Tata Steel Long Products is down in the red today post its poor performance for Q1FY23. The stock fell over 4.5% to an intraday low at Rs.575.25, just Rs.43 away from its 52-week low of Rs.532.
The company posted a net loss of Rs.331 crore for the Q1 v/s a net profit of Rs.332 crore (YoY). Total income was up 25% at Rs.2155 crore. The loss, despite the rise in topline was on account of huge 94% jump in expenses.
The company recently completed the acquisition of stake in Neelachal Ispat Nigam Limited (NINL), a strategic acquisition for Tata Steel as it provides synergies of shared infrastructure.
Tata Steel Long Products is one of India's largest integrated special steel and merchant direct reduced iron (sponge iron) player.