Shares of Tata Steel Long Products fell over 6 per cent today after the firm reported a 82 per cent fall in its net profit for the quarter ended March 2022. The large cap stock opened 3.86 per cent lower at Rs 768.60 against the previous close of Rs 799.45 on BSE. Tata Steel Long Products further slipped 6.33 per cent to Rs 748.85.
At 3:04 pm, the stock was trading 6.31 per cent lower at Rs 749 on BSE. Later, the stock ended 0.89 percent lower at Rs 1313.70.
Tata Steel Long Products stock is trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has fallen 10.21 per cent in one year and risen 2.55 per cent in 2022.
Total 0.60 lakh shares of the firm changed hands amounting to a turnover of Rs 4.53 crore on BSE. Market cap of the firm fell to Rs 3,380.47 crore on BSE.
The stock hit a 52-week high of Rs 1,174.75 on July 16, 2021 and a 52-week low of Rs 625 on February 24, 2022.
The subsidiary of Tata Steel reported a 82.46 per cent year-on-year fall in its standalone net profit at Rs 59.62 crore for the quarter ended March 31, 2022 against net profit of Rs 339.85 crore in the year-ago period.
However, sales rose 16.34 per cent to Rs 1,799.40 crore in the quarter under review compared to Rs 1,546.74 crore in the corresponding quarter of last fiscal.
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Operating profit excluding other income fell 67 per cent to Rs 164.34 crore in Q4 against Rs 497.82 crore in the corresponding quarter of the previous fiscal.
The firm recommended a dividend of Rs 12.50 per equity share of Rs 10.00 each (125 per cent) to the shareholders of the company for the financial year ended March 31, 2022.
The dividend recommended by the board of the company is subject to approval of the shareholders.
Tata Steel Long Products is a specialty steel manufacturer. The company manufactures high-alloy steel for various industrial uses, including automotive, construction and infrastructure, general engineering, railways and agriculture segments.