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Shares of Tata Steel today rose 4.5 per cent after the company’s consolidated net profit jumped over two-fold to Rs 763 crore in the April-June quarter this fiscal.
The stock gained 4.45 per cent to Rs 257.90 on the BSE. It climbed 4.49 per cent to Rs 257.90 on the NSE.
The shares ended higher by 0.89 per cent at Rs 249.10 on the BSE. On the NSE, it ended up by 1.07 per cent at Rs 249.45.
The company’s consolidated net profit jumped over two-fold for the reported quarter helped by strong sales from its Indian operation, cost optimisation and sale of non-core assets.
Its consolidated total income, however, fell 17 per cent to Rs 30,300.33 crore during the April-June quarter this fiscal from Rs 36,427.21 crore in the same period a year ago.
Total expenses fell 14 per cent to Rs 28,872.59 crore from Rs 33,704.92 crore during the quarter.
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