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Published on 8/08/2019 4:03:58 PM | Source: Dion Global Solutions Ltd

Tata Steel slips 5% on weak June quarter results

Posted in Stock On The Move| #Metals Sector #Tata Steel Ltd #Stock On The Move

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Shares of Tata Steel fell by 5 per cent on Thursday at the Bombay Stock Exchange after the company has reported a higher-than-expected 64 per cent year-on- year (YoY) decline in its consolidated net profit at Rs 702 crore in April-June quarter (Q1FY20). It had registered profit of Rs 1,934 crore in the year-ago quarter. Tata Steel’s consolidated operational revenue remained flat at Rs 35,382 crore on a YoY basis.

The consolidated adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) shrunk 29 per cent in the June quarter, from same period last year, with Ebitda per tonne declining to Rs 8,725, from Rs 10,394. Following the Q1 numbers, shares of the company slipped as much as 5 per cent in the intra-day trade at 360.75 a piece on BSE. On NSE, the shares of the company were trading at Rs 364.00 apiece, down by 4.69 per cent. Meanwhile, the BSE Sensex was at 36,894.45, up by 228 points or 0.54 per cent at 13:40 hours.