Tata Steel Soars Nearly 4% Post March Quarter Results

Tata Steel shares soared by practically 5 per cent in morning buying and selling to high the gainer’s listing on the NSE regardless of slipping into the crimson within the fourth quarter ended March 2020. The metal maker posted a consolidated internet lack of Rs 1,095.68 crore for the quarter ended March 31, in contrast with a internet revenue of Rs 2,430.92 crore within the corresponding quarter final yr as a result of impression of Covid19 lockdowns throughout the nation and worldwide. The shares of Tata Steel touched an intra-day excessive of Rs 337.65, up 4.85 per cent at opening bell, and as of 10:15 am, the shares had been buying and selling simply off the day’s excessive, at Rs 336.35, up Rs 15 or 4.eight per vent, on the NSE.

Tata Steel’s abroad operations in India, in addition to Europe, South East Asia and Canada had been scaled down over numerous intervals as Covid-19 lockdowns affected financial exercise.

The firm’s revenues declined 20.40 per cent to Rs 33,769.95 crore within the March quarter this yr, in comparison with Rs 42,423.86 crore within the corresponding quaarter final yr. The firm reported distinctive gadgets lack of Rs 3,406 crore, which was primarily attributable to an impairment of non-current property.

The board really helpful a dividend of Rs 10 per odd share of Rs 10 every and Rs 2.504 per partly paid odd share for the monetary yr ended March 31.

The BSE Sensex was buying and selling at 35162, greater by 196.56 factors or 0.5 per cent and the NSE Nifty was at 10377.10, up 66.95 factors or 0.6 per cent on the time.