Tata Steel rallies 7% as Q4 profit beats estimates

Tata Steel reported consolidated net profit at Rs 2,295 crore in March quarter on account of better-than-expected profitability at the European operations.

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Shares of Tata Steel rallied 7 per cent to Rs 544 in intra-day trade on Friday on the BSE after the company reported a better-than-expected consolidated net profit of Rs 2,295 crore in the March quarter (Q4FY19). Profits inched up on account of profitability at the European operations that exceeded expectations. Analysts,on an average, had expected net profit of Rs 2,167 crore for the quarter. The company’s consolidated revenue grew 26 per cent at Rs 42,424 crore against Rs 33,705 crore in the corresponding quarter of previous fiscal. Consolidated Ebitda (earnings before ...