Tata Steel shares recover partially after 6% losses post Q4 results

Shares of the country’s leading diversified steel producer Tata Steel saw partial recovery in Friday’s trade (May 31) after steep losses to the tune of 6 per cent post the announcement of the company’s results on Wednesday after market hours.

The stock at the last count traded higher by 1.46 per cent at Rs 166.6, and notched the day’s high price of Rs 166.8 per share on the BSE.

The leap in the share price of the stock comes as the company’s CEO Narendran expects a healthy domestic steel demand. For 2024-25, Narendran expects India’s steel demand to grow 8-10 per cent. 

Also during the period, the company plans to increase production capacity by 1.4 million metric tons. Additionally, the steelmaker has plans to spend around Rs 17,000 crore, of which 75 per cent is earmarked for India.

Tata Steel Q4FY24 results

The domestic steelmaker reported a 64.59 per cent decline in its net profit for the January-March quarter of 2023-24, on lower realisations and certain exceptional items.

The steel major had posted a profit of Rs 1,566.24 crore in the year-ago period.

Total income of the company declined to Rs 58,863.22 crore from Rs 63,131.08 crore in the January-March period of FY23.

Its revenues decreased 6 per cent due to lower realisations but were partly offset by higher volumes in India.

The company said exceptional items were primarily related to impairment of heavy-end assets and restructuring costs relating to the UK business.

(With PTI Inputs)