Tata Steel rose 0.63% to Rs 422.35 at 13:55 IST on BSE after the company announced that its total sales rose 27.45% to 29.94 lakh tonne in Q3 December 2016 over Q3 December 2015.
The announcement was made during market hours today, 9 January 2017.
Meanwhile, the S&P BSE Sensex was up 9.54 points, or 0.04%, to 26,768.77
On the BSE, 14.07 lakh shares were traded on the counter so far as against the average daily volumes of 7.69 lakh shares in the past one quarter. The stock had hit a high of Rs 423.90 and a low of Rs 419.40 so far during the day. The stock hit a 52-week high of Rs 440.90 on 11 November 2016. The stock hit a 52-week low of Rs 211.30 on 12 February 2016.
The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.
Tata Steel said that the growth in sales was enabled by higher sales in the automotive segment, branded products and value-added products & scaling up of sales in new segments.
Separetely, the company announced that it has inaugurated the second phase of cold rolling mill (CRM) complex BARA at Jamshedpur on 5 January 2017. During phase I, the reversing mill of 0.25 million tonnes per annum (MTPA) capacity was installed at CRM BARA to meet the full hard cold rolled (FHCR) requirement of Tata Blue Scope (TBSL). The phase II expansion of CRM BARA includes installation of 0.3 MTPA hot rolled skin passing mill (HSPM) to meet the increased demand of hot-rolled, pickled, skin passed and oiled products (HRSPO) in the automotive sector for high-end customers. The announcement was made on Saturday, 7 January 2017.
On a consolidated basis, Tata Steel reported net loss of Rs 49.38 crore in Q2 September 2016, compared with net profit of Rs 5609.43 crore in Q2 September 2015. Net sales rose 0.1% to Rs 26291.86 crore in Q2 September 2016 over Q2 September 2015.
Tata Steel Group stands among the top global steel companies with an annual crude steel capacity of 28 million tonnes per annum (MnTPA) and a turnover of $17.69 billion in the year ended 31 March 2016. It is the world's second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.
SOurce: Business Standerd