Mumbai: Shares of Tata Steel gained around 2.5 per cent to touch 52-week high after the firm reported consolidated net profit of Rs 1,036 crore for the fourth quarter. At the NSE, the scrip went up by 2.56 per cent to touch its one-year peak of Rs 463.95. Tata Steel had yesterday reported a consolidated net profit of Rs 1,036 crore for Q4, 2013-14 fiscal on the back of higher sales and margin improvement in domestic operations, coupled with an uptick in its European operations.
The company had reported a loss of Rs 6,529 crore in the same period of previous fiscal due to impairment charges. Revenues during the January-March quarter stood at Rs 42,428 crore, up 22.5 per cent over the corresponding period a year ago. Similarly, group's operating profit improved to Rs 4,917 crore against Rs 4,368 crore reported a year ago. For the whole financial year, 2013-14 the company reported a profit of Rs 3,595 crore compared with a loss of Rs 7,058 crore previous fiscal. Net sales rose to Rs 1,47,347 crore from Rs 1,33,538 crore.
