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Tata Steel Sheds Nearly 1% Ahead of June Quarter Earnings

Tata Steel Sheds Nearly 1% Ahead of June Quarter Earnings

At 10:35 am, the shares of Tata Steel were trading lower by 0.6 per cent on the BSE.

Tata Steel shares corrected by nearly 1 per cent ahead of the June quarter results to be announced later in the day. At 10:35 am, the shares of Tata Steel were trading at Rs 412, lower by 0.6 per cent, on the BSE. The Tata Steel stock had opened at Rs 417 and touched an intra-day high of Rs 421.65 and a low of Rs 410.30 thus far.

The steel maker had posted a consolidated net loss of Rs 1,095.68 crore in the quarter ended March 31, compared with a net profit of Rs 2,430.92 crore in the corresponding quarter last year due to the impact of Covid-19 lockdowns across the country and worldwide.

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The company's revenues had declined 20.40 per cent to Rs 33,769.95 crore in the March quarter this year, compared to Rs 42,423.86 crore in the corresponding quarter last year. The company reported exceptional items loss of Rs 3,406 crore, which was primarily due to an impairment of non-current assets.

The BSE Sensex was at 38,471.64, higher by 99.75 points or 0.23 per cent and the NSE Nifty was at 11,345.25, up 37.75 points or .3 per cent at the time.