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Tata Steel share price trading flat ahead of Q3 earnings

Tata Steel share price fell 0.62% to Rs 475 compared to the previous close of Rs 477.95 on BSE

twitter-logoBusinessToday.In | February 7, 2020 | Updated 11:27 IST
Tata Steel share price trading flat ahead Q3 earnings
Tata Steel share price has lost 2.58% in last one year and gained nearly 1% since the beginning of this year

Tata Steel share price was trading marginally lower ahead of its Q3 earnings set to be announced later in the day. The stock fell 0.62% to Rs 475 compared to the previous close of Rs 477.95 on BSE. It hit an intra day high of Rs 479.70 on BSE. The country's largest private steel company, is likely to post a consolidated revenue of Rs 35,024.6 crore for the quarter ended December, according to a Bloomberg poll of 12 analysts.

Net profit is seen falling to Rs 75.41 crore during the period under review, according to the poll. Share price of Tata Steel has fallen after four consecutive days of gain.

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Tata Steel share has lost 2.58% in last one year and gained nearly 1% since the beginning of this year. The large cap stock hit its 52-week high of Rs 560.35 on May 2, 2019 and 52-week low of Rs 320.30 on October 9, 2019. Market capitalisation of the firm stood at Rs 54,441 crore on BSE.

2.08 lakh shares of the firm changed hands amounting to turnover of Rs 9.91 crore on BSE.

In Q2 of current fiscal, Tata Steel reported a 5.9 per cent rise in consolidated net profit at Rs 3,302.31 crore compared to consolidated net profit of Rs 3,116.20 crore in the year-ago quarter.

Revenue fell 15.4 percent year-on-year to Rs 34,579.2 crore-a six-quarter low. Fall in prices and plunging demand hit Q2 show of the Tata Group firm. Consolidated income fell 15.7 per cent to Rs 34,762.73 crore in Q2 from Rs 41,257.66 crore a year-ago due to lower realisation from sales, roiled by falling prices on one hand and demand on the other.

Shares of Tata Steel closed flat on Thursday as the company's September quarter earnings failed to cheer investor sentiment.

On November 7, Tata Steel stock fell 0.30 per cent to close at Rs 403.15 a day afterQ2 earnings of the firm were announced. It fell 3.79 per cent intra day to Rs 389. On NSE,  Tata  Steel share price closed 0.40 per cent lower at Rs 402.80 that day.

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