For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Tata Steel Shares Recover After 4% Slump Following Huge Quarterly Losses

|

Shares in Tata Steel recovered lost ground, after falling a huge 4 per cent, after its quarterly numbers were a huge disappointment to the markets.

The stock was last trading at Rs 225.70, virtually unchanged over Thursday's levels. The company reported a massive loss of Rs 2127 crores for the quarter ending Dec 31, 2015, which saw a sharp reaction in the stock price in early trade.

Tata Steel Shares Recover After 4% Slump Following Huge Quarterly Losses
Tata Steel: Quotes, News
BSE 359.90BSE Quote4.25 (1.18%)
NSE 359.60NSE Quote3.5 (0.97%)
The recovery in the stock price was also in line with the sharp recovery in the markets across the board in trade.
 

Tata Steel like most other commodity stocks has plunged after a freefall in commodity prices from metals to oil and gas.

This has led to sharp erosion in profitability of most companies across the globe. It also affected the performance of Tata Steel one of the top players in the domestic steel business, with also a significant global presence.

Global steel prices have collapsed from 460/tonne to 260/tonne in line with the glut in supply and the sharp decline in raw material prices.

"Steel exports from countries such as China,Russia, Korea and Japan have surged to all-time highs on the back of lacklustre domestic demand,excess capacity and competitive currencies. Imports to India are now around 12 mtpa, with China being the largest exporter to India.

Similarly, imports to Europe have increased to around 30mtpa million tonnes, with shipments from China surging by 57%," the company said in a release.

GoodReturns.in

Read more about: tata steel
Story first published: Friday, February 5, 2016, 11:07 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
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