Shares of Tata Steel shoot up by 4 per cent post Q1 net profit
The consolidated revenue from operations during Q1 was at Rs 30,973 crore, registering an increase of 19 per cent.
New Delhi: Shares of Tata Steel on Tuesday rose by over 4 per cent 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.
Tata Steel on Monday 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 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.