Tata Steel shares soared by nearly 5 per cent in early trading to top the gainer’s list on the NSE despite slipping into the red in the fourth quarter ended March 2020. The steel maker posted a consolidated net loss of Rs 1,095.68 crore for the quarter ended March 31, compared with a net profit of Rs 2,430.92 crore in the corresponding quarter last year due to the impact of Covid19 lockdowns across the country and worldwide. At 10:15 am, the shares of Tata Steel were trading just off the day’s high, at Rs 336.35, up Rs 15 or 4.8 per vent, on the NSE.
Tata Steel’s overseas operations in India, as well as Europe, South East Asia and Canada were scaled down over various periods as Covid-19 lockdowns affected economic activity.
The company’s revenues declined 20.40 per cent to Rs 33,769.95 crore in the March quarter this year, compared to Rs 42,423.86 crore in the corresponding quaarter last year. The company reported exceptional items loss of Rs 3,406 crore, which was primarily due to an impairment of non-current assets.
The board recommended a dividend of Rs 10 per ordinary share of Rs 10 each and Rs 2.504 per partly paid ordinary share for the financial year ended March 31.
The BSE Sensex was trading at 35162, higher by 196.56 points or 0.5 per cent and the NSE Nifty was at 10377.10, up 66.95 points or 0.6 per cent at the time.