Tata Steel nears 52-week high as Q2 sales rise 12% to 2.6 million tonnes

The stock is up 4% to Rs 404 after the company said Q2FY17 sales rose by 12% YoY to 2.62 million tonnes

Tata Steel has moved higher by 4% to Rs 404 on BSE after the company said its sales rose by 12% year on year (y-o-y) to 2.62 million tonnes (MT) in the quarter ended September 30, 2016 (Q2FY17). The company had recorded sales of 2.33 MT in the same quarter of 2015-16 fiscal.

“In the first six months of 2016-17, the firm's sales grew 6% to 4.77 MT from 4.48 MT during the April-September period of 2015-16,” Tata Steel said in a press release.

Sales to automotive segment grew by 7% y-o-y in line with market growth, thereby retaining leadership position. Availability of additional volumes enabled 12% y-o-y growth in sales to Industrial Products and Projects segments, it added.

At 12:53 pm, the stock was up 3.2% at Rs 402 on the BSE, as compared to 0.25% decline in the S&P BSE Sensex. It trading close to its 52-week high of Rs 409 touched on September 8, 2016 in intra-day trade.

A combined 7.2 million shares changed hands on the counter on BSE and NSE so far.