India’s Tata Steel Limited (NSE:TATASTEEL) Up 5.07 Percent on Hot Metal Production Report

INDIA – Holding company Tata Steel Limited (NSE:TATASTEEL)’s stock gained 5.07 percent on Friday’s trading at the National Stock Exchange of India (NSE) to close at 253.00 a share, its highest price in 30 trading days.

Shares of Tata Steel Limited (NSE:TATASTEEL) was up by 12.20 on Friday’s close after the company reported that its hot metal production was up 3 percent in the second quarter of this year.

In a disclosure, Tata Steel Limited said hot metal production reached 2.66 million tonnes in the quarter of fiscal 2016, an increase of 3 percent from the previous year. The production was also up 3 percent to 5.25 million tonnes in the first half of fiscal year 2016.

Based on the data released by Tata Steel Limited (NSE:TATASTEEL), crude steel production was 2.51 million tonnes in the second quarter, an increase of 11 percent from last year.

Saleable Steel production also grew 9 percent year-over-year to 2.41 million tonnes in the second quarter, while deliveries were 2.33 million tonnes, up 11 percent from the year before.

The news made investors bullish on Tata Steel Limited, resulting to the exchange of 10.51 million shares on Friday.

Tata Steel Limited is engaged in manufacturing of steel and steel products. The Company’s products include hot rolled coils, cold rolled coils, wire rods and rebars, and galvanized coils. The Company’s segments include steel, ferro alloys and minerals, and others.

The Company’s other business segments consists of tubes, bearings, refractories, pigments, port operations and town services, among others. Its Indian operations are mainly carried out from Jamshedpur in Jharkhand with manufacturing divisions in Kharagpur (West Bengal), Joda and Bamnipal (Odisha), and Tarapur (Maharashtra). – BusinessNewsAsia.com

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