Tata Steel rose 1.47% to Rs 497.80 at 12:02 IST on BSE after Moody's Investors Service upgraded the company's corporate family rating by one notch to Ba2 from Ba3.
The announcement was made after market hours yesterday, 20 February 2019.Meanwhile, the S&P BSE Sensex was up 116.77 points, or 0.33% to 35,873.03
On the BSE, 4.42 lakh shares were traded in the counter so far compared with average daily volumes of 8.15 lakh shares in the past two weeks. The stock had hit a high of Rs 498.40 and a low of Rs 490.60 so far during the day.
Global ratings agency Moody's Investors Service upgraded Tata Steel's corporate family rating (CFR) by one notch to Ba2 from Ba3. The outlook is stable. Tata Steel's CFR is supported by its significant, diversified and growing operating base and its globally cost competitive steel operations in India, with the latter being a function of its ownership of key raw materials. These factors, alongside favorable industry dynamics in its key operating market in India have translated into the company's sustained track record of improving credit metrics.
Tata Steel's consolidated net profit rose 54.33% to Rs 1753.07 crore on 22.33% rise in net sales to Rs 40457.11 crore in Q3 December 2018 over Q3 December 2017.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum (MTPA). It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.
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