Tata Steel share slips over 2% despite strong Q1 earnings

Tata Steel share fell over 2% today despite the firm reporting a profit of Rs 9,768 crore in Q1 against Rs 4,648 crore loss in the corresponding quarter of previous fiscal.

Tata Steel stock lost 2.78% to Rs 1,395 against previous close of Rs 1,435 on BSE.

The stock has fallen after 2 days of consecutive gain.

Total 5.25 lakh shares changed hands amounting to turnover of Rs  75.42 crore on BSE. Market cap of the Tata Group firm fell to Rs  1.70 lakh crore in afternoon session.

However, the stock has risen 242% in one year and 120% since the beginning of this year. It has gained 15% in a month.

Total income climbed to Rs 53,534.04 crore in Q1 from Rs 25,662.43 crore a year ago. Expenses rose to Rs 41,397.23 crore against Rs 29,116.37 crore in April-June a year ago.

Gross debt fell to Rs 84,237 crore with a debt repayment of Rs 5,894 crore by the end of the June quarter, while the net debt declined to Rs 73,973 crore.