Tata Steel announces production and sales for Q3
Tata Steel today announced its production and sales numbers for Q3FY20. Amidst a slowdown in the overall economy, Tata Steel India reported 17 per cent QoQ improvement in sales volume. The company maintained sales volume to the auto segment. The branded product and retail segment during the quarter increased by 23 per cent QoQ while industrial products and projects increased 12 per cent QoQ. However, production volume during the quarter was flattish on QoQ basis.
The company said that the Indian economy remained weak with declining private consumption growth and low investment growth. The domestic steel prices are witnessing revival post touching a low in October 2019 and the company further added that steel prices are expected to improve further with strong retail demand and ongoing restocking demand at the dealers’ ends.
Tata Steel Europe’s production and sales volume during the quarter were flattish on QoQ basis. However, weakness in Singapore and Thailand markets resulted in lower production of Tata Steel South East Asia.
Below are the production and sales number for Q3FY20.
In response to this development, the stock of Tata Steel went up by nearly 2.3 per cent to touch an intraday high of Rs 493.9 apiece.