New Delhi: Tata Steel shares ended over eight per cent higher on Wednesday, adding Rs. 3,531 crore to the company’s market valuation, after its consolidated net loss narrowed to Rs. 1,168.02 crore for the quarter ended March 31, 2017. The stock soared 7.95 per cent to settle at Rs. 493.35 on the Bombay Stock Exchange (BSE). During Wednesday’s trading session, Tata Steel shares jumped nine per cent to Rs. 498.40.
At the National Stock Exchange, Tata Steel shares surged 8.18 per cent to end at Rs. 493.90.
The company’s market valuation also rose by Rs. 3,530.91 crore to Rs. 47,914.91 crore.
In terms of volume, 50.90 lakh shares of the company were traded on the BSE and over 4 crore shares changed hands at NSE during the day.
The stock was the top gainer on both the indices – Sensex and Nifty.
“The stock of the day was Tata Steel which was up by 8 per cent in intraday session post its robust set of Q4 FY17 numbers,” said Foram Parekh, research analyst at Bonanza Portfolio.
Tata Steel’s consolidated net loss narrowed to Rs. 1,168.02 crore for the March quarter, 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 for the corresponding three-month period a year ago.
The consolidated revenue from operations increased to Rs. 35,304.89 crore in January-March 2017, from Rs. 27,071.26 crore in the corresponding quarter of financial year 2015-16, Tata Steel had said in a regulatory filing the previous day.