Uttam Galva Steels soars 12% on Q4 turnaround

NEW DELHI: Shares of Uttam Galva Steels jumped 12 per cent in Tuesday’s trade after the steelmaker saw a turnaround and reported a net profit of Rs 138.89 crore for March quarter.

The company had reported a huge loss of Rs 257.28 crore for December quarter and Rs 671.47 crore for the corresponding quarter last year. Data available with corporate database Capitaline showed this was the first quarter in last six when the company reported quarterly profit.

Following the announcement, the stock rose 12.01 per cent to hit a high of Rs 34.50 on BSE. At this price, the stock trades at 1.08 times its book value.

Sales for the quarter fell 48.17 per cent YoY to Rs 893.94 crore from Rs 1,724.87 crore reported for the same quarter last year.
For FY17, the company reported a net loss of Rs 445.35 crore.