Shares of Tata Steel fell over 5 per cent on Thursday, a day after the steel major announced its quarterly results for the first quarter of current financial year. Tata Steel reported a net profit of Rs 693.09 crore for the April-June period, which marked a decline of 64.29 per cent. Tata Steel's shares opened lower at Rs 379 and fell 5.73 per cent to register an intraday low of Rs 360 on the NSE.
Tata Steel revenue for the June quarter stood at Rs 35,947.11 crore, up 1.28 per cent compared to the corresponding period a year ago.
"The steel sector is facing significant headwinds which has affected spreads and overall profitability. Increased government spending and efforts to address the liquidity crunch should help revive demand and steel prices in India in the second half of the year," said TV Narendran, CEO and managing director, Tata Steel.
The company's shares closed lower 4.03 per cent lower at Rs 366.50 on the NSE, underperforming the benchmark Nifty50 index which closed 1.63 per cent higher. On the BSE, Tata Steel's scrip ended at Rs 367.40, down 3.77 per cent, whose benchmark index Sensex closed up 1.74 per cent.
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