India's Tata Metaliks falls after Dec-qtr profit drops on higher expenses

Tata Metaliks

14/01/2022 05:21

** Indian pig iron manufacturer's shares  TMET.NS  fall as
much as 8.2% to 847 rupees, post their biggest intraday pct loss
since Nov. 29, 2021
    ** TMET on Thursday posted https://bit.ly/33AUgaj a 52.6%
drop in Dec-qtr profit to 356.5 mln rupees ($4.81 mln), despite
a 31.1% gain in rev from ops to 6.90 bln rupees
    ** TMET Dec-qtr profit hurt by a 53.3% jump in total
expenses, including a 67.2% rise in cost of materials consumed
    ** 2021 was a roller coaster year for iron ore prices which
saw China's benchmark futures hit record highs before nearly
halving amid Beijing's strict output curbs to meet climate
change goals  urn:newsml:reuters.com:*:nL1N2TG07Q
    ** Pig iron is obtained by smelting iron ore in a blast
furnace  
    ** TMET stock rose 37.9% in 2021

($1 = 74.0730 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))