Mumbai: Shares of Tata Steel surged by nearly 3% in early trade on the Bombay Stock Exchange (BSE) on Wednesday as investors cheered an over two-fold jump in the company’s third quarter net profit.
On Tuesday, the company had posted an over two-fold growth in consolidated net profit to Rs1,003.02 crore for the quarter ended 31 December, 2010, as against Rs472.65 crore in the year-ago period.
Buoyed by the robust quarter earnings numbers, shares of Tata Steel rose by 2.96% to an early high of Rs634.80 on the BSE.
Similarly, the scrip witnessed a smart gain of 3.22% to Rs636.50 in early trade on the National Stock Exchange (NSE).
Meanwhile, the 30-share benchmark Sensex was quoting at 18,290.42 at 10:08 am, up 16.62 points from the previous close.