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2 min read | Updated on November 07, 2024, 13:38 IST
SUMMARY
Tata Steel share price: Tata Steel reported a consolidated net profit of ₹758.84 crore for the latest September quarter, compared to a net loss of ₹6,511.16 crore in the year-ago period.
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Tata Steel reduced its expenses to ₹52,331.58 crore from ₹55,853.35 crore in the year-ago quarter.
Tata Steel share price: Shares of Tata Steel rose more than 2% on Monday after the steel manufacturer's financial results for the second quarter of the current fiscal year beat market estimates.
The stock jumped as much as 2.1% to ₹156.92 per share on the National Stock Exchange (NSE) in the early trade. At 10:04 am, it was up 1.1% to 155.40 apiece.
The company's market capitalisation stands at ₹1,93,744.34 crore.
On the BSE, the scrip was trading at ₹155.5 a unit, up 1.2%.
Tata Steel on Wednesday reported a consolidated net profit of ₹758.84 crore for the latest September quarter, compared to a net loss of ₹6,511.16 crore in the year-ago period.
The total income declined to ₹54,503.30 crore in Q2 FY25 against ₹55,910.16 crore a year back. The company's expenses were reduced 6.3% to ₹52,331.58 crore from ₹55,853.35 crore in the corresponding period last fiscal.
TV Narendran, CEO and MD of Tata Steel, said the global operating conditions remained complex, with key territories facing subdued growth.
Macroeconomic conditions in China persisted, weighing on commodity prices, including steel. He added that the steel demand continued to increase in India, but domestic prices were under pressure due to cheap imports.
"We have signed the grant funding agreement with the UK government and are progressing on the proposed transition to green steel," Narendran said.
Koushik Chatterjee, Executive Director and Chief Financial Officer at Tata Steel, said, "We have placed equipment orders for our 0.85 MTPA Electric Arc Furnace plant in Ludhiana. Our performance in the UK and Netherlands was adversely impacted by the compression in steel spreads. Further, the UK was also weighed by the transitory nature of operations as the blast furnaces were safely decommissioned, and steel stock was built up to operate downstream".
The company's net debt was at ₹88,817 crore, while the group liquidity remained strong at ₹26,028 crore, including cash and cash equivalents of ₹10,575 crore.
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