Tata Steel surges 5% on strong Q3 results

The stock up 5% to Rs 718 on BSE in noon deal, extending its Friday's nearly 2% gain after the company reported nearly five-fold jump in a consolidated net profit of Rs 11.35 billion in Q3FY18.

Tata Steel has moved higher by 5% to Rs 718 on BSE in noon deal, extending its Friday’s nearly 2% gain after the company reported nearly five-fold jump in a consolidated net profit of Rs 11.35 billion for the third quarter ended December 2017 (Q3FY18), on the back of higher revenues mainly from domestic operations. The company had reported a net profit of Rs 2.31 billion in the third quarter of 2016-17.

The company’s consolidated net sales in the period under review were at Rs 330.9 billion, up 14.4% from the same period last year, as domestic operations showed