Tata Steel Shares Fall 2% After Q2 Loss
Nov 02, 2023 11:17
Tata Steel shares dropped 2% after reporting a Rs 6,511 crore net loss in the second quarter. The company's revenue and steel production also declined.
New Delhi, Nov 2 (PTI) Shares of Tata Steel declined 2 per cent in morning trade on Thursday after the company reported a consolidated net loss of Rs 6,511.16 crore in the second quarter ended September 30.
The stock dipped 2 per cent to Rs 114.25 on the BSE.
At the NSE, it fell 1.71 per cent to Rs 114.60.
The company had clocked Rs 1,297.06 crore net profit in the year-ago period, it said in a regulatory filing on Wednesday.
The firm's total income declined to Rs 55,910.16 crore in the JUly-September quarter, from Rs 60,206.78 crore in the year-ago quarter.
Its expenses stood at Rs 55,853.35 crore in the quarter under review, as against Rs 57,684.09 crore a year ago.
In a separate statement, Tata Steel said its crude steel production fell to 7.31 Million Tonne (MT), from 7.56 MT in the year-ago period. Deliveries also trimmed to 7.07 MT from 7.23 MT.
The company's net debt stood at Rs 77,032 crore, the statement said.
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