Tata Steel shares jumps 3% on strong Q4 earnings

New Delhi Shares of Tata Steel on Thursday closed with a gain of 3 per cent after the firm posted a consolidated net profit of Rs 7,161.91 crore for the quarter ended March 2021.

The stock jumped 5.59 per cent to its 52-week high of Rs 1,128.80 on the BSE during the day. It closed at Rs 1,100.55, a gain of 2.96 per cent. On the NSE, it closed 3.06 per cent higher at Rs 1,103. During the day, it rallied 5.49 per cent to Rs 1,129 - its one-year high. In traded volume terms, 21.28 lakh shares were traded at the BSE and over 4.64 crore units at the NSE during the day. Tata Steel on Wednesday posted a consolidated net profit of Rs 7,161.91 crore for the quarter ended March 2021, mainly on account of higher income. The company had reported a net loss of Rs 1,615.35 crore in the year-ago quarter, Tata Steel said in a BSE filing. During January-March 2021, the company's total income jumped to Rs 50,249.59 crore from Rs 37,322.68 crore earlier. Total expenses rose to Rs 40,052 crore from Rs 35,432.42 crore in the January-March period of 2019-20. On a standalone basis, Tata Steel reported a Rs 6,593.54 crore net profit during the January-March quarter.