Tata Steel hits two-year high as Q4 beats estimates

The stock has surged 2.4% to Rs 463, also its two-year high on the Bombay Stock Exchange.

Tata Steel is trading higher by 2.4% at Rs 463, also its two-year high on the BSE, after reporting a better-than-expected consolidated net profit at Rs 1,036 crore for the fourth quarter ended March 31 2014 (Q4), due to by higher sales volumes and better realisations in Europe and India.  The country’s third largest steel producer had reported a net loss of Rs 6,529 crore in the same quarter last fiscal.

Net sales rose 22.8% year-on-year to Rs 42,018 crore from the same quarter last year, Tata Steel said in a statement.

Analysts, on an average, were expecting Tata Steel to report consolidated net profit of Rs 945 crore on net sales of Rs 39,867 crore for the quarter.