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Tata Steel shares trim early gains; up nearly 1% at close

Wednesday, 12 August,Mumbai : Trimming most of its early gains, shares of Tata Steel ended nearly 1% higher on Wednesday on profit-taking in an overall weak broader market.

The stock ended the day with a gain of 0.89% at Rs 249.10 on the BSE. In intra-day, it surged 4.45% to Rs 257.90.

At the NSE, shares of the company settled at Rs 249.05 per scrip, up 0.91%.

In terms of volume, 29.26 lakh shares of the company changed hands at the BSE and over one crore shares were traded at NSE during the day.

The company’s consolidated net profit jumped over two- fold for the reported quarter helped by strong sales from its Indian operation, cost optimisation and sale of non-core assets.

Its consolidated total income, however, fell 17% to Rs 30,300.33 crore during the April-June quarter this fiscal, from Rs 36,427.21 crore in the same period a year ago.

Total expenses fell 14% to Rs 28,872.59 crore from Rs 33,704.92 crore for the reported quarter.

In the broader market, the Sensex ended with a loss of 353.83 points at 27,512.26.