TATASTEEL

Shares of Tata Steel fell over 3 percent on Monday after the company posted March-quarter earnings that missed analysts’ expectations. The stock dropped as much as 5.44 percent during the session to an intraday low of Rs 205.05 on the NSE. It had opened nearly 2.7 percent lower and has declined around 6 percent over the past two trading sessions. India’s second-largest steelmaker by market capitalisation reported a consolidated net profit of Rs 2,926 crore for the quarter ended March 31, more than double compared to the same period last year. However, the profit fell short of analysts’ average estimate of Rs 3,080 crore, according to LSEG data. During the quarter, Tata Steel’s material costs increased 16.7 percent, while total expenses rose 8 percent year-on-year to Rs 58,502 crore. The company also recorded a one-time net charge of Rs 340 crore, including Rs 595 crore linked to restructuring and redundancy provisions at its Netherlands operations.