Tata Steel Long Products, which had closed yesterday at Rs.716.55, opened higher today at Rs.769 and went on to hit a new high at Rs.810.25.
The market is very happy with its turnaround performance for Q3FY21. It reported a consolidated net profit of Rs.304 crore v/s net loss of Rs.112 crore (YoY).
This was on a net sales of Rs.1364 crore, up 36%. This and a drop in total expenditure and more importantly, a 22% drop in interest outgo helped the turnaround.
During Q3, the company achieved direct reduced iron production of 213,000 tons in Q3 FY21 v/s 221,000 tons (YoY) and 225,000 tons (QoQ). Its iron delivery volume was at 165,000 v/s 187,000 tons (YoY) and 192,000 (QoQ).