India's Tata Metaliks dented as Q1 profit slumps on soaring costs

Tata Metaliks

14/07/2022 06:12

July 14 (Reuters) -   ** Shares of pig iron maker Tata
Metaliks  TMET.NS , a unit of steel major Tata Steel  TISC.NS ,
fall as much as 8.7% to 641.35 rupees, their biggest pct loss
since June 17
   ** TMET on Tuesday reported a near 99% drop in June-quarter
profit to 12.2 mln rupees ($152,857.30), as raw materials cost
jumped 64%  urn:newsml:reuters.com:*:nFWN2YU2UX
   ** Sharp drop in pig iron prices after govt imposed export
duty in May, lower pig iron sales, and a surge in coal and coke
prices in qtr severely impacted profit - TMET
   ** Rev rose 10.5% to 6.66 bln rupees 
   ** Pig iron market stabilized, showed slight upward trend
since beginning of July, with coal prices dropping, says TMET,
adding subsequent quarters expected to be "much better"
   ** About 412,000 shares change hands by 0446 GMT, 9.2x 30-day
average of 44,859 shares   
   ** TMET shares down 16.3% YTD, vs a ~12% slip in the Nifty
Metal index  .NIFTYMET 

($1 = 79.8130 Indian rupees)

 (Reporting by Navamya Ganesh Acharya)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))