Tata Steel Loses Shares in Second Quarter
Tata steel suffered a total loss of Rs. 364 crore together with Tata Steel Europe in the second quarter and has gained only Rs. 212.4 crore during the period.
The company's shares fell by 4%, as reported. Operational performance of the giant disappointed as the earnings before interest, tax, depreciation and amortization (EBITDA) came down by 16.9% to Rs. 2, 045 crore year-on-year.
Tata steel is world's sixth largest steel making company. The reports released on Friday by the Ratan Tata led group revealed the poor demands in European market, while the demands were quite healthy in the domestic market.
Last year, the group gained a total consolidated profit of Rs. 6 billion. $7.2 billion valued shares of the steel manufacturing firm suffered losses of more than 4%, as per the announced results. Joint sales of the Tata steel India and Tata steel Europe rose by 1% year-on-year taking it to Rs. 33, 867 crore YoY.
The losses are credited to the poor demands of the products by the company in European market that overcame the profit gathered by the firm on its domestic land, leading to the overall loss faced by the firm, said the reports from Tata steel Limited.
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