Tata Steel rebounds, ends up 3%

The scrip rebounded into the positive terrain and touched a high of Rs 457. The stock finally ended at Rs 453, up 2.5% from the previous close. The counter clocked volumes of 5.63 million shares as against the two-week daily average traded volumes of 5.10 million shares on the BSE.
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(Updated at 1104hrs)

Tata Steel has dropped over 3% after announcing its Q1 results.

The stock opened at Rs 435 and touched a high of Rs 445. However, it slipped again into the red and touched a low of Rs 422 - down 5% from the day's high. The stock is now trading down 3% at Rs 429. Around 1.10 million shares have been traded at the counter on the BSE so far.

Yesterday the stock had fallen 6% to end at Rs 442.

 

The company reported a 47% drop in Q1 net profit to Rs 789.83 crore from Rs 1,488.40 crore in the corresponding quarter a year ago. Total income decreased 9% to Rs 5,661.89 crore in Q1FY10 from Rs 6,165.14 crore in Q1FY09.