Tata Steel soared over narrowed losses; market value up Rs. 3,531 crore
DSIJ Intelligence / 18 May 2017
Tata Steel reported a substantial reduction in the consolidated net loss for the fourth quarter of the fiscal year 2017, decreasing from Rs 3,042 in Q4FY16 to Rs 1,168 in the current fiscal.
Tata Steel reported a substantial reduction in the consolidated net loss for the fourth quarter of the fiscal year 2017, decreasing from Rs 3,042 in Q4FY16 to Rs 1,168 in the current fiscal.
The steel giant also posted a 30 per cent increase in its consolidated revenue from operations to Rs 35,304.89 in the fourth quarter of FY17, driven by the stimulated operations of the company in both Indian and European markets.
The narrowing losses triggered Tata Steel massively, on the bourses, with the stock closing at over 8 per cent on Wednesday, May 17, 2017.
The stock soared nine per cent to Rs 498.40 in the intraday trade on the BSE, while, closing at Rs 493.35, up by 7.95 per cent on Wednesday. With the surge in stock prices, Tata Steel added Rs 3,531 crore to the company’s market valuation.
At the National Stock Exchange, the stock closed at Rs 493.90, increased by 8.18 per cent, adding Rs 3,530.91 crore to the company’s market valuation, summing to Rs 47,914.91 crore.
Tata Steel stood as the top gainer on both Sensex and Nifty on Wednesday.
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