Stocks

Tata Steel jumps over 2% on June quarter sales

BL Internet Desk July 9 | Updated on July 09, 2018 Published on July 09, 2018

Shares of Tata Steel Ltd rose as much as 2.2 per cent to Rs 565.7, in their biggest intraday percentage gain since July 2 on strong quarterly sales.

June quarter sales was up by eight per cent at 2.97 million tonnes against 2.75 mt logged in the same period last year. However, it was down marginally against 3.03 mt recorded in March quarter despite talks of robust demand across sectors.

Production was up 3 per cent at 3.17 mt against 3.07 mt in March quarter. It was up eight per cent compared with 2.94 mt logged in the June quarter of 2017. Production in the quarter under review was more than March quarter largely due higher output at Kalinganagar.

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Tata Steel stock had fallen 16 per cent this year as of Friday.

(With inputs from Reuters)

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Published on July 09, 2018
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