Shares of Tata Steel witnessed an almost 1% surge following the announcement of the company’s stellar performance in Q3. As of 10:11 am, the shares were trading at ₹133.90, reflecting investor confidence in the steel giant.
Tata Steel reported robust year-on-year growth of 6.4% in India’s production, reaching 5.32 million tonnes, a significant increase from the previous year’s 5 MT. In contrast, Tata Steel Netherlands experienced a 23% decline in production volume, recording 1.17 MT, while Tata Steel UK showed a modest 1.4% growth, reaching 0.73 MT. Tata Steel Thailand maintained a steady production volume of 0.27 MT.
The positive trend continued in delivery volumes for Tata Steel India, witnessing a 3% increase and achieving a record 4.88 MT compared to the previous year’s 4.74 MT. However, Tata Steel Netherlands faced a 7.9% decline in delivery volume, reaching 1.29 MT. Tata Steel UK and Tata Steel Thailand also experienced decreases of 4.6% (0.63 MT) and 13.8% (0.25 MT) in delivery volume, respectively.
In Q3, Tata Steel India’s crude steel production stood at 5.32 million tonnes, marking a 6% increase both on a quarterly and yearly basis. The company’s deliveries in India reached 4.88 million tonnes, showcasing the “best-ever 3Q” sales, driven by a rise in domestic deliveries, with a 3% quarter-on-quarter and a remarkable 10% year-on-year increase. For the first nine months of FY24, Tata Steel India achieved its best-ever deliveries, reflecting a 6% rise compared to the same period the previous year.
