Tata Steel, during the December quarter of current fiscal year, registered a production of 3.33 million tonnes which is marginally higher from 3.27 million tonnes output during the corresponding quarter a year ago.
As per Tata Steel’s statement, the sales during the quarter under review stood at 2.97 million tonnes, a bit lower as compared to 3.30 million tonnes in the year-ago same period. Tata Steel sales in Europe during Q3FY19 stood at 2.3 million tonnes as against 2.44 million tonnes during Q3FY18.
Tata Steel in its regulatory filing stated, “production was in-line with 2Q FY19; Sales volume in 3Q FY19 was lower as 2Q FY19 sales volume included inventory sell-down. Sales were also affected due to softer demand in 3QFY19, mainly in automotive and appliance segments, and inventory replenishment.”
Tata Steel will also hold a board meeting today (i.e. 09/01/2019) in order “to consider, inter alia, a proposal for raising of funds by issue of preference shares or any other securities through one or more methods including through qualified institutions placement, private placement, rights issue, preferential issue or through any other permissible mode or a combination thereof.”
Read EquityPandit’s Nifty Metal Outlook for the Week