Shares of Tata Steel today surged almost 9 per cent after the company’s consolidated net loss narrowed to Rs 1,168.02 crore for the quarter ended March 31, 2017.
After a positive opening, the stock zoomed 8.71 per cent to Rs 496.85 on the BSE..
On the NSE, shares of the company jumped 8.92 per cent to Rs 497.30.
The stock was the top gainer on both Sensex and Nifty in early trade.
Tata Steel’s consolidated net loss narrowed to Rs 1,168.02 crore for the quarter ended March 31, 2017, driven by higher revenue from Indian as well as European operations.
The company had posted a consolidated net loss of Rs 3,041.88 crore in the year-ago quarter.
Research firm Jefferies has raised its target price for the steel maker to Rs 404 from Rs 388, stating Q4 EBITDA well ahead of its estimates and that it represents the peak in terms of margins.
Jefferies has raised FY18-19E EBITDA estimates by 2-4 per cent.
Over 8 million shares change hands, exceeding the 30-day average in just 15 minutes of trade.
The stock was the top percentage gainer on the NSE index.