Stocks

Tata Sponge hits over 2-1/2 year low after Q1 loss

Reuters Bengaluru | Updated on July 30, 2019 Published on July 30, 2019

 

The shares of Tata Sponge Iron Limited fell as much as 4.2 percent to ₹463.25 , the lowest since December 26, 2016.

The sponge iron manufacturer on Monday posted June-quarterr loss of ₹85.99 crore ($12.51 million) versus profit of ₹45.56 crore year ago, hurt by high finance cost and total expenses. The total expenses jumped four fold to ₹828 crore due to a spike in finance cost, cost of raw material, employee benefit cost and other expenses.

Up to last close, stock had fallen 34 percent this year, while JSW Steel Ltd which posted 57 percent drop in Q1 profit on Friday fell 21.3 percent.

 

Published on July 30, 2019
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