Tata Steel posts disappointing Q2 results
November 26th, 2009
The series closing day added that triggered selling and profit booking in the Indian stock markets has added fuel to fire to drag the stock price of Tata Steel (BSE: 500470; NSE: TATASTEE; ISIN: INE081A01012) that reported a rather weak quarter result today. The company reported Q2 net loss of Rs 2700 crores as against to Rs 2,208 QoQ. The sales numbers are up by 9% and are at Rs 25,269 crore.
The steel maker said it is working on restructuring debt. The company has US$ 2.2 billion as cash in hand while its gross debt stands at US$ 12.8 billion. Tata Steel India’s turnover rose by 1% to Rs. 5,692 crores. On the other hand, the turnover stood at Tata Steel Europe rose by 10% to Rs. 16,768 crores.
Tata Steel opened at Rs. 560.00 on the BSE this morning, touched an intraday high of 567.95 and an intraday low of 529.15 before closing 543.45 down by 18.75 or 3.34%.
Entry Filed under: Equity Markets, Steel
Leave a Comment
Some HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>