Tata Steel shares bounce back after falling in early trade; settle nearly 2% higher

Shares of Tata Steel ended nearly 2 per cent higher on Thursday, bouncing back from early decline, amid value-buying.

During the morning trade, it declined 2 per cent after the company reported a consolidated net loss of Rs 6,511.16 crore in the second quarter ended September 30.

The stock dipped 2 per cent to Rs 114.25 in morning trade on the BSE.

It staged a rebound during the afternoon trade and ended at Rs 118.15 apiece, a gain of 1.33 per cent.

On the NSE, it fell 1.71 per cent to Rs 114.60 during the morning deals.

The stock later bounced back and ended at Rs 118.50 per piece, up 1.62 per cent.In volume terms, 27.72 lakh shares of the company were traded on the BSE and over 7.25 crore shares on the NSE during the day.

The company had clocked Rs 1,297.06 crore net profit in the year-ago period, it said in a regulatory filing on Wednesday.

The firm's total income declined to Rs 55,910.16 crore in the July-September quarter, from Rs 60,206.78 crore in the year-ago quarter.

Its expenses stood at Rs 55,853.35 crore in the quarter under review, as against Rs 57,684.09 crore a year ago.

In a separate statement, Tata Steel said its crude steel production fell to 7.31 Million Tonne (MT), from 7.56 MT in the year-ago period. Deliveries also trimmed to 7.07 MT from 7.23 MT.

The company's net debt stood at Rs 77,032 crore, the statement said.