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Tata Steel surges after Jan-March op profit beats estimates

Tata Steel Ltd shares rose more than 5 per cent on Friday.

Written by Reuters | Mumbai | Published: May 24, 2013 9:43:59 am

Tata Steel Ltd shares rose more than 5 per cent on Friday after its January-March quarterly operating profit beat analyst estimates.

Brokerage IDFC estimated Tata Steel posted an adjusted standalone operating profit of Rs 33 billion in the previous quarter,compared to its forecast of 27.6 billion rupees.

Tata Steel shares gained even as it posted a bigger-than-expected net loss,following a writedown.

Shares at the steel maker were up 5.4 per cent as of 0347 GMT.

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