Tata Steel records highest quarterly deliveries
On Friday, Tata Steel, an Indian multinational steel-making company, announced its second-quarter key production and delivery volumes via a press filing.
The company recorded the highest quarterly deliveries of 5.05 million tonnes in India, suggesting a pickup in demand for steel. Reacting to the news, the share rose nearly 3 per cent during the early trading session on Friday.
The economic activity is resuming with gradual relaxations in the lockdown measures during Q2FY21. Following this, the company ramped up its steelmaking and downstream operations back to the pre-COVID level, with all major sites operating at around full capacity utilisation.
The leading steel maker increased its crude steel production by 54 per cent QoQ and 2 per cent YoY to 4.59 million tonnes. Leveraging on its strong customer relationship coupled with a robust marketing network, the company was able to achieve its highest-ever quarterly deliveries of 5.05 million tonnes, including Tata Steel BSL and Tata Steel Long Products, which translates to 72 per cent QoQ and 22 per cent YoY growth.
Meanwhile, it reduced the exports to 24 per cent of the overall deliveries and sharply ramped up domestic deliveries to 3.86 million tonnes, which translates to an increase of 164 per cent QoQ and 10 per cent YoY.
The share closed at 1.02 per cent down at Rs 369.75. It recorded an intraday high of Rs 386.9 and an intraday low of Rs 367.3 on BSE.