Tata Steel gains on strong sales volume in Q1

Q1FY2014 hot metal and crude steel production grew by 20% yoy to 2.46 MT and 22% yoy 2.22 MT, respectively.

Tata Steel is trading higher by 2% at Rs 261 in opening deals on BSE, after the company said its Indian operations have seen a strong volume growth during the first quarter (April-June) of the current fiscal.

“The company’s hot metal and crude steel production grew by 20% year-on-year (yoy) to 2.46 million tonnes (MT) and 22% yoy 2.22 MT, respectively, for 1QFY2014,” Tata Steel said in a press release.

Saleable steel production increased by 23% yoy to 2.14 MT and sales increased by 26% yoy to 2.01 MT, higher than analyst estimates of 1.90 MT.