Tata Steel reports Q2 loss of Rs 49.9 crore, PAT in Q2FY16 was Rs 5,609 crore

Tata Steel on Friday reported a consolidated net loss of Rs. 49.38 crore for the September quarter. The company had posted a profit Rs 5,609.43 in the year ago period.

Sales rose slightly to Rs. 27,392.06 crore during the quarter from Rs 27,339.37 crore. The second quarter of the last fiscal saw an exceptional gain of Rs 6,515 crore, it said.

Independent Directors did not clarify to shareholders on their stand on Chairman Cyrus Mistry.

Tata Sons asks Tata Steel to hold EGM to oust Cyrus Mistry and Nusli Wadia as directors, according to a regulatory filing on BSE. Tata Sons has asked for a similar EGM at Tata Motors for Wadia.

Shareholders vote in an EGM. Board members have very little role to play. The resolution can be passed with a simple majority of shareholders, including retail and institutional shareholders.

Tata Steel had put its entire UK business on the block in March to stem heavy losses, after an almost decade-long unsuccessful foray into the country. It is in talks with its rival ThyssenKrupp about merging their European operations, and selling its UK speciality and pipe mill business to suitors.

Shares of the company closed at Rs 426.85 on BSE on Friday.