Tata Steel Long Products surges on reporting 19% rise in total production in Q1FY24

Tata Steel Long Products is currently trading at Rs. 682.90, up by 1.55 points or 0.23% from its previous closing of Rs. 681.35 on the BSE.

Tata Steel Long
Tata Steel Long

The scrip opened at Rs. 686.00 and has touched a high and low of Rs. 692.95 and Rs. 679.10 respectively. So far 1851 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 765.00 on 16-Sep-2022 and a 52 week low of Rs. 574.00 on 27-Jul-2022.

Last one week high and low of the scrip stood at Rs. 692.95 and Rs. 666.10 respectively. The current market cap of the company is Rs. 3064.55 crore.

The promoters holding in the company stood at 74.91%, while Institutions and Non-Institutions held 5.40% and 19.69% respectively.

Tata Steel Long Products (TSLP) has reported 19.06% rise in its total production to 506 thousand tonne during the Q1FY24 as compare to 425 thousand tonne in the same quarter of the previous fiscal. Of the total production, crude steel production of the company was 374 thousand tonne up 95.81% from 191 thousand tonne in the same period a year ago, while its Direct Reduced Iron production came down by 43.59% to 132 thousand tonne in Q1FY24 as compared to 234 thousand tonne in the same quarter of the previous fiscal.

During the reporting period, the company’s total sales reported 2- fold jump to 430 thousand tonne from 330 thousand tonne in the corresponding period of last year. Of the total, saleable steel sales increased by 18.29% to 354 thousand tonne for the quarter under review as compared 174 thousand tonne for the same quarter in the previous year, while direct reduced iron sales during the Q1FY24 period fell 51% to 76 thousand tonne from 156 thousand tonne in the year-ago quarter.

Tata Steel Long Products is one of India’s largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.