Tata Steel surges; Q4 operating profit beats forecast

Tata Steel shares rose as much as 6.65 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 3,300 crore (Rs 33 billion) in the previous quarter, compared to its forecast of Rs 2,760 crore (Rs 27.6 billion).

Tata Steel shares gained even as it posted a bigger-than-expected

net loss, following a writedown.

Shares at the steel maker ended up 4.49 per cent.

Image: Tata Steel MD Hemant Nerurkar (L) and Tata Steel Europe's MD Karl-Ulrich Koehler.

Source: REUTERS
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