Tata Steel shares tank 4% as Q3 profit lags mkt estimates

Shares of Tata Steel today fell by 4 per cent after the company posted a consolidated net profit of Rs 503.24 crore for the October-December quarter, that lagged market estimates.
Tata Steel's stock ended 4.05 per cent lower at Rs 374.35 on the BSE. During the day, the scrip tanked 4.31 per cent to Rs 373.30.
At the NSE, the stock settled 4.09 per cent lower at Rs 373.80.
"Tata Steel's consolidated Q3 FY14 net sales and operating profit were above our estimate but the net profit was below our expectations," Angel Broking said in a report.
Tata Steel yesterday posted a consolidated net profit of Rs 503.24 crore for the October-December quarter.

The company, however, said market conditions continue to be challenging in all geographies.
Tata Steel had clocked Rs 763.06 crore net loss in the October-December quarter last fiscal. However, it had logged Rs 917 crore net profit in the July-September 2013 quarter.
Total income of the company in the third quarter of this fiscal rose 14 per cent to Rs 36,736 crore from Rs 32,107 crore on higher sales, which stood at 6.83 million tonnes (MT) from 5.83 MT a year earlier.