Tata Steel gains after reporting rise in production in Q2
12 October 2015
Tata Steel rose 1.34% to Rs 254.10 at 09:21 IST on BSE after the company reported rise in hot metal production, crude steel production and saleable steel production and deliveries in Q2 September 2015 over Q2 September 2014.
Tata Steel made the announcement after market hours on Friday, 9 October 2015.
Meanwhile, the BSE Sensex was up 89.86 points, or 0.33%, to 27,169.37
On BSE, so far 87,605 shares were traded in the counter, compared with an average volume of 13.62 lakh shares in the past one quarter.
The stock hit a high of Rs 255.90 and a low of Rs 253.65 so far during the day. The stock hit a 52-week high of Rs 495.30 on 3 November 2014. The stock hit a 52-week low of Rs 200 on 29 September 2015.
The large-cap company has an equity capital of Rs 971.22 crore. Face value per share is Rs 10.
Tata Steel announced that its hot metal production rose 3% to 2.66 million tonnes in Q2 September 2015 over Q2 September 2014. Crude steel production rose 11% to 2.51 million tonnes in Q2 September 2015 over Q2 September 2014. Saleable steel production rose 9% to 2.41 million tonnes in Q2 September 2015 over Q2 September 2014. Deliveries rose 11% to 2.33 million tonnes in Q2 September 2015 over Q2 September 2014.
Tata Steel announced after market hours on 7 October 2015, that the Trustee of the British Steel Pension Scheme (the Scheme) and Tata Steel UK (TSUK), an indirect subsidiary of Tata Steel have concluded the triennial actuarial valuation of the Scheme as at 31 March 2014.
As a result of measures agreed between the Trustee and TSUK and benefit changes implemented following consultation between TSUK, its employees and their representatives, the on-going residual deficit has been reduced from around 550 million pounds as at 31 March 2011 to 90 million pounds as at 31 March 2014. Accounting impacts arising from the changes to the pension plan will be recorded in the company's accounts in due course, Tata Steel had said in a statement.
Tata Steel's consolidated net profit jumped 126.2% to Rs 762.96 crore on 17.7% fall in total income to Rs 31220.93 crore in Q1 June 2015 over Q1 June 2014.
Tata Steel is one of the biggest global steel companies.