Tata Steel shares corrected by nearly 1 per cent ahead of the June quarter results to be announced later in the day. At 10:35 am, the shares of Tata Steel were trading at ₹ 412, lower by 0.6 per cent, on the BSE. The Tata Steel stock had opened at ₹ 417 and touched an intra-day high of ₹ 421.65 and a low of ₹ 410.30 thus far.
The steel maker had posted a consolidated net loss of ₹ 1,095.68 crore in the quarter ended March 31, compared with a net profit of ₹ 2,430.92 crore in the corresponding quarter last year due to the impact of Covid-19 lockdowns across the country and worldwide.
The company’s revenues had declined 20.40 per cent to ₹ 33,769.95 crore in the March quarter this year, compared to ₹ 42,423.86 crore in the corresponding quarter last year. The company reported exceptional items loss of ₹ 3,406 crore, which was primarily due to an impairment of non-current assets.
The BSE Sensex was at 38,471.64, higher by 99.75 points or 0.23 per cent and the NSE Nifty was at 11,345.25, up 37.75 points or .3 per cent at the time.