Tata Steel fell 0.97% to Rs 675.50 at 13:02 IST on BSE after the company scheduled a board meeting to consider a proposal for raising of funds through various modes.
The announcement was made after market hours yesterday, 13 December 2017.Meanwhile, the S&P BSE Sensex was down 69.45 points or 0.21% at 32,983.59.
On the BSE, 1.07 lakh shares were traded on the counter so far as against the average daily volumes of 3.42 lakh shares in the past one quarter. The stock had hit a high of Rs 686.50 and a low of Rs 671.05 so far during the day. The stock had hit a 52-week high of Rs 734.90 on 30 October 2017 and a 52-week low of Rs 377.45 on 27 December 2016.
The stock had underperformed the market over the past one month till 13 December 2017, sliding 1.27% compared with 0.06% gains in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.35% as against Sensex's 2.69% rise. The scrip, however, outperformed the market in past one year, surging 62.15% as against Sensex's 23.8% rise.
The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.
Tata Steel said that a meeting of its board of directors will be held on 18 December 2017 and will conclude on 19 December 2017, to consider a proposal for raising of funds by issue of equity shares or other securities including through qualified institutions placement, rights issue, preferential issue or through any other permissible mode or a combination thereof, subject to such regulatory/statutory approvals as may be required, including approval of shareholders of the company, if applicable.
On a consolidated basis, Tata Steel reported net profit of Rs 1017.78 crore in Q2 September 2017, compared with net loss of Rs 49.38 crore in Q2 September 2016. Net sales rose 24.2% to Rs 32101.03 crore in Q2 September 2017 over Q2 September 2016.
Tata Steel is one of the leading steel producers in the world.
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