Tata Steel shares zoom 7 per cent after Q4 results
Shares of Tata Steel Limited jumped 7 per cent Friday after the company's consolidated income rose in the March quarter. The scrip after a positive opening further gained 6.77 per cent to Rs 545.50 on the BSE. At the NSE, shares advanced 6.99 per cent to Rs 546.50. The scrip was the biggest gainer among the front-lines on both the key indices during the morning trade. "Tata Steel's Q4 FY19 EBITDA of Rs 75.1 billion (up 16 per cent YoY) surpassed consensus driven by Tata Steel Europe," Edelweiss Research in a report. Image source: Reuters
The company announced its quarterly earnings post market hours Thursday, stating that its consolidated income rose to Rs 42,913.73 crore in the reporting quarter from Rs 33,983.74 crore year-ago. Image source: Reuters
The largest alloy-maker Thursday had reported a sharp 84.37 per cent fall in consolidated net income at Rs 2,295.25 crore for the three months to March due to high base last year. Image source: Reuters
The company had booked a net income of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, the company said Thursday. Image source: Reuters
For the full fiscal 2019, consolidated net income almost halved to Rs 9,098.33 crore from Rs 17,762.81 crore, while consolidated revenue rose to Rs 1,59,089.57 crore, up from Rs 1,24,990.79 crore. Image source: Reuters
The company has also announced the merger of Bamnipal Steel and Tata Steel BSL (Bhushan Steel) with Tata Steel, managing director and chief executive TV Narendran said, adding the shareholder of the merging companies will get one share of Tata Steel for every 15 shares they own. Image source: Reuters