Tata Steel share gained over 4% today after the subsidiares of the firm reported stellar earnings in Q4. The stock touched an intraday high of Rs 936.5, rising 4.72% on BSE. Tata Steel stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Tata Steel stock has gained 5.18% in the last 2 days.
The share has gained 245% in one year and risen 44.23% since the beginning of this year.
Tata Steel BSL posted a manifold jump in its consolidated net profit to Rs 1,913.73 crore in Q4 against net profit of Rs 5.93 crore in the year-ago period. Another subsidiary of the firm reported strong performance in Q4.
Tata Steel Long Products reported a consolidated net profit of Rs 339.86 crore in Q4 against a loss of Rs 133 crore during the same period last year. Total revenue from operations in Q4 stood at Rs 1,546 crore, a rise of 53% during the quarter under review. Total expenditure amounted to Rs 1,179 crore during Q4 as against Rs 1,026 crore last year.
Additionally, the firm has received a "blockchain-enabled transaction", a global first for the steel industry, from a UAE-based firm for a steel export order. However, the steel maker did not disclose the size of the transaction.
Tata Steel, along with HSBC executed a blockchain-enabled paperless trade transaction. This is a global first for the steel industry, according to the company.
The live financial transaction involved the export of steel by Tata Steel to Universal Tube & Plastic Industries, UAE.