New Delhi: Shares of Tata Steel jumped over 7 percent Friday after the company's consolidated income rose in the March quarter.
The scrip advanced 6.67 percent to close at Rs 545 on the BSE. During the day, it zoomed 7.26 percent to Rs 548.
At the NSE, shares climbed 7.18 percent to close at Rs 547.45.
The scrip was the biggest gainer among the front-lines on both the key indices during the day.
In terms of volume, 19.74 lakh shares were traded on the BSE during the day, while over three crore shares were traded on the NSE.
The company's market valuation rose by Rs 933.49 crore to Rs 62,451.49 crore on the BSE.
"Tata Steel's January-March 2019 EBITDA of Rs 75.1 billion (up 16 percent YoY) surpassed consensus driven by Tata Steel Europe," Edelweiss Research said in a report.
The company announced its January-March earnings post market hours Thursday.
Its consolidated income rose to Rs 42,913.73 crore in the reporting quarter from Rs 33,983.74 crore a year ago.
However, it reported a sharp 84.37 percent fall in consolidated net income at Rs 2,295.25 crore for the three months to March due to high base last year.
The company had booked a net income of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, the company said.
For the full fiscal 2019, consolidated net income almost halved to Rs 9,098.33 crore from Rs 17,762.81 crore, while consolidated revenue rose to Rs 1,59,089.57 crore from Rs 1,24,990.79 crore.
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Updated Date: Apr 26, 2019 17:34:25 IST