Tata Steel shares close flat after Q2 earnings

Sumedha Shankar

New Delhi, Nov 7 (PTI) Shares of Tata Steel closed flat on Thursday as the company's September quarter earnings failed to cheer investor sentiment.

The company's scrip fell 0.30 per cent to close at Rs 403.15 on the BSE. During the day, it dropped 3.79 per cent to Rs 389.

At the NSE, it closed 0.40 per cent lower at Rs 402.80.

Despite a decline in revenue, which was hit by falling prices and plunging demand, Tata Steel on Wednesday reported a 5.9 per cent rise in consolidated net for the September quarter this year at Rs 3,302.31 crore.

The company had posted a consolidated net profit of Rs 3,116.20 crore in the year-ago quarter.

Consolidated income dipped 15.7 per cent to Rs 34,762.73 crore in the reporting quarter from Rs 41,257.66 crore a year-ago due to lower realisation from sales, roiled by falling prices on one hand and demand on the other. PTI SUMRVK