Tata Steel gains in line with steel demand

DALAL STREET SPIKES

Tata Steel witnessed huge volumes on the bourses on Wednesday. The counter hit a high of Rs 443.60 before closing at Rs 442.45, up by 2.77 per cent.

More than 52.22 lakh shares were traded on the BSE. The counter has been in the limelight in the last few months, with the scrip surging.

Steel prices have firmed up considerably due to strong demand in the international markets, according to analysts.

Domestic demand has also increased on the back of improved orders from the construction and automobile sectors.

The company's domestic sales for April-December 2003 grew by 7 per cent to 2.45 million tonne (mt) from 2.30 mt in the same period last year.

Tata Steel reported a 100.8 per cent rise in net profit at Rs 403.10 crore for the second quarter ended September 2003.