Tata Steel gains 2% as Q4 India steel production grows 4.5%

According to the filing, in FY24, Tata Steel India achieved highest ever annual crude steel production of 20.8 MT, with a growth of 4 percent YoY.

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Shares of Tata Steel gained 2 percent at open on April 8, after the company reported on April 5 that its Q4 India crude steel production grew at 4.5 percent YoY to 5.38 million tonnes (MT). At 9:20 am, the stock was trading at Rs 166.15.

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Deliveries for the same year also increased by 5 percent YoY to 5.41 MT. According to the filing, in FY24, Tata Steel India achieved its highest ever annual crude steel production of 20.8 MT, with a growth rate of 4 percent YoY.

In Q3FY24, the company reported a consolidated net profit of Rs 522.14 crore in the October-December quarter against a net loss of Rs 2,501.95 crore in Q3FY23. Revenue from operations for the same period also fell three percent to Rs 55,311.9 crore compared to Rs 57,083.56 crore in the previous fiscal.

Also read: Tata Steel Q4 update: Company records highest annual crude steel production, domestic deliveries up 9% YoY

The stock has gained around 58 percent over the last one year.

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