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)
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.