Tata Steel Long Products stock closes lower on Rs 331-cr loss in June quarter

Shares of Tata Steel Long Products fell over 4 per cent today after the company reported a loss of Rs 331 crore in the June quarter compared to a profit of Rs 331.6 crore in the year-ago quarter. Tata Steel Long Products stock fell up to 4.58 per cent intraday to Rs 575.25 against the previous close of Rs 602.85 on BSE. The stock opened with a loss of 2.3 per cent at Rs 589 on BSE.  Later, the stock ended 3.79 per cent lower at Rs 580 on BSE.

Tata Steel Long Products stock stands higher than the 20-day moving averages but lower than 5-day, 50-day, 100-day and 200-day moving averages.

The stock has lost 48.15 per cent in one year and fallen 20.58 per cent in 2022. In a month, the stock has lost 4.22 per cent.

Total 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 75.47 lakh on BSE. The market cap of the lender stood at Rs 2,622 crore on BSE.

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The stock hit a 52-week high of Rs 1,174.55 on July 16, 2021 and a 52-week low of Rs 532 on June 20, 2022.

The company has incurred losses due to higher expenses. Expenses almost doubled to Rs 2,489.58 crore in the June quarter against Rs 1,282.59 crore in the corresponding quarter of the previous fiscal.

However, total income rose to Rs 2,154.78 crore in the June quarter from Rs 1,726.82 crore in the corresponding quarter of the previous fiscal.

The company is in the business of manufacturing steel and allied products including the manufacture of sponge iron and the generation of power. A subsidiary of Tata Group firm Tata Steel, TSLP is one of India's largest integrated special steel and merchant direct reduced iron (sponge iron) players.