Tata Steel share price trades flat after weak Q2 results; here's what analysts say
Tata Steel share price opened flat on Thursday's trading session after the company reported a net loss of ₹6,196.24 crore for the quarter ended September. The steel makers, total revenue from operations also dropped by 7% year-on-year (YoY) to ₹55,681.93 crore for Q2FY24.
Tata Steel share price today opened at ₹114.25 apiece on the BSE today. The street was expecting that the Tata Group company would post a sharp drop in earnings for the FY24 quarter ending in July–September.
In fact, because of lower average selling prices (ASP) brought on by lower ferrous prices, as well as less seasonal demand, the whole steel industry is predicted to record mixed results in Q2FY24. Analysts noted that cheaper coking coal prices will, however, somewhat offset this decrease.
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