For Quick Alerts
For Daily Alerts

Tata Steel Slumps Nearly 5 Per cent Post Q2

By Super

Mumbai, Nov 6 (PTI) Shares of Tata Steel Ltd today went down by nearly 5 per cent after the company's September quarter earnings failed to cheer investors.

The stock fell 4.58 per cent to Rs 215.25 on BSE. At NSE, shares of the company dropped 4.56 per cent to Rs 215.10.

Tata Steel Slumps Nearly 5 Per cent Post Q2
Tata Steel: Quotes, News
BSE 359.90BSE Quote4.25 (1.18%)
NSE 359.60NSE Quote3.5 (0.97%)

Tata Steel Ltd yesterday reported a 22 per cent rise in consolidated net profit for September quarter as gains from selling shares in group companies offset decline in sales from weakening prices.

Net profit in July-September rose to Rs 1,528.71 crore, from Rs 1,254.33 crore in the same period a year ago, the company had said in a stock exchange filing.

Sales fell 18 per cent to Rs 29,304.69 crore in July-September of this fiscal, from Rs 35,777.11 crore in in the year-ago period.

The company reported a sharp rise in other income mainly from sale of shares in Tata Motors and Titan for about Rs 3,200 crore.

While the company's India operations reported strong growth in production and deliveries in the September quarter, its European operations, particularly in the UK, significantly worsened as Britain continues to witness a surge in imports and decline in competitiveness.

Tata Steel's UK unit took a "significant impairment charge" for its Strips operation and is continuing to assess options for its long-products business, the statement said.


Read more about: tata steel
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more