Tata Steel pares early losses; stock up over 2%
Mumbai: Tata Steel stock on Tuesday pared early losses and gained over 2 percent, despite the company reporting 89 percent plunge in consolidated net profit for the quarter ended June 30.
Recouping initial losses, the company's scrip gained 2.54 percent to Rs 405.70 on the BSE.
Similar was the trend at the NSE, where the stock climbed 2.64 percent to Rs 405.90.
Tata Steel has reported a decline of nearly 89 percent in consolidated net profit to Rs 597.88 crore for the quarter ended June 30, 2012 due to slackening metal demand and lower realisations in the European markets.
The Tata Group flagship firm had posted a net profit of Rs 5,346.55 crore in the April-June period of last fiscal, which had included a one-off profit of Rs 3,362 crore on selling investments.
However, as compared to the last quarter of FY'12, Tata Steel fared better as it had reported a net profit of Rs 433.46 crore for the January-March period.