Tata Steel gains on earnings, China reforms

Reuters Posted online: Monday, Nov 18, 2013 at 0000 hrs
Mumbai : Tata Steel shares rise 2 per cent adding to Thursday's 4.9 per cent gain after the company's second quarter profit beat expectations, helped by a rise in prices and market share at home.

July-September consolidated net profit, after minority interest and share of associates, was 9.17 billion rupees, compared with a loss of 3.64 billion rupees a year earlier, Tata Steel said on Wednesday.

Sentiment also got a boost from expectations of a higher demand for steel after China unwrapped its boldest set of economic and social reforms in nearly three decades on Friday, in order to put the world's second-largest economy on a more stable footing.