Latest News | Tata Steel Shares Decline 4 Pc After Earnings Announcement

New Delhi, May 30 (PTI) Shares of Tata Steel on Thursday declined 4 per cent in the early trade after the homegrown steelmaker reported a 64.59 per cent decline in its net profit for the January-March quarter of 2023-24, on lower realisations and certain exceptional items.

In the morning trade, the stock of the company fell 3.93 per cent to trade at Rs 167.40 apiece on the National Stock Exchange (NSE).

Also Read | Bank Holidays in June 2024: Banks To Remain Closed for 10 Days Next Month; Check Complete List of Bank Holiday Dates.

On the BSE, it went lower 3.82 per cent to Rs 167.55 per piece.

Tata Steel on Wednesday reported a 64.59 per cent decline in its consolidated net profit to Rs 554.56 crore for the January-March quarter of 2023-24 on lower realisations and certain exceptional items.

Also Read | Goa Statehood Day 2024 Date: Know History and Significance of Goa Foundation Day Ahead of 37th Anniversary of State’s Formation.

The steel major had posted a profit of Rs 1,566.24 crore in the year-ago period.

Total income of the company declined to Rs 58,863.22 crore from Rs 63,131.08 crore in the January-March period of FY23.

Its revenues decreased 6 per cent due to lower realisations but were partly offset by higher volumes in India.

The company said exceptional items were primarily related to impairment of heavy-end assets and restructuring costs relating to the UK business.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)