India's Tata Sponge hits over 2-1/2 yr low after Q1 loss

Tata Steel Long Products

30/07/2019 07:18

** Shares of Tata Sponge Iron Limited  TTSP.NS  fall as much
as 4.2% to 463.25 rupees, the lowest since Dec 26, 2016
    ** The sponge iron manufacturer on Monday posted June-qtr
loss of 859.9 mln rupees ($12.51 mln) versus profit of 455.6 mln
rupees year ago, hurt by high finance cost and total expenses
 urn:newsml:reuters.com:*:nFWN24U0KT
    ** Total expenses jumped four fold to 8.28 bln rupees due to
a spike in finance cost, cost of raw material, employee benefit
cost and other expenses
    ** Up to last close, stock had fallen 34% this year, while
JSW Steel Ltd  JSTL.NS  which posted 57% drop in Q1 profit on
Friday fell 21.3%

    
($1 = 68.7375 Indian rupees)

 (Reporting by Harish Bhaskar in Bengaluru)
 ((Harish.Bhaskar@thomsonreuters.com; +91 9886782831; Reuters
Messaging: harish.bhaskar.thomsonreuters.com@reuters.net))