Tata Steel Long Products surged 11.11% to Rs 796.15 after the company reported a consolidated net profit of Rs 304.40 crore in Q3 FY21 compared with net loss of Rs 112.19 crore in Q3 FY20.
Net sales during the quarter jumped 36.5% year-on-year (YoY) to Rs 1364.17 crore.
While the company's total expenditure declined by 1% to Rs 954.53 crore, interest payments fell by 22% to Rs 56.76 crore in Q3 December 2020 over Q3 December 2019.
Pre-tax profit in Q3 FY21 stood at Rs 303.95 crore as against a pre-tax loss of Rs 111.77 crore in Q3 FY20.
Tata Steel Long Products is one of India's largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.
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