Shares of Tata Steel hit over 2-year high as the company has reported first quarterly profit in five.

The stock rose as much as 2.7 per cent to Rs 485.4, its highest since November 19, 2014.

The company has reported Dec-quarter net profit of Rs 232 crore ($34.45 million), its first quarterly profit in five.

Analysts on average had estimated the steel maker’s profit at Rs 174 crore, says Thomson Reuters data.

Brokerage firm Jefferies has raised the stock’s target price to Rs 388 from Rs 355, stating that India margins should further improve in Q4.

As of Tuesday’s close, the stock was up 102 per cent in the past one year, compared with 18.2 per cent increase in the broader NSE index during the same period ($1 = 67.3400 Indian rupees).