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Tata Steel gains after strong Q2 outcome

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Tata Steel rose 2.16% to Rs 601.90 at 09:19 IST on BSE after consolidated net profit jumped 206.18% to Rs 3116.20 crore on 34.82% rise in total income to Rs 44175.53 crore in Q2 September 2018 over Q2 September 2017.

The result was announced after market hours yesterday, 13 November 2018.

Meanwhile, the S&P BSE Sensex was up 180.48 points, or 0.51% to 35,324.97

On the BSE, 1.66 lakh shares were traded in the counter so far compared with average daily volumes of 9.09 lakh shares in the past two weeks. The stock had hit a high of Rs 608 and a low of Rs 600.05 so far during the day.

Tata Steel's consolidated EBITDA increased to Rs 9000 crore in Q2 September 2018 as compared to Rs 4664 crore in Q2 September 2017. Consolidated EBITDA margin stood at 21% in Q2 September 2018. Consolidated deliveries grew by 15% to 7.42 million tonne.

T V Narendran, CEO & Managing Director, Tata Steel said that the company is positive on steel demand outlook especially in India, but the risk of trade wars and increasing imports remains a concern.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 27.5 million tonnes per annum (MTPA) as on 31 March 2018. It is one of the world's most geographically-diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 14 2018. 09:26 IST