Private sector steel major Tata Steel on Tuesday said demonetisation has impacted its business, but exuded confidence that the situation would improve soon.

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"There is an impact of demonetisation on the performance of the company, but the impact is temporary," Tata Steel Managing Director (India and South East Asia) T V Narendran told reporters.

Narendran also said that despite the impact of notes ban,production at Jamshedpur and Kalinganagar plants was going on as usual.

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Hailing the demonetisation decision, he said the impact of it was temporary and the situation is improving.

Asked about the impact of demonetisation on cash-based rural market, he said efforts are on to address the problem.

Narendran added that Tata Steel has taken an initiative to support the government's move to develop a cashless society and is installing 10,000 points-of-sale (POS), credit/debit card swipe machines in rural areas for the purpose. 

On Wednesday, at 09:51 hours, the stock of Tata Steel was trading down 0.78% or Rs 3.05 at Rs 389.70 on the BSE. 

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