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Shares of Tata Steel rose over 4 per cent after the company returned to profit in the quarter ended June 30, 2017.
After making a positive opening, the stock further jumped 4.15 per cent to Rs 624.95 — its 52-week high — on the BSE. On the NSE, the stock gained 4.24 per cent to hit its one-year high of Rs 625.50.
Tata Steel had yesterday 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.
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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