Stocks

Tata Steel rises after Q4 profit beat

Reuters Mumbai | Updated on April 26, 2019 Published on April 26, 2019

Representative image   -  Arunangsu Roy Chowdhury

Shares of India's biggest steel maker Tata Steel Ltd rise as much as 5.5 per cent to Rs 538.95, their biggest intra-day per cent gain since January 30.

The company posted a profit of Rs 2431 crore in the fourth quarter, beating estimates of Rs 2130 crore.

“The net debt was reduced by Rs 6200 crore sequentially and domestic expansion as well as the European Union (EU) restructuring remains on track,” Morgan Stanley said in a note

Jefferies raised target price to Rs 448 from Rs 400.

Published on April 26, 2019
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