Tata Steel came off 1 per cent early Monday ahead of its financial results for the quarter ended June.
The scrip was down 0.99 per cent at Rs 569.85 at around 9.30 am. The BSE Sensex plunged 285 points, or 0.75 per cent, to 37,583 at around the same time.
Brokerage firm Kotak Institutional Equities sees 111.20 per cent year-on-year (YoY) rise in adjusted profit after tax (PAT) of Tata Steel for April-June with 22.90 per cent increase in net sales.
“We expect blended India steel realisations to increase by Rs 1,000 per tonne qoq and India EBITDA/tonne to increase Rs 2,100 per tonne qoq to Rs 18,000 (67 per cent yoy). We expect lower employee and other costs after a sharp increase seen in Q4 FY18,” Kotak said in a report.
Centrum Broking sees 83 per cent annual rise in adjusted PAT for Tata Steel with 17.80 per cent jump in net sales. EBITDA may jump 35.90 per cent YoY.
“We expect consolidated revenue to increase by 18 per cent YoY to around Rs 34,600 crore. We expect sales volumes of around 3 mt in India (up 8.5 per cent YoY) and 2.4 mt in Europe. Blended realisations are expected to be higher QoQ in domestic operations due to sequential price increase in the domestic market, and realisations in European operations are likely to be marginally lower QoQ,” Centrum said in a report.
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Via:: Economic Times – Stocks