Tata Steel recovers after recent slide

Tata Steel advanced 3.53% to Rs 595.35 at 12:57 IST on BSE, with the stock recovering on bargain hunting from recent slide triggered by global trade concerns after imposition of import tariff on steel by the US.

Meanwhile, the S&P BSE Sensex was up 103.29 points or 0.31% at 33,026.41.

On the BSE, 8.36 lakh shares were traded on the counter so far as against the average daily volumes of 6.05 lakh shares in the past one quarter. The stock had hit a high of Rs 601.20 and a low of Rs 568.55 so far during the day. The stock had hit a 52-week high of Rs 755.12 on 15 January 2018 and a 52-week low of Rs 408.02 on 5 May 2017.

The large-cap company has equity capital of Rs 1126.61 crore. Face value per share is Rs 10.

Shares of Tata Steel had fallen 8.47% in the previous four trading sessions to settle at Rs 575.05 yesterday, 19 March 2018, from its closing of Rs 628.30 on 13 March 2018.

US President Donald Trump had this month signed an order imposing global import tariffs of 25% on steel and 10% on aluminium, with exclusion of few US' trade partners like Canada and Mexico. This has led to fears of global trade wars.

On a consolidated basis, Tata Steel's net profit surged 389.8% to Rs 1135.92 crore on 20.1% growth in net sales to Rs 33099.95 crore in Q3 December 2017 over Q3 December 2016.

Tata Steel is geographically diversified fully integrated steel producer.

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