Stock to watch: Tata Steel
DSIJ Intelligence / 17 May 2017
Tata Steel made a loss of Rs 1,168 crore in Q4 thus surprising the Dalal Street. Various analysts expected the company to post profits for Q4.
Tata Steel Ltd. surprised the market pundits by reporting a loss in the three months ended March. The second largest steel maker in India made a one-time settlement to close a pension scheme in the UK thus improving the viability of its operations.
Tata Steel made a loss of Rs 1,168 crore in Q4 thus surprising the Dalal Street. Various analysts expected the company to post profits for Q4.
The company in its filing on bourses announced that the operating income tripled to Rs 6,982 crore from last year, while the operating margins expanded 12 percentage points to 20.6
The one-time settlement, an exceptional non-cash payment of Rs 3,627 crore was made to the members of the British Steel Pension Scheme. The settlement was necessary for the company to go ahead with its planned sale of U.K assets.
Tata Steel has been eyeing an exit from the U.K as the operations turned unprofitable. The company has been aggressively divesting non-profitable assets to pare its debt.
The company's volume grew 19
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