Tata Steel rose 3.70% to Rs 341.90 after the company announced business updates for Q2FY20.
Tata Steel's India production volumes rose 4.65% to 4.5 million tons while the sales volumes fell 4.17% to 4.14 million tons in Q2 September 2019 over Q2 September 2018.
The steel maker said that Tata Steel India's Q2 sales volume increased by 5% QoQ on provisional basis primarily with better volumes at Tata Steel BSL. During the quarter, lower volumes to automotive segment were compensated by higher exports while deliveries in branded products & retail segment and industrial product & projects segment were maintained.
Tata Steel India's crude steel production was flat on QoQ basis.
Tata Steel's Europe production volumes rose 1.65% to 2.46 million tons while the sales volumes rose 0.44% to 2.28 million tons in Q2 September 2019 over Q2 September 2018.
Tata Steel Europe's Q2 FY20 production volume was lower primarily with adjustments related to weaker market conditions, planned summer shutdowns and unplanned outages; sales volume was flattish on QoQ basis.
Tata Steel's South East Asia production volumes rose 5.56% to 0.57 million tons while the sales volumes fell 6.15% to 0.61 million tons in Q2 September 2019 over Q2 September 2018.
The announcement was made after market hours yesterday, 10 October 2019.
Meanwhile, the S&P BSE Sensex was up 395 points or 1.04% to 38275.82.
On the BSE, 2.24 lakh shares were traded in the counter so far compared with average daily volumes of 7.31 lakh shares in the past two weeks. The stock hit a high of Rs 342.5 and a low of Rs 333.25 so far during the day.
The stock hit a 52-week high of Rs 610 on 14 Nov 2018. The stock hit a 52-week low of Rs 320.3 on 09 Oct 2019.
On a consolidated basis, the steel maker's net profit declined 65.9% to 704.46 crore on a 0.8% rise in the net sales to Rs 35382.16 in Q1 June 2019 over Q1 June 2018.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum (MnTPA). It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.
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