One of the oldest steel plants in India, Tata Steel is performing quite well during the current pandemic situation, compared to other industries that are in the core sector. As per the reports from the share market, TATA Steel shares price hit a record high, last week. The shares of Tata Steel traded higher than 5 days compared to the moving averages of 20-day, 50-day, 100 days and 200 days.
Apart from its stupendous performance in the share market, the company achieved its highest-ever quarterly crude steel production of 4.75 million tonnes. The stocks of the company are backed by an S&P Global Rating. Share of Tata Steel rose 2.55% to Rs 884.85 against the previous close of Rs 862.85 on BSE. Tata Steel share has risen 217% in one year and gained 36.03% since the beginning of this year.
In a month, the stock has gained 19.38%. The market cap of the firm rose to Rs 1.05 lakh crore. The steel manufacturer clocked its highest-ever quarterly crude steel production of 4.75 million tonnes with a 3 per cent QoQ growth in Q4FY21. Full-year FY21 production was lower by 7 per cent YoY primarily due to the disruption caused by the COVID-19 pandemic in 1HFY21, said a statement from the company.
During the quarter, steel production at Tata Steel Europe increased to 2.65 million tonnes and steel sales volume rose by 18 per cent QoQ and 4 per cent YoY. Meanwhile, S&P Global Rating report Tata Steel was on track to trim part of its $15 billion debt in the next two years. The company is making a positive impact by higher prices and strong cash flows.
