Tata Steel shares pare early gains to settle lower

New Delhi, Nov 7 (PTI) Shares of Tata Steel pared all early gains and ended nearly 2 per cent lower on Thursday amid profit-taking in line with an overall weak trend in equities.

During the morning trade, the stock climbed more than 2 per cent after the firm reported a net profit of Rs 758.84 crore for the September 2024 quarter.

The stock ended 1.76 per cent lower at Rs 150.90 on the BSE. During the day, it rose 2 per cent to Rs 156.80.

At the NSE, shares of the firm ended 1.60 per cent down at Rs 151.15, after climbing 2.14 per cent to Rs 156.92 in intra-day trade.

The BSE benchmark index slumped 836.34 points or 1.04 per cent to settle at 79,541.79. The NSE Nifty tanked 284.70 points or 1.16 per cent to 24,199.35.

Tata Steel on Wednesday reported a net profit of Rs 758.84 crore for the September 2024 quarter, helped by lower expenses.

It had posted a net loss of Rs 6,511.16 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing.

The company's total income, however, fell to Rs 54,503.30 crore during the second quarter against Rs 55,910.16 crore in the same period a year ago.

Tata Steel reduced its expenses to Rs 52,331.58 crore from Rs 55,853.35 crore in the year-ago quarter. PTI SUM SUM BAL BAL