Shares of Tata Steel today jumped 9 per cent after the company reported better-than-expected results, with its consolidated net profit surging 90.51 per cent during the April-June quarter.
Cheering the smart earnings that were declared post market hours yesterday, shares of the company opened higher and further gained 9 per cent to Rs 263 on the BSE.
At the NSE, the stock rose 8.94 per cent to Rs 263.
Tata Steel had yesterday said its consolidated net profit zoomed 90.51 per cent to Rs 1,139 crore during the April-June quarter, primarily due to a deferred tax gain of Rs 415 crore.
The company had reported net profit of Rs 597.88 crore in the April-June quarter of the 2012-13 fiscal.
Improved performances at the company’s operations in India and Europe also contributed to the earnings spurt.
Its net sales during Q1 2013-14 were down 3 per cent at Rs 32,550.21 crore due largely to a continuous slump in global steel demand. Tata Steel had reported net sales of Rs 33,547.73 crore in the year-ago period.