Tata Steel shares surge over 8%, mcap rises by Rs 3,531 crore

Shares of Tata Steel on Wednesday ended over 8 percent higher, adding Rs 3,531 crore to its market valuation, after the company's consolidated net loss narrowed to Rs 1,168.02 crore for the quarter ended March 31, 2017.

PTI| Updated: May 17, 2017, 18:51 PM IST

New Delhi: Shares of Tata Steel on Wednesday ended over 8 percent higher, adding Rs 3,531 crore to its market valuation, after the company's consolidated net loss narrowed to Rs 1,168.02 crore for the quarter ended March 31, 2017.

The stock soared 7.95 percent to settle at Rs 493.35 on BSE. During the day, it jumped 9 percent to Rs 498.40.

At NSE, shares of the company surged 8.18 percent to end at Rs 493.90.

The company's market valuation also rose by Rs 3,530.91 crore to Rs 47,914.91 crore.

In terms of volume, 50.90 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day.

The stock was the top gainer on both, Sensex and Nifty.

"The stock of the day was Tata Steel which was up by 8 percent in intraday session post its robust set of Q4 FY17 numbers," said Foram Parekh, Research Analyst, Bonanza Portfolio Ltd.

Tata Steel's consolidated net loss narrowed to Rs 1,168.02 crore for the March quarter ended, driven by higher revenue from Indian as well as European operations.

The company had posted a consolidated net loss of Rs 3,041.88 crore for the year-ago quarter.

The consolidated revenue from operations increased to Rs 35,304.89 crore in January-March 2017, from Rs 27,071.26 crore in the same quarter of FY2015-16, Tata Steel yesterday said in a regulatory filing.