Tata Steel shares in news today as net profit shrinks in March quarter
Tata Steel stock ended 0.37% lower at Rs 174.20 on BSE in the previous session. Tata Steel stock
opened flat at Rs 174.85 on BSE. Market cap of the firm stood at Rs 2.17 lakh crore.
Shares of Tata Steel are in focus today after the Tata Group firm reported a 64 per cent decline in fourth quarter profit at Rs 611.48 crore. The company reported net profit of Rs 1,704.86 crore in the same quarter a year ago. Net profit shrinked as lower steel realisations and poor performance in the steelmaker’s international operations were accounted in the earnings
Consolidated revenue from operations in Q4 fell 6.7 percent to Rs 58,687.3 crore against Rs 62,961.5 crore recorded in the year-ago period, it said in a regulatory filing.
On a sequential basis, Consolidated revenue from operations increased six percent from Rs 55,311.88 crore in the previous quarter and net profit rose 19 percent from the previous quarter.
Tata Steel stock ended 0.37% lower at Rs 174.20 on BSEin the previous session. Tata Steel stock opened flat at Rs 174.85 on BSE. Market cap of the firm stood at Rs 2.17 lakh crore. Total 14.27 lakh shares changed hands amounting to a turnover of Rs 24.92 crore on BSE.
Tata Steel stock has a one-year beta of 0.9, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 65.1, signaling it’s trading neither in the overbought nor in the oversold zone. Tata Steel shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Tata Steel shares have rallied 60.70% in a year and risen 24.52% in 2024.
Meanwhile, the company’s board cleared issue of additional debt securities, in one or more tranches, up to Rs 3,000 crore in the form of NCDs (Non-convertible debentures) on private placement basis.
Its board also cleared the proposal to infuse funds up to $2.11 billion (Rs 17,407.50 crore) into a wholly owned subsidiary T Steel Holdings (TSHP) Singapore, to repay debt and to support the restructuring costs at Tata Steel UK.
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