Tata Steel's Share Surge Amid Profit Recovery

Tata Steel's shares rose over 2% after the company reported a net profit of Rs 758.84 crore for the September 2024 quarter, rebounding from a loss the previous year. Despite a fall in total income, reduced expenses contributed to the profit gain.

Tata Steel shares experienced a significant surge, climbing over 2% on Thursday following the announcement of a net profit of Rs 758.84 crore for the September 2024 quarter. This marks a notable turnaround from the previous year's loss of Rs 6,511.16 crore in the same period.

On the Bombay Stock Exchange (BSE), Tata Steel's stock rose 2% to reach Rs 156.80, marking it as the sole gainer among BSE Sensex companies during morning trading. Similarly, on the National Stock Exchange (NSE), the stock advanced by 2.14% to Rs 156.92.

The company's return to profitability was significantly aided by a reduction in expenses from Rs 55,853.35 crore to Rs 52,331.58 crore, despite a slight decrease in total income from Rs 55,910.16 crore to Rs 54,503.30 crore year-over-year.

(With inputs from agencies.)