Tata Steel stock jumps on strong Q1 earnings
Tata Steel shares gained more than 6 per cent in the early Wednesday morning trade on the Bombay Stock Exchange after the steel giant reported an increase of more than 90 per cent in quarterly consolidated net profit.
Tata Steel said its consolidated net profit increased 90.46 per cent year-on-year to Rs 1139 crore in the April to June quarter of current financial year. The increase in profit was despite 3 per cent decline in sales to Rs 32805 crore.
Ebitda (earnings before interest, taxation, deprecation & amortization) jumped edged up 4.85 per cent to settle at Rs 3755 crore, while ebitda margin climbed from 10.6 per cent to 11.4 per cent.
During the quarter under review, the company delivered 6.08 million tones of steel, higher than 5.68 million tones delivered in the first fiscal quarter of 2012 but lower than 6.56 million tones in quarter ended March 2013.
Stock in Tata Steel gained 6.45 per cent to Rs 256.70 a share at 9:25 IST on the Bombay Stock Exchange. The stock hit a 52-week high and low of Rs 448.10 and Rs 195.40 on January 7 and August 7, respectively.
Tata Steel shares have face value of Rs 10 apiece, while the company has an equity capital of Rs 971.21 crore.