Tata Steel stock slips over 2% as firm decides to end business ties with Russia
The large cap stock touched an intraday low of Rs 1,286, down 2.11 per cent against the previous close of Rs 1313.70 on BSE.
- Apr 21, 2022,
- Updated Apr 21, 2022 11:57 AM IST
Shares of Tata Steel fell amid a rising market today after the Tata Group firm said it would stop doing business with Russia, making it the latest global company to cut ties with the country for invading Ukraine.
"Tata Steel does not have any operations or employees in Russia. We have taken a conscious decision to stop doing business with Russia," the company said. The company imports coal from Russia for its steelmaking process.
The large cap stock touched an intraday low of Rs 1,286, down 2.11 per cent against the previous close of Rs 1313.70 on BSE.
The stock has been losing for the last 3 days. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.
The stock has gained 45.65 per cent in one year and has risen 17.19 per cent in 2022.
Also read: Tata Steel shares rise after three sessions on stock split plan
Total 0.93 lakh shares of the firm changed hands amounting to a turnover of Rs 12.01 crore on BSE. Market cap of the firm stood at Rs 1.58 lakh crore on BSE.
Share Market LIVE: Sensex jumps over 700 pts, Nifty tops 17,300; Ajanta Soya zooms 5%
The stock hit a 52-week high of Rs 1,534.60 on August 16,2021 and a 52-week low of Rs 897.60 on April 22, 2021.
All of Tata Steel's manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia, the company said.
"They [the EU] will end their business ties and our businesses in UK and Netherlands are a part of this decision," a senior Tata Steel executive told news agency Reuters. The executive said sourcing of coal from Russia was "miniscule".
On May 3, the company will also announce earnings for the quarter ended March 31.
In the third quarter of the last fiscal, India's largest steel manufacturer reported a 139 per cent year-on-year rise in its consolidated net profit at Rs 9,572 crore against a net profit of Rs 4,011 crore in the year-ago period.
Sequentially, the steel maker had reported a profit of Rs 12,548 crore in the September quarter. Consolidated revenues for the quarter rose about 45 per cent YoY to Rs 60,783 crore compared with Rs 41,935 crore in the year-ago quarter.
Meanwhile, Sensex rose 461 points to 57,499 and Nifty gained 127 points to 17,264 in early trade today.
Shares of Tata Steel fell amid a rising market today after the Tata Group firm said it would stop doing business with Russia, making it the latest global company to cut ties with the country for invading Ukraine.
"Tata Steel does not have any operations or employees in Russia. We have taken a conscious decision to stop doing business with Russia," the company said. The company imports coal from Russia for its steelmaking process.
The large cap stock touched an intraday low of Rs 1,286, down 2.11 per cent against the previous close of Rs 1313.70 on BSE.
The stock has been losing for the last 3 days. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.
The stock has gained 45.65 per cent in one year and has risen 17.19 per cent in 2022.
Also read: Tata Steel shares rise after three sessions on stock split plan
Total 0.93 lakh shares of the firm changed hands amounting to a turnover of Rs 12.01 crore on BSE. Market cap of the firm stood at Rs 1.58 lakh crore on BSE.
Share Market LIVE: Sensex jumps over 700 pts, Nifty tops 17,300; Ajanta Soya zooms 5%
The stock hit a 52-week high of Rs 1,534.60 on August 16,2021 and a 52-week low of Rs 897.60 on April 22, 2021.
All of Tata Steel's manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia, the company said.
"They [the EU] will end their business ties and our businesses in UK and Netherlands are a part of this decision," a senior Tata Steel executive told news agency Reuters. The executive said sourcing of coal from Russia was "miniscule".
On May 3, the company will also announce earnings for the quarter ended March 31.
In the third quarter of the last fiscal, India's largest steel manufacturer reported a 139 per cent year-on-year rise in its consolidated net profit at Rs 9,572 crore against a net profit of Rs 4,011 crore in the year-ago period.
Sequentially, the steel maker had reported a profit of Rs 12,548 crore in the September quarter. Consolidated revenues for the quarter rose about 45 per cent YoY to Rs 60,783 crore compared with Rs 41,935 crore in the year-ago quarter.
Meanwhile, Sensex rose 461 points to 57,499 and Nifty gained 127 points to 17,264 in early trade today.