Tata Steel rallied 7 percent on the strong Q2 earnings it reported. The Tata Steel share price was Rs 530.40 at 1:40 hours. The company reported an intraday high of 530.95 in the afternoon. The Tata Steel stocks have gained 11.22 percent in the last three days. The share price is trading higher than 5 days, 20 days, 50 days, 100 days, and 200-day moving averages.
The company shares are up by 33.24 percent for one year. While it reported a growth of 11.33 percent since the starting of the year. The company’s market cap has also reported an increment and reached Rs 60,274 crore.
The consolidated EBITDA of the company is up by 60 per cent and has reached Rs 6110 crore in the Q2. EBITDA is the highest in the last six years. However, it reported a 50 percent decline in the consolidated net profit to Rs 1,665.07 crore in the second quarter. The company reported a net profit of Rs 3,302.31 crore in the corresponding quarter of the previous financial year.
The Kolkata headquartered company has also initiated the process to separate two of its foreign subsidiaries, Tata Steel Netherlands and Tata Steel UK, that will pursue separate strategic paths for the Netherlands and the UK businesses in the future. Tata Steel said it has initiated discussions with Sweden-based SSAB on the potential sale of the Tata Steel Netherland business, including Ijmuiden steelworks.