Shares of Tata Steel surged nearly 3 per cent in early trade on the Bombay Stock Exchange on Wednesday, as investors cheered an over two-fold jump in the company's third quarter net profit.
The company had on Tuesday posted an over two-fold growth in consolidated net profit to Rs 1,003.02 crore for the quarter ended December 31, 2010, as against Rs 472.65 crore in the year-ago period.
Buoyed by the robust quarter earnings numbers, shares of Tata Steel rose 2.96 per cent to an early high of Rs 634.80 on the Bombay Stock Exchange.
Similarly, the scrip witnessed a smart gain of 3.22 per cent to Rs 636.50 in early trade on the National Stock Exchange.
Meanwhile, the 30-share benchmark Sensex was quoting at 18,290.42 at 10.08 am, up 16.62 points from the previous close.