Dalal St Spikes: Tata Steel surges 8% on strong Q2 nos

The shares of country's largest steel maker Tata Steel surged nearly eight per cent on the bourses in early trade today on the back of strong second quarter earning figures.

On the Bombay Stock Exchange, the scrip opened at Rs 156.10 and rallied to a high of Rs 159.95, up 7.60 per cent from its last close.

The world's sixth largest steel maker yesterday reported a consolidated net profit of Rs 4,703.64 crore for the quarter ended September 30, compared to a net profit of Rs 1,489.56 crore in the corresponding period last fiscal.

During the quarter the company's sales rose to Rs 44,198.97 crore from Rs 32,441.61 crore in the same quarter of the last fiscal.

On the National Stock Exchange, the scrip opened at Rs 150. Later the scrip touched a high of Rs 160, up 7.53 per cent from the last close.

In late morning trade, the shares of Tata Steel were quoted at Rs 159.50, a gain of 7.30 per cent on the BSE.

At the NSE, the shares were trading at Rs 158.30, up 6.38 per cent at 1044 hrs.