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Tata Steel shares hit one-year high

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Press Trust of India Mumbai
Shares of Tata Steel today gained 2.5 per cent to touch 52-week high after the firm reported consolidated net profit of Rs 1,036 crore for the fourth quarter ended March.

After a positive opening, shares of the steel major further gained 2.55 per cent to Rs 463.70 -- its 52-week high on the BSE.

At the NSE, the scrip went up by 2.56 per cent to touch its one-year peak of Rs 463.95.

Tata Steel had yesterday reported a consolidated net profit of Rs 1,036 crore for Q4, 2013-14 fiscal on the back of higher sales and margin improvement in domestic operations, coupled with an uptick in its European operations.
 

The company had reported a loss of Rs 6,529 crore in the same period of previous fiscal due to impairment charges.

Revenues during the January-March quarter stood at Rs 42,428 crore, up 22.5 per cent over the corresponding period a year ago.

Similarly, group's operating profit improved to Rs 4,917 crore against Rs 4,368 crore reported a year ago.

For the whole financial year, 2013-14 the company reported a profit of Rs 3,595 crore compared with a loss of Rs 7,058 crore previous fiscal. Net sales rose to Rs 1,47,347 crore from Rs 1,33,538 crore.

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First Published: May 15 2014 | 11:29 AM IST

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