Tata Steel gains after Q1 profit up over 100%

Consolidated net profit increased 126% to Rs 763 crore compared with Rs 337 crore in the same quarter last fiscal

Shares of Tata Steel were up 3.5% after the steel major's consolidated net profit in the first quarter of fiscal 2015-16 surged over 100% on the back of sharp decline in operating expenses, lower tax outgo and higher other income.

COnsolidated net profit for the quarter ended June 30, 2015 increased 126% to Rs 763 crore compared with Rs 337 crore in the corresponding quarter ended June 30, 2014.

However, consolidated net sales for the quarter ended June 30, 2015 declined 17% to Rs 29,900 crore as lower steel prices led to lower price realisations. Consolidated net sales stood at Rs 36,147 crore for the corresponding quarter ended June 30, 2014.

The stock opened at Rs 254 and touched a high of Rs 258. At 12:15PM, over 10.5 million shares were traded on both the stock exchanges.