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Steel stocks in focus as Tata Steel posted good sales, production in Q2FY18

Tata Steel, SAIL, JSPL, JSW Steel, Jindal Saw and Jindal Stainless (Hisar) from the S&P BSE500 index were up 2% to 4% at 11:03 am.

SI Reporter  |  Mumbai 

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Shares of frontline companies were up in the range of 2% to 7% after the Tata reported a good sales and production in July – September quarter of the current fiscal (Q2FY18).

Tata Steel, Authority of India (SAIL), Jindal & Power (JSPL), JSW Steel, Jindal Saw and Jindal Stainless (Hisar) from the S&P BSE500 index were up between 2% and 4% on the BSE. Vardhman Special Steels, Prakash Industries, Maharashtra Seamless, Surya Roshni, Sarda Energy & Minerals and Mukand were up in the range of 3% to 9%.

Tata rallied 5% to Rs 691 on BSE in intra-day deal, trading close to its 52-week high of Rs 697 touched on September 21, 2017.

The company’s sales volume increased 17% on a year-on-year (yoy) basis to 6.4 million tonne (MT) and production grew by 4.7% yoy to 6.22 MT in Q2FY18, according to the provisional production and sales performance figures released by the company on Wednesday after market hours.

Tata said it blast furnaces and sinter plants at the Jamshedpur achieved the best-ever second quarter production of 2.8 MT and 2.9 MT, respectively. The previous best for both had been reported in Q2FY16.

Meanwhile, Tata Europe deliveries were higher, reflecting stable market conditions and improved finishing processes, it added.

COMPANY LATEST PREV CLOSE GAIN(%)
VARDHMAN SPL. 145.00 132.50 9.4
SALASAR TECHNO 285.55 268.65 6.3
WELCAST STEELS 845.00 800.50 5.6
MAH. SEAMLESS 453.00 431.05 5.1
ALLIANCE INTEG. 177.45 169.00 5.0
PANCHMAHAL STEEL 61.20 58.30 5.0
ASHIANA ISPAT 32.75 31.20 5.0
NATL. STEEL&AGRO 37.05 35.30 5.0
SHARDA ISPAT 43.80 41.75 4.9
REMI EDELSTAHL 39.50 37.70 4.8
PRAKASH INDS. 117.50 112.50 4.4
PENNAR ENGG.BLD. 103.25 99.20 4.1
TATA STEEL 686.80 660.20 4.0
SURYA ROSHNI 313.55 302.20 3.8
S A I L 56.10 54.10 3.7

First Published: Fri, October 06 2017. 11:03 IST
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