will be convertible into either Qualifying Securities (which may be in the form of depositary receipts with restricted rights of withdrawal representing underlying ordinary shares with differential rights as to voting) or ordinary shares. The CARS will be convertible at an initial conversion price of Rs.876.62 per share, which is at a premium of 35% to the Company's closing share price on the National Stock Exchange of India Limited as on August 06, 2007. The CARS carry a coupon rate of 1% p.a. The outstanding CARS, if any, at maturity will be redeemable at a premium of 23.34% of the principal amount, with an effective YTM of 5.15%.

3. The Board has fixed 5th November 2007 as the record date for the purpose of simultaneous but unlinked rights issues of 121,794,571 equity shares of Rs.10 each at a premium of Rs.290 per share in the ratio of 1:5, aggregating Rs.3,654 Crores and 548,075,571 – 2% Cumulative Convertible Preference Shares (CCPS) of Rs.100 each in the ratio of 9:10, aggregating Rs.5,481 Crores.
Further, as decided by the Board, six CCPS of Rs. 100 each, will be compulsorily and automatically converted into one equity share of Rs.10 at a premium of Rs.590 per share on 1st September 2009.

4. Item 6 (c) of the Exceptional items represent a gain of Rs.776.74 Crores for the six months ended 30^th September 2007 (Rs. 90.31 Crores for the quarter) on account of unrealized exchange differences on foreign currency borrowings and a realized loss of Rs.133.41 Crores for the six months ended 30^th September 2007 (Rs. Nil for the quarter) on foreign currency deposits mainly in relation to the acquisition of Corus. The net gain of Rs.643.33 Crores is due to the appreciation of the Rupee against the various foreign currencies during the period ended 30^th September 2007.

5. Information on investor complaints pursuant to clause 41 of the listing agreement for the quarter ended 30.9.2007:

6. Figures for the previous period have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.

7. The above results have been reviewed by the Audit Committee and were approved by the Board of Directors in its meeting of date.

Tata Steel Limited

Mumbai: October 26, 2007

Sd/- P R Ramesh
Partner