Tata Steel's shares are making headlines today as the company's net profit surged in Q1.
Tata Steel shares closed at Rs 169.75 on July 31st, with the firm's market cap standing at Rs 2.06 lakh crore.
Arpit Pattnaik
Tata Steel shares are in the spotlight today after the company reported a 51 percent increase in consolidated net profit for the quarter ending June 2024. The net profit rose to Rs 960 crore in Q1 from Rs 634 crore in the same period last year. The net profit for the previous quarter, ending March 2024, was Rs 611.48 crore.
On July 31st, Tata Steel shares closed at Rs 169.75. The company's market cap was at Rs 2.06 lakh crore. A total of 17.56 lakh shares were traded, with a turnover of Rs 28.94 crore on the BSE.
Tata Steel stock has a one-year beta of 1.4, indicating high volatility. In technical terms, the relative strength index (RSI) of Tata Steel stood at 46.8, indicating that it's neither in the overbought nor oversold zone.
Tata Steel shares have seen a 34.27% increase over the past year and a rise of 18% in 2024. However, revenue from operations decreased by 8 percent to Rs 54,771 crore in Q1 from Rs 59,490 crore in Q1FY24. In the March 2024 quarter, sales amounted to Rs 58,687 crore. On the positive side, EBITDA in Q1 increased by 11.4% to Rs 6,822 crore, compared to Rs 6,631 crore in Q4.
