Tata Steel rose 0.31% to Rs 721.05 at 9:16 IST on BSE after the company reported a consolidated net profit of Rs 1018 crore in Q2 September 2017, compared with net loss of Rs 49 crore in Q2 September 2016.
The result was announced after market hours yesterday, 30 October 2017.Meanwhile, the S&P BSE Sensex was down 44.99 points or 0.14% at 33,221.17.
On the BSE, 99,000 shares were traded on the counter so far as against the average daily volumes of 2.62 lakh shares in the past two weeks. The stock had hit a high of Rs 728.80 and a low of Rs 717.45 so far during the day.
Tata Steel's' consolidated revenue rose 20% to Rs 32464 crore in Q2 September 2017 over Q2 September 2016.
T V Narendran, Managing Director, said that Tata Steel witnessed strong volume growth during the quarter as the smooth ramp up of its Kalinganagar steel plant coupled with its strong marketing franchise enabled it to expand its customer universe and increase its market share. This is against the backdrop of subdued steel demand during the quarter with slow construction activity, weak rural demand and poor consumer sentiment, he added.
Koushik Chatterjee, Group Executive Director said that Tata Steel Group revenues witnessed a sequential growth of 9% primarily driven by increased volumes across the geographies, with India now contributing to 48% of overall deliveries. However, consolidated EBITDA declined sequentially due to seasonally weaker performance in its European operations, he said. The management is committed to further growing its business in India while building a long term investment in strong European portfolio, he added.
Tata Steel is one of the leading steel producers in the world.
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