Tata Steel gains after good sales in Q2

Tata Steel rose 4.44% to Rs 406.60 at 15:16 IST on BSE after the company said its sales rose 12.44% to 2.62 million tonnes in Q2 September 2016 over Q2 September 2015.

The announcement was made after market hours yesterday, 6 October 2016.

Meanwhile, the S&P BSE Sensex was down 67.10 points or 0.24% at 28,039.11.

On BSE, so far 16.38 lakh shares were traded in the counter as against average daily volume of 10.05 lakh shares in the past one quarter. The stock hit a high of Rs 407.60 and a low of Rs 390 so far during the day. The stock had hit a 52-week high of Rs 408.50 on 8 September 2016. The stock had hit a 52-week low of Rs 211.30 on 12 February 2016. The stock had outperformed the market over the past one month till 6 October 2016, gaining 0.89% compared with 3.01% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 16.52% as against Sensex's 3.46% rise.

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

Tata Steel announced that its hot metal production rose 17% to 3.12 million tonnes in Q2 September 2016 over Q2 September 2015. Crude steel production rose 13% to 2.82 million tonnes in Q2 September 2016 over Q2 September 2015. Saleable steel production increased by 11% to 2.71 million tonnes in Q2 September 2016 over Q2 September 2015.

On a consolidated basis, Tata Steel reported net loss of Rs 3183.07 crore in Q1 June 2016 as against net loss of Rs 316.91 crore in Q1 June 2015. Net sales declined 5.7% to Rs 25155.98 crore in Q1 June 2016 over Q1 June 2015.

Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The combined Tata Steel group is one of the world's largest steel producers.

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