New Delhi: A day after the business reported a 93% decrease in consolidated net profit for the June quarter, Tata Steel shares recovered early losses. They were up more than 2% in Tuesday’s morning session on the bourses. The stock hit a low of Rs. 114.35 in the early trade, but it quickly recovered and was trading at Rs. 118.10, up 2.30 per cent on the BSE.
The NSE stock started at Rs 115 before dropping to a low of Rs 114.35 and closing at Rs 117.95, up 2.12% per share. The 30-share BSE Sensex, meanwhile, was down 48.05 points, or 0.7%, to 66,336.73 points. From April through June 2023–24, Tata Steel’s consolidated net profit fell by more than 93% to Rs. 524.85 crore.
The total income fell by 4.75 per cent to Rs 60,666.48 crore from Rs 63,698.15 crore in the same quarter last year. The global economic recovery continued to experience challenges during the quarter, according to T V Narendran, CEO & MD of Tata Steel, which impacted commodities prices, especially steel. In India, the domestic steel market increased by around.
“We saw strong growth in key segments such as branded products & retail and industrial products and projects, which grew by 37 per cent and 24 per cent, respectively, on a y-o-y basis. Our retail sales, majorly to individual home builders, crossed 3 MT in the last 12 months, and we now serve 8,000+ out of 19,100 pin codes in India,” he said.
T V Narendran has been reappointed as the company’s Chief Executive Officer & Managing Director for a period of five years beginning on September 19, 2023, according to a statement released by Tata Steel on Monday.
