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  1. Tata Steel ends nearly 3% higher, post Q1 results

Tata Steel ends nearly 3% higher, post Q1 results

Shares of Tata Steel today ended with nearly 3 per cent gains, adding Rs 1,531 crore to its market valuation, after the company returned to profit in the quarter ended June 2017.

By: | New Delhi | Published: August 8, 2017 5:22 PM
Tata, tata steel, BSE, nse, t v narendran, south east asia Tata Steel. (File|REUTERS)

Shares of Tata Steel today ended with nearly 3 per cent gains, adding Rs 1,531 crore to its market valuation, after the company returned to profit in the quarter ended June 2017. The stock went up by 2.63 per cent to settle at Rs 615.75 on the BSE. During the day, it gained 4.15 per cent to Rs 624.95 — its 52-week high. On the NSE, it rose by 2.73 per cent to close at Rs 616.45.
The company’s market valuation went up by Rs 1,530.62 crore to Rs 59,802.62 crore. In terms of equity volume, 14.74 lakh shares of the company were traded on the BSE and over 2 crore shares on the NSE during the day. Tata Steel yesterday posted a consolidated net profit of Rs 921.09 crore for the June quarter on the back of higher revenue from operations.  The company had posted consolidated net loss of Rs 3,183 crore in the year-ago period, Tata Steel said in a filing to the BSE.  “Our sales were up by 28 per cent on a y-o-y basis as the smooth ramp-up of our Kalinganagar facility helped us increase our volumes and increase our market share,” T V Narendran, Managing Director, Tata Steel India and South East Asia, said in a statement.  Consolidated revenue from operations during April-June was at Rs 30,973 crore, registering an increase of 19 per cent.

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