Tata Steel gains 6%, hits new high on strong March quarter results

In the past one month, Tata Steel has rallied 30 per cent, against 0.74 per cent decline in the S&P BSE Sensex

Shares of Tata Steel rose 6 per cent and hit a new high of Rs 1,128.80 on the BSE in intra-day trade on Thursday after the company reported a higher-than-expected consolidated net profit, attributable to owners of the company, at Rs 6,644 crore in the March quarter (Q4) of FY21, against a net loss of Rs 1,481 crore in the corresponding period last year.

Revenue from operations jumped 39 per cent year-on-year (YoY) to Rs 49,977 crore on the back of higher steel prices and strong volumes, leading to strong operational gains.

The stock recovered 8 percent from an intraday