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The Tata Steel stock today pared early losses and gained over 2 per cent, despite the company reporting a 89 per cent plunge in consolidated net profit for the quarter ended June 30.
Recouping initial losses, the company’s scrip gained 2.54 per cent to Rs 405.70 on the BSE.
Similar was the trend at the NSE, where the stock climbed 2.64 per cent to Rs 405.90.
Tata Steel has reported a decline of nearly 89 per cent in consolidated net profit at Rs 597.88 crore for the quarter ended June 30, 2012, due to slackening metal demand and lower realisations in the European markets.
The Tata Group flagship firm had posted a net profit of Rs 5,346.55 crore in the April-June period of last fiscal, which had included a one-off profit of Rs 3,362 crore on selling investments.
However, as compared to the last quarter of FY’12, Tata Steel fared better as it had reported a net profit of Rs 433.46 crore for the January-March period.
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