Tata Steel Shares Surge 2% on Strong Earnings

New Delhi, Nov 7 (PTI) Shares of Tata Steel climbed more than 2 per cent on Thursday after the firm reported a net profit of Rs 758.84 crore for the September 2024 quarter.

The stock went up by 2 per cent to Rs 156.80 on the BSE.

At the NSE, it climbed 2.14 per cent to Rs 156.92.

The stock emerged as the lone gainer among the BSE Sensex firms during the morning deals.

The BSE benchmark traded 858 points or 1.07 per cent lower at 79,529.64. The NSE Nifty slumped 281.75 points or 1.16 per cent to 24,199.60.

Tata Steel on Wednesday reported a net profit of Rs 758.84 crore for the September 2024 quarter, helped by lower expenses.

It had posted a net loss of Rs 6,511.16 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing.

The company's total income, however, fell to Rs 54,503.30 crore during the second quarter against Rs 55,910.16 crore in the same period a year ago.

Tata Steel reduced its expenses to Rs 52,331.58 crore from Rs 55,853.35 crore in the year-ago quarter.