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.