Tata Steel plunges 3% despite strong earnings

BL Internet Desk Chennai | Updated on January 09, 2018

Shares of Tata Steel plunged as much as 3 per cent in Tuesday's trade despite the company posting a net profit of ₹1,018 crore in the September quarter against a net loss of ₹49 crore in the same period last year, on the back of higher production and better realisation.

Income from operations was up 20 per cent at ₹32,464 crore (₹27,120 crore).

On a standalone basis, net profit grew four times to ₹1,294 crore (₹250 crore). Turnover increased 21 per cent to ₹14,221 crore (₹11,718 crore) on higher production.

Following a positive open at Rs 725 against the previous close of Rs 718.80, the shares touched an intraday high of Rs 729.90 and a low of Rs 697 in the morning trade. In terms of equity volume, 5.85 lakh shares exchanged hands on the BSE.

The company shares ended the session lower by 2.11 per cent at Rs 703.65 on the BSE. On the NSE, the stock closed lower by 2.05 per cent at Rs 703.55.

Earlier this month, the company had said that its saleable steel production in the country rose 18 per cent to 5.98 million tonnes (mt) in April-September this year compared to 5.06 MT in the same period last year.

Saleable steel output in the July-September quarter of the current fiscal was at 3.02 mt (provisional) against 2.72 mt in the corresponding quarter of previous fiscal.

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Published on October 31, 2017
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