Tata Steel rose 4.39% to Rs 477.05 at 9:31 IST on BSE after the company reported consolidated net loss of Rs 1168.02 crore in Q4 March 2017, compared with net loss of Rs 3041.88 crore in Q4 March 2016.The result was announced after market hours yesterday, 16 May 2017.
Meanwhile, the S&P BSE Sensex was down 3.18 points or 0.01% at 30,579.42.
On the BSE, 9.46 lakh shares were traded on the counter so far as against the average daily volumes of 7.09 lakh shares in the past one quarter. The stock had hit a high of Rs 476.40 and a low of Rs 466 so far during the day.
The stock had hit a 52-week high of Rs 508.45 on 17 March 2017 and a 52-week low of Rs 297.40 on 24 June 2016. It had underperformed the market over the past one month till 16 May 2017, declining 1.51% compared with the Sensex's 3.81% rise. The scrip had also underperformed the market over the past one quarter, sliding 2.72% as against the Sensex's 8.06% rise.
The large-cap company has equity capital of Rs 971.22 crore.
Face value per share is Rs 10.
On consolidated basis, Tata Steel reported a pre-exceptional profit after tax (PAT) from continuing operations at Rs 3352 crore in Q4 March 2017 as against loss of Rs 453 crore in Q4 March 2016.
The company's consolidated net sales rose 29.6% to Rs 33424.09 crore in Q4 March 2017 over Q4 March 2016.
Tata Steel's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 217.8% to Rs 6982 crore in Q4 March 2017 over Q4 March 2016.
On consolidated basis, there was exceptional expense of Rs 4069 crore in Q4 March 2017 as against exceptional expense of Rs 2296 crore in Q4 March 2016.
T V Narendran, Managing Director, Tata Steel India and South East Asia, said that Tata Steel continued to outperform the market in Q4 March 2017 as well. It recorded robust sales across all its target segments and its overall volumes stood at 3.21 million tonnes which was higher by 7% sequentially.
Tata Steel is committed to investing in its customer relationships and on its marketing franchise to consolidate its position in India. Further, its focus on cost improvement initiatives and its integrated operations helped it to contain the impact of rising raw material prices, Narendran said.
Increasing emphasis for domestically manufactured steel in government projects coupled with renewed thrust on infrastructure, affordable housing and tax reforms are expected to be supportive for demand and margins, Narendran stated.
He added that the company's Kalinganagar facility which continues to ramp up smoothly, is well positioned to serve the expected increase in demand in FY 2018 and beyond.
Tata Steel's board recommended a dividend of Rs 10 per share for the financial year ended 31 March 2017.
Meanwhile, Tata Steel said that after prolonged and intense discussions and negotiations with the BSPS Trustee, the Pensions Regulator (TPR) and the Pension Protection Fund (PPF), the key commercial terms of a Regulated Apportionment Arrangement (RAA) have been agreed in principle between TSUK and the BSPS Trustee.
These terms are in line with the published principles of TPR and PPF. However, the RAA is subject to detailed documentation and formal approval by TPR and non-objection from the PPF, and the formal agreement of the individual entities who would be party to the RAA. These parties are in positive discussions and are hopeful of reaching final agreement shortly, Tata Steel said.
If agreement is reached and the necessary approvals are obtained, the RAA will become effective once agreed conditions are satisfied, including the payment by a member of the Tata Steel group of an agreed settlement amount of GBP 550 million to the BSPS and the provision of a 33% equity stake in TSUK, Tata Steel said.
Tata Steel is the world's second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)