scorecardresearchTata Steel Long Products shares decline after it reports losses

Tata Steel Long Products shares decline after it reports losses

Updated: 15 Jul 2022, 01:24 PM IST
TL;DR.

The company has witnessed losses due to higher expenses. Its expenses almost doubled to 2,489.58 crore in the mentioned quarter. Last year, it was at 1,282.59 crore, the company said in a regulatory filing to stock exchanges.

FILE PHOTO: A company logo is seen outside the Tata steelworks near Rotherham in Britain, March 30, 2016.    REUTERS/Phil Noble

FILE PHOTO: A company logo is seen outside the Tata steelworks near Rotherham in Britain, March 30, 2016. REUTERS/Phil Noble

(ANI): Shares of Tata Steel Long Products slumped sharply on Friday after the company reported a loss of 331.09 crore in the quarter that ended in June.

The shares traded at 582.90, down 3.68 per cent. Its intraday low was 570.

In the year-ago quarter, it had, however, reported a profit of 331.6 crore.

The company has witnessed losses due to higher expenses. Its expenses almost doubled to 2,489.58 crore in the mentioned quarter. Last year, it was at 1,282.59 crore, the company said in a regulatory filing to stock exchanges.

The company is in the business of manufacturing steel and allied products including the manufacture of sponge iron and the generation of power.

This year, Tata Steel Long Products, a unit of Tata Steel, acquired a strategic stake in Odisha-based Neelachal Ispat Nigam Limited (NINL) for 12,100 crore, which will provide an inorganic growth opportunity for the Tata company to grow in the long products business and leverage the captive iron ore mines of NINL. 

First Published: 15 Jul 2022, 01:24 PM IST