Tata Steel extends recent gains

Tata Steel rose 2.28% to Rs 383.85 at 13:07 IST on BSE, with the stock extending Thursday's 4.58% gains triggered by the company reporting turnaround in Q2 September 2013.

Meanwhile, the S&P Sensex was up 343.85 points or 1.69% at 20,743.27.

On BSE, 7.10 lakh shares were traded in the counter as against average daily volume of 12.74 lakh shares in the past two weeks.

The stock hit a high of Rs 384.55 and a low of Rs 378.20 so far during the day.

Shares of Tata Steel have risen 6.96% in two trading sessions from Rs 358.85 on 13 November 2013, after the company after market hours on 13 November 2013 reported turnaround Q2 September 2013 results. The stock had surged 4.58% to settle at Rs 375.30 on Thursday, 14 November 2013. The stock market was closed on Friday, 15 November 2013 on account of Muharram.

Tata Steel reported a consolidated net profit of Rs 916.77 crore in Q2 September 2013 as against net loss of Rs 363.93 crore in Q2 September 2012. Revenue rose 7.35% to Rs 36645 crore in Q2 September 2013 over Q2 September 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 54.26% to Rs 3784 crore in Q2 September 2013 over Q2 September 2012.

Tata Steel attributed the turnaround in Q2 September 2013 to steady ramp-up of the Indian operations and improved performance at the European and South East Asian operations.

Tata Steel's cash and cash equivalents as on 30 September 2013 stood at Rs 12779 crore and net debt was Rs 64334 crore. Total liquidity including undrawn credit lines was Rs 17500 crore.

Tata Steel is a top ten global steel maker and the world's second most geographically diversified steel producer.

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