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Tata Steel shares zoom after first quarter results

At NSE, shares of the company gained 4.24 per cent to hit its one year high of Rs 625.50. Photograph: (Reuters)

PTI New Delhi, India Aug 08, 2017, 08.10 AM (IST)

Shares of Tata Steel rose by over 4 per cent today, after the company returned to profit in the quarter ended June 30, 2017.

After making a positive opening, shares of the company further jumped 4.15 per cent to Rs 624.95--its 52-week high--on BSE.

At NSE, shares of the company gained 4.24 per cent to hit its one year high of Rs 625.50.

Yesterday, Tata Steel posted a consolidated net profit of Rs 921.09 crore for the quarter ended June on the back of higher revenue from operations.

The company had posted a consolidated net loss of Rs 3,183 crore in the year-ago period, Tata Steel said in a filing to 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.

The consolidated revenue from operations during April- June quarter was at Rs 30,973 crore, registering an increase of 19 per cent.

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