On a consolidated basis, Tata Steel BSL reported a net profit of Rs 5.93 crore in Q4 March 2020 compared with net loss of Rs 212.41 crore in Q4 March 2019.
Consolidated net sales dropped 20.9% to Rs 4,064.89 crore in Q4 March 2020 over Rs 5,136.40 crore in Q4 March 2019. The Q4 result was declared post trading hours yesterday, 20 May 2020.
Due to outbreak of COVID-19 globally and in India, the firm had carried out its initial assessment of the likely adverse impact on economic environment in general and financial risk because of the outbreak. The demand for the group's products are expected to be lower in the short term, though the same is not likely to have a continuing impact on the business of the group. Further, the management expects that there may not be significant impact of COVID-19 pandemic on the financial position and performance of the group in the long-term.
Tata Steel BSL is the largest manufacturer of auto-grade steel in India. The stock was up 0.58% to Rs 17.35 on BSE. It traded in the range of Rs 17.10 to Rs 17.80 so far.
On the technical front, the stock's RSI (relative strength index) stood at 50.424. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 17.45 and its 200-day moving average (DMA) placed at 23.54.
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