New Delhi: Shares of Tata Steel Limited jumped 7 per cent on Friday after the company’s consolidated income rose in the March quarter. The scrip after a positive opening further gained 6.77 per cent to Rs 545.50 on the BSE.
At the NSE, shares advanced 6.99 per cent to Rs 546.50. The scrip was the biggest gainer among the front-lines on both the key indices during the morning trade.
“Tata Steel’s Q4 FY19 EBITDA of Rs 75.1 billion (up 16 per cent YoY) surpassed consensus driven by Tata Steel Europe,” Edelweiss Research in a report.
The company announced its quarterly earnings post market hours Thursday.
Tata Steel on Thursday said its consolidated income rose to Rs 42,913.73 crore in the reporting quarter from Rs 33,983.74 crore year-ago.
The largest alloy-maker Thursday had reported a sharp 84.37 per cent fall in consolidated net income at Rs 2,295.25 crore for the three months to March due to high base last year.
The company had booked a net income of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, the company said on Thursday.
For the full fiscal 2019, consolidated net income almost halved to Rs 9,098.33 crore from Rs 17,762.81 crore, while consolidated revenue rose to Rs 1,59,089.57 crore, up from Rs 1,24,990.79 crore.