Tata Steel shares gain nearly 5% post earnings

Nov 14 2013, 14:58 IST
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Tata Steel, India's biggest steel company by market value, swung to a sharply-higher-than-expected fiscal second-quarter profit in September. Tata Steel, India's biggest steel company by market value, swung to a sharply-higher-than-expected fiscal second-quarter profit in September.
SummaryTata Steel reported Rs 916.77 cr net profit for July-Sept quarter of current fiscal on higher income.

Shares of Tata Steel Ltd today rose by nearly 5 per cent after the company posted a consolidated net profit of Rs 916.77 crore for the second quarter ended September 30.

After making a bullish opening, shares of the sixth largest steel producer in the world further soared by 4.31 per cent to Rs 374.35 on the BSE.

On NSE, the scrip gained 4.79 per cent to Rs 374.90.

Tata Steel yesterday posted a consolidated net profit of Rs 916.77 crore for the second quarter ended September 30, buoyed by better performance in European and Indian operations.

The turnaround, from a Rs 363.93 crore net loss in the same quarter last fiscal, was driven by steady ramp-up of Indian operations and improved performance at the European and South East Asian operations, the company said.

Total income of the company rose to Rs 36,644.89 crore in the reporting quarter against Rs 34,132.73 crore clocked in the same quarter last fiscal.

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