Metal stocks shine on Tata Steel performance

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 Metal stocks shine on Tata Steel performance
Tata Steel: Quotes, News
BSE 406.40BSE Quote3.3 (0.81%)
NSE 406.40NSE Quote3.2 (0.79%)
Hindalco Industries: Quotes, News
BSE 168.80BSE Quote2.6 (1.54%)
NSE 168.75NSE Quote2.6 (1.54%)
Metal stocks rose sharply in trade today following a spectacular set of results by Tata Steel. The S&P BSE Metal index was up 2.5 per cent led by strong gains in Tata Steel which rallied 5.35 per cent.

Other metal gainers in trade today were Hindalco, JSW Steel and NMDC.

Tata Steel on Tuesday reported 90.51 per cent growth in consolidated net profit at Rs 1,139 crore for the quarter ended June 30, largely due to significant decline in tax outgo.

It had reported net profit of Rs 597.88 crore in the April-June quarter of the 2012-13 fiscal.

The Q1, 2013-14 net sales of the company were however down 3 per cent at Rs 32,550.21 crore due to subdued global steel demand. It had reported net sales of Rs 33,547.73 crore in the Q1,

With inputs from PTI

Read more about: tata steel, hindalco
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