Tata Steel Long Products, which had closed yesterday at Rs.336, opened higher at Rs.365 but soon hit the 20% UC of the day at Rs.403.20. Volumes jumped up by over 62 times.
The market is enthused with the company’s turnaround performance for Q2FY21. Earlier known as Tata Sponge Iron, it posted a consolidated net profit of Rs.59 crore v/s net loss of Rs.197 crore (YoY).
Revenue from operations rose 52% at Rs.1186 crore .
EBITDA for the quarter came in at Rs.199 crore v/s loss of Rs.30 crore.
The company said that this was the highest ever quarterly steel deliveries at 0.18 million tonnes, a 53% YoY jump and 54% on a QoQ. It reduced exports to 31% of overall deliveries in 2QFY21 and sharply ramped up domestic deliveries to 0.12 mn tons which translated into an increase of 138% (QoQ) and up 7% (YoY).