Tata Steel shares close nearly 3% higher on Q1 earnings
Tata Steel shares rose as much as 4.24% to hit its one-year high of Rs625.50 before the scrip closed at Rs614, higher by 2.32% on NSE
New Delhi: Shares of Tata Steel on Tuesday rose by nearly 3% after the company returned to profit in the quarter ended 30 June 2017.
After making a positive opening, shares of the company jumped as much as 4.15% to Rs624.95—its 52-week high—on BSE before closing at Rs615.75, higher by 2.63% against the previous session’s closing. At NSE, shares of the company gained 4.24% to hit its one year high of Rs625.50.
Tata Steel on Monday posted a consolidated net profit of Rs921.09 crore for the quarter ended June on the back of higher revenue from operations.
The company had posted consolidated net loss of Rs3,183 crore in the year-ago period, Tata Steel said in a filing to BSE.
“Our sales were up by 28% 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 Rs30,973 crore, registering an increase of 19%.
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