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Tata Steel shares slip after results

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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.

Sensex ends 4.8 pct lower; below 10,000

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INDIA-BUDGETThe Sensex started the week on a negative note, closing 4.8 percent lower after a 12 percent rally last week.

The benchmark index ended at 9,568, having struggled throughout trade as investors booked profits. It had dropped over 5 percent just before close.

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