Tata Steel shares were the lead gainer on the benchmark Sensex on Friday after the company posted a 23% jump in steel sale in H1 FY 2018.
Tata Steel shares were the lead gainer on the benchmark Sensex on Friday after the company posted a 23% jump in steel sale in H1 FY 2018. The company said its sales grew by 23.27% to 5.88 MT (provisionally) in the six-month duration of current fiscal versus 4.77 MT in the same period last year. The stock of Tata Steel advanced as much as 4.63% to the day’s high of Rs 690.8 on BSE and was the top gainer on Sensex. Till the late morning trade, more than 53 lakh shares exchanged hands on both BSE and NSE. Tata Steel was also the top performer on the Nifty Metal index, other metal shares which also surged includes SAIL, Hindalco, National Aluminium Company, Jindal Steel & Power, JSW Steel, Vedanta, NMDC, soared up to 3.24% on NSE.
The steelmaker reported a rise of 18% in its saleable steel production to 5.98 MT (provisionally) in the April-September period this year compared to 5.06 MT (million tonnes) in the corresponding period last year. However, the saleable steel output in the July-September quarter of the current fiscal stood at 2.96 MT (actual) as compared to 2.72 MT in the same period of the previous financial year, Tata Steel said in an exchange filing.
Other key figures in a nutshell:
- Hi-end product sales for automotive segment witnessed a growth of 20% on yearly basis.
- The company has reported higher sales at 2.60 MT and lower production of 2.60 MT from its European operations in the second quarter of FY 2018.
- Tata Steel reported higher domestic sales of 3.13 million tonnes (MT) and production of 3.02 MT during the second quarter of FY 2018.
- Deliveries have been higher reflecting stable market conditions and improved finishing processes, it said.
- The blast furnaces at Tata Steel’s Jamshedpur unit achieved best-ever second quarter production of 2.8 million tonnes in FY 2018 as against previous best 2.66 million tonnes in the same period in the previous year.
- Sinter plants achieved best-ever July-September production of 2.09 million tonnes in FY 2018 as against its previous best 1.97 million tonnes in the corresponding period last year.
- The cold rolling mill also achieved record second quarter production of 0.51 million tonnes in FY 2018 as compared previous record of 0.46 million tonnes in the second quarter of FY 2015 at Jamshedpur and highest second quarter production of 0.161 million tonnes in FY 2018 as compared to previous best 0.116 million tonnes in second quarter FY 2017 at Bara unit.