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Tata Steel shares slip after results

August 27, 2009

STEEL-ECONOMYShares in Tata Steel slipped over 5 percent on Thursday after the firm posted disappointing June quarter numbers.

The company which is the world’s No.8 steelmaker by output, posted a consolidated June quarter net loss of 22.39 billion rupees, compared with 39.15 billion rupees profit a year earlier.

Poor demand at the company’s European unit, Corus, and lower steel prices weighed on earnings.

Tata Steel shares closed at 436 rupees after falling by 24 rupees, and remained the top loser among the components of Sensex and BSE Metal Index.

Tata Steel has seen rating upgrades since June, including from Macquarie and Nomura. Its shares have gained over 100 percent since April.

At this stage, would you take advantage of this fall and buy this stock?

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