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Tata Steel share price rises 3% post Q4 earnings

Morgan Stanley has maintained overweight call on the stock with a target at Rs 405 per share.

June 30, 2020 / 09:29 AM IST
 
 
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Tata Steel share price rose 3 percent in early trade on June 30 after the company reported its March quarter earnings.

The company on June 29 has posted a consolidated net loss at Rs 1,095.7 crore for the quarter ended March 2020. It had reported a profit of Rs 2,430.9 crore in the same period last year.

Consolidated revenue from operations, declined 20.4 percent year-on-year to Rs 33,770 crore for the quarter impacted by the worldwide lockdown.

Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) fell 38.1 percent to Rs 4,646.9 crore and margin dropped 390 bps to 13.8 percent.

Read More - Tata Steel posts Q4 loss at Rs 1,096 crore, operating earnings beat estimates

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Morgan Stanley has maintained overweight call on the stock with a target at Rs 405 per share.

According to brokerage house, the company’s consolidated EBITDA has beaten the estimates, while standalone EBITDA fell short of the street expectations. The operations are normalising with improved utilisation rates, reported CNBC-TV18.

Credit Suisse has maintained outperform call with a target at Rs 365 per share.

The EBITDA beat the estimates by 12 percent. Europe's profitability is better than expected, while standalone EBITDA/t is slightly weaker than expected on higher costs, reported CNBC-TV18.

At 09:17 hrs, Tata Steel was quoting at Rs 329.80, up Rs 8.55, or 2.66 percent on the BSE.
Moneycontrol News
first published: Jun 30, 2020 09:29 am

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