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Tata Steel hits 52-week high after turnaround in Q1

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rose 2.5% to Rs 615 at 9:17 on after the company reported consolidated net profit of Rs 921.09 crore in Q1 June 2017 compared with net loss of Rs 3183.07 crore in Q1 June 2016.

The result was announced after market hours yesterday, 7 August 2017.

Meanwhile, the S&P Sensex was up 65.91 points or 0.2% at 32,339.58.

On the BSE, 1.05 lakh shares were traded on the counter so far as against the average daily volumes of 7.67 lakh shares in the past one quarter. The stock had hit a high of Rs 616.50 so far during the day, which is a 52-week high. The stock hit a low of Rs 605.50 so far during the day. The stock had hit a 52-week low of Rs 355.40 on 19 September 2016.

The stock had outperformed the market over the past one month till 7 August 2017, advancing 8.34% compared with the Sensex's 2.91% rise. The stock had also outperformed the market over the past one quarter, gaining 38.57% as against the Sensex's 8.09% rise. The scrip had also outperformed the market over the past one year, advancing 57.52% as against the Sensex's 14.94% rise.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steel's consolidated net sales rose 18.9% to Rs 29386.76 crore in Q1 June 2017 over Q1 June 2016.

The company's consolidated profit after tax (PAT) from continuing operations before exceptional items surged 311.14% to Rs 1550 crore in Q1 June 2017 over Q1 June 2016. Exceptional items during the quarter (Q1 June 2017) were Rs 617 crore mainly relating to provision for mining related litigation.

Koushik Chatterjee, Group Executive Director (Finance and Corporate), said that Europe strategic portfolio restructuring of focusing on strip business is now completed with the sale of 42-inch and 84-inch pipe mills in Hartlepool, UK to Liberty House Group. is in advanced discussions with the BSPS Trustee, the Pension Regulator and the Pension Protection Fund in relation to RAA, and is hopeful of reaching final agreement shortly, Chatterjee said.

is the world's second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 08 2017. 09:17 IST
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