Tata Steel shares jump nearly 6% after March quarter earnings

PTIUpdated: Thursday, May 06, 2021, 12:34 PM IST
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Tata Steel |

Shares of Tata Steel on Thursday gained nearly 6 percent 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 percent to its 52-week high -- of Rs 1,128.80 on BSE. At the NSE, it rallied 5.49 percent to Rs 1,129 -- its one-year high.

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.

The company had clocked a standalone net loss of Rs 436.83 crore in the year-ago period. Its total income grew to Rs 21,392.34 crore from Rs 14,182.79 crore a year ago.

Tata Steel said its board has also recommended a dividend of Rs 25 per fully paid-up ordinary share of Rs 10 for the financial year ended March 31, 202.

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