Tata Steel Long Products shares fell 4.59% to Rs 762.75 after the business announced a net profit of Rs 59.62 crore in Q4 FY22, down from Rs 339.85 crore in Q4 FY21, a decline of 82.5%.

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During the quarter, net sales climbed by 16.3% year on year to Rs 1,799.40 crore. Total expenditure grew by 55.9% year on year to Rs 1,635.06 crore in Q4 FY22, owing to higher raw material costs (up 68.5% year on year) and higher other expenses (up 28.6% year on year).

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In Q4 FY22, profit before tax was Rs 85.43 crore, down 77.7% from Rs 383.17 crore in Q4 FY21. During the period under review, the company wrote off Rs 6.42 crore in back taxes. Tata Steel Long Products increased its net profit by 13.6% to Rs 649.79 crore in FY22 over FY21, owing to a 43.2% growth in net sales to Rs 6,801.69 crore.

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For the fiscal year ending March 31, 2022, the company’s board has recommended a dividend of Rs 12.50 per equity share. Tata Steel Long Products is a major participant in India’s integrated special steel and merchant direct reduction iron (sponge iron) sectors.

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After declining for five straight days, equity benchmark indexes rebounded on Wednesday, with the Sensex rising 324 points in early trade, aided by recovery in the Infosys and HDFC twins, as well as purchasing in Reliance Industries.

Furthermore, investor confidence was reinforced by a mostly positive global market trend.

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The BSE benchmark Sensex was trading 324.07 points higher at 56,787.22 points in early trade while the Nifty was trading at 17,053.55 points, up 94.9 points.

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Foreign portfolio investors (FPIs) sold shares worth Rs 5,871.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,980.81 crore in the Indian equity market on 19 April, provisional data showed.