Tata Steel Shares Jump Over 3 Percent After Q3 Earnings

Shares of Tata Steel jumped over 3 per cent after the company's consolidated net profit more than doubled for the quarter ended December 2021.

The stock gained 3.25 per cent to Rs 1,214.45 on the BSE. On the NSE, it jumped 3.25 per cent to Rs 1,214.60. Steel major Tata Steel on Friday said its consolidated net profit more than doubled to Rs 9,598.16 crore for the quarter ended December 2021, mainly on account of higher income.

In a regulatory filing, the company said it had clocked a net profit of Rs 4,010.94 crore in the year-ago period.

Total income during the October-December quarter also jumped to Rs 60,842.72 crore, from Rs 42,152.87 crore earlier.

The company's expenses rose to Rs 48,666.02 crore from Rs 36,494.91 crore. In a separate statement, the company said crude steel production increased to 7.76 million tonnes (MT) during the quarter, from 7.74 MT in the year ago period.

(PTI)