Tata Steel shares hit one-year high
Mumbai: Shares of Tata Steel on Thursday gained 2.5 percent to touch 52-week high after the firm reported consolidated net profit of Rs 1,036 crore for the fourth quarter ended March.
After a positive opening, shares of the steel major further gained 2.55 percent to Rs 463.70 -- its 52-week high on the BSE.
At the NSE, the scrip went up by 2.56 percent to touch its one-year peak of Rs 463.95.
Tata Steel had yesterday reported a consolidated net profit of Rs 1,036 crore for Q4, 2013-14 fiscal on the back of higher sales and margin improvement in domestic operations, coupled with an uptick in its European operations.
The company had reported a loss of Rs 6,529 crore in the same period of previous fiscal due to impairment charges.
Revenues during the January-March quarter stood at Rs 42,428 crore, up 22.5 percent over the corresponding period a year ago.
Similarly, group's operating profit improved to Rs 4,917 crore against Rs 4,368 crore reported a year ago.
For the whole financial year, 2013-14 the company reported a profit of Rs 3,595 crore compared with a loss of Rs 7,058 crore previous fiscal. Net sales rose to Rs 1,47,347 crore from Rs 1,33,538 crore.