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Shares of Tata Steel on Friday rose by 4.5 per cent, adding Rs 1,661 crore to its market valuation, after the company reported a 12 per cent rise in its sales for the September quarter. The scrip surged 4.39 per cent to end at Rs 406.40 on BSE. During the day, it gained 4.7 per cent to Rs 407.60. On NSE, shares of the company went up by 4.55 per cent to close at Rs 406.55.
Led by the rise in the stock price, the company’s market valuation advanced by Rs 1,661.19 crore to Rs 39,470.19 crore.
The stock was the biggest gainer among the Sensex and Nifty components.
In terms of volume, 17.69 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.
Tata Steel on Thursday said its sales rose by 12 per cent to 2.62 million tonnes (MT) in the quarter ended September 30, 2016.
The Mumbai-based firm had clocked sales of 2.33 MT in the same quarter of 2015-16 fiscal, it said in a regulatory filing.