Tata Steel rallies over 2%, hits fresh 52-week high post Q4 results - Economic Times

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NEW DELHI: Tata Steel Ltd rallied as much as 2.5 per cent in trade to hit its fresh 52-week high of Rs 463.70 on Thursday, after the steel major reported a consolidated profit of Rs 1,035.8 crore, beating market expectations, helped by higher sales volumes and better realisations in Europe and India.

At 09:25 a.m.; Tata Steel was trading 1.8 per cent higher at Rs 460.60. It hit a low of Rs 456.60 and a 52-week high of Rs 463.70 in trade today on the Bombay Stock Exchange.

Analysts, on an average, were expecting Tata Steel to report consolidated net profit of Rs 970.9 crore on sales of Rs 40,791.9 crore, said an ET report. The company reported a loss of Rs 6,529 crore during the same period last year, hurt by impairment charges. Sales rose 22% to Rs 42,428 crore from the same quarter last year.

Earnings before interest, depreciation, tax and amortization (EBITDA) was Rs 4,917 crore from Rs 4,368 crore during same quarter last year. EBITDA per tonne rose in India and Europe but fell in South-East Asia.

Tata Steel sold 7.6 million tonnes of steel in the fourth quarter, up from 6.56 million tonnes a year earlier. For the full year, sales stood at 26.56 million tonnes from 24.13 million tonnes previously.

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