Tata Steel share price declined nearly 1% in morning trade on the BSE on Thursday, 9 July, in an otherwise positive market, after the Tata Group company announced its Q1FY27 business update.
Tata Steel share price opened at ₹189.90 against its previous close of ₹188.10 and dropped 0.80% to hit an intraday low of ₹186.65 on the BSE, defying positive market sentiment. Equity benchmark Sensex jumped almost 1% in the morning session.
Tata Steel shares looked set to extend losses for the third consecutive session, a day after the company revealed the provisional production and delivery volumes for Q1FY27.
Tata Steel Q1FY27 business update
In an exchange filing after market hours on 8 July, Tata Steel said its crude steel production rose 11% year-on-year (YoY) in Q1FY27, primarily driven by higher output at Jamshedpur and Kalinganagar facilities.
However, the company's production volume in India declined 6.4% on a quarter-on-quarter (QoQ) basis.
Domestic deliveries grew 11% YoY, supported by an enriched product mix and a strong marketing franchise, the company said. However, QoQ, domestic deliveries declined 16.5% QoQ.
In 1QFY27, Tata Steel India's crude steel production was 5.82 million tons, and deliveries stood at 5.17 million tons.
Moreover, the Tata Group company said its downstream businesses across tubes, tinplate, wires and colours continued to grow, with tubes and tinplate achieving ‘best ever Q1’ volumes.
‘Automotive and special products’ vertical also achieved ‘best-ever Q1’ volumes of nearly 0.9 million tons.
"Continued ramp-up of Kalinganagar’s Continuous Annealing and Galvanising lines led to 20% YoY increase in hi-end products, reinforcing our leadership position," said the company.
‘Branded products and retail’ vertical also achieved its best-ever Q1 volumes of nearly 1.7 million tons. Tata Tiscon achieved the best-ever Q1 volumes and grew 33% YoY, while Tata Steelium achieved a strong growth of 41% YoY, as per the company's exchange filing.
The industrial products and projects vertical achieved volumes of nearly 1.6 million tons.
"We continue to enhance our presence in emerging segments such as shipbuilding, container and data centres through customer acquisition, mill approvals and grade developments," said Tata Steel.
Tata Steel share price trend
Tata Steel shares hit their 52-week high of ₹224.40 on 15 May this year after hitting a 52-week low of ₹152.55 on 1 August last year. Over the last one year, the metal stock has gained 18% compared to an 8% fall in the benchmark Sensex.
Read all market-related news here
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
