Despite better results, Tata Steel up to 5% broken, 3300 crore market cap
In the fourth quarter of fiscal year 2018, Tata Steel's results have been better than the estimates. During the quarter ending March 31, 2018, Tata Steel registered a consolidated profit of Rs. 14,688.02 crores as against the loss of Rs. 1,168 crores during the same quarter last year. Despite the best results, on Thursday, Tata Steel broke up to 5% from the upper level of the day. Due to declining stock, the company's market cap slumped more than Rs 3,300 crore.
Consolidated Income Rs 36407 Crore
According to information given by the company in BSE filing, its consolidated income during the January-March quarter stood at Rs 36,407.19 crore, compared to Rs 35,457.06 crore during the same quarter of the financial year 2017.
During the quarter, the company's expenditure increased to Rs 32,626 crores, while the expenditure during the quarter ended March, 2017 was Rs 31,132.02 crores.
Process of restructuring of UK pension scheme
He said growth in all marketing segments was recorded and despite the ups and downs in the currency, this quarter was good for Tata Steel Europe. Narendran said, the restructuring process of the UK Pension Scheme has also been completed. There is a good progress on JV with equal share with ThyssenCrup and we are committed to building a strong European portfolio.
Broken stocks up to 5% from the upper level
Tata Steel's fourth quarter results were released on Wednesday. Due to good results, the stock rose 1.39 per cent to close at Rs 630.70 on Thursday and increased to Rs 632 in business. But later the Tata Steel stock dropped by 4.68 per cent to the high of 602.40 on the high level.
3300 crores fall market cap
Tata Steel suffered huge loss due to a fall in stock. The company's market cap decreased by more than Rs 3,300 crore. The company's market cap declined by Rs 3,334.39 crore to Rs 67,859.45 crore from the high price.