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Tata Steel stock rises in early trade, top Sensex gainer

At 9:36 am, the stock was trading 1.59% higher at 578 level on the BSE. The stock rose 3.13% to hit an intra day high of 587 level.  The stock has gained after two days of consecutive fall and opened with a gain of 2.60% at 584 level. 

twitter-logo BusinessToday.In        Last Updated: August 14, 2018  | 09:56 IST
Tata Steel stock rises in early trade, top Sensex gainer

The Tata Steel stock rose in early trade after the largest private sector alloy maker reported an over two-fold growth in consolidated net profit for the quarter ending June 2018.

At 9:36 am, the stock was trading 1.59% higher at 578 level on the BSE. The stock rose 3.13% to hit an intra day high of 587 level.  The stock has gained after two days of consecutive fall and opened with a gain of 2.60% at 584 level.  

The stock is down 17.23% since the beginning of his year and has lost 2.42% during the last one year.

The market capitalisation of the large cap stock stood at Rs 64,970 crore.

Net profit came at Rs 1,934 crore in Q1 of the current fiscal due to strong demand and higher prices in the domestic market and better operational performance in Europe.

The company had reported net profit of Rs 921 crore during the same period a year ago and Rs 14,688 crore in the March 2018 quarter due to a one-time gain of Rs 11,376 crore.

Its turnover in the June quarter grew to Rs 37,833 crore from Rs 30,973 crore, the company said. Commenting on the performance, managing director & chief executive TV Narendran said, "They could deliver strong performance due to the strong demand and buoyant spreads across all the geographies.  Domestic deliveries grew by 14 per cent as against market growth of 9 per cent. Our European operations also saw stronger profitability with an improvement in spreads and operational performance", he said.

Tata Steel India's pre-tax profit jumped by 75.2 per cent to Rs 5,118 crore, on account of better realisations and improved operational efficiencies, while operational margins for the quarter rose to 31.2 per cent.

Meanwhile, the Sensex and Nifty rose 172 points and 50 points to 37,817 and 11,406 level, respectively.

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