Tata Steel has surged nearly 6% to Rs 290 on reports that the company is planning to raise domestic sales on hopes of higher demand post monsoon season.
“Tata Steel plans to increase local sales to 8.5 million tonnes in the current financial year amid hopes prices will rise as demand picks up following the monsoon season,” the PTI report suggests.
There is scope for increasing domestic steel prices, which are generally set in line with international prices that have risen in recent times, added report quoting company’s spokesperson.
In last 1 month, the steel prices have risen 7% due to increased demand in Europe.
Meanwhile, the stock steel maker has outperformed the market by surging 46% from its recent low of Rs 200 touched on August 6, after reported a better-than-expected profit after tax of Rs 1,139 crore for June quarter on the back of strong operational performance of its European business. The benchmark S&P BSE Sensex gained 3.2% during the same period.
Today, the stock opened at Rs 275 and hit a high of Rs 291 on NSE. A combined 8.71 million shares changing hands on the counter so far on NSE and BSE.
“Tata Steel plans to increase local sales to 8.5 million tonnes in the current financial year amid hopes prices will rise as demand picks up following the monsoon season,” the PTI report suggests.
There is scope for increasing domestic steel prices, which are generally set in line with international prices that have risen in recent times, added report quoting company’s spokesperson.
In last 1 month, the steel prices have risen 7% due to increased demand in Europe.
Meanwhile, the stock steel maker has outperformed the market by surging 46% from its recent low of Rs 200 touched on August 6, after reported a better-than-expected profit after tax of Rs 1,139 crore for June quarter on the back of strong operational performance of its European business. The benchmark S&P BSE Sensex gained 3.2% during the same period.
Today, the stock opened at Rs 275 and hit a high of Rs 291 on NSE. A combined 8.71 million shares changing hands on the counter so far on NSE and BSE.
