Tata Metaliks declines on witnessing fall in sales volume of Pig Iron & DI Pipe in Q1 FY23

Tata Metaliks is currently trading at Rs. 668.05, down by 34.30 points or 4.88% from its previous closing of Rs. 702.35 on the BSE.

tata metaliks reports 51 fall in q2 net profit
tata metaliks reports 51 fall in q2 net profit

The scrip opened at Rs. 662.00 and has touched a high and low of Rs. 671.15 and Rs. 645.00 respectively. So far 30174 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1364.90 on 30-Jul-2021 and a 52 week low of Rs. 622.45 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 710.00 and Rs. 645.00 respectively. The current market cap of the company is Rs. 2113.64 crore.

The promoters holding in the company stood at 60.03%, while Institutions and Non-Institutions held 11.16% and 28.80% respectively.

Tata Metaliks has witnessed fall in sales volume of Pig Iron & DI Pipe, lower by 23% & 8% respectively in Q1 FY23 on a y-o-y basis owing primarily to softening of market sentiment of Pig Iron from mid-May onwards.

Pig Iron prices also witnessed a sharp drop in market prices after imposition of export duty by the Govt on May 22, 2022. On the Raw materials front, coal and coke prices moved up significantly (coke price was up 30% over Q4). Profitability was severely impacted in the quarter owing to the above factors.

Tata Metaliks is engaged in manufacturing of pig iron, casting, iron ore fines, coke breeze and limestone. It is a leading pig iron manufacturer and seller in India.

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