BSE Metal index trade higher; Tata Steel top gainer

Lloyd Doyle
October 6, 2017

Asian stocks reflected United States optimism after data sets and comments from Federal Reserve officials pointed to the USA economy gaining strength, signalling a gradual global revival.

The stock opened at Rs 664.90 on BSE and advanced to Rs 690.80. The stock had hit a 52-week high of Rs 696.55 on 21 September 2017 and a 52-week low of Rs 366.05 on 21 November 2016.

Major gainers in the 30-share index were NTPC (4.11%), Tata Power Company (3.01%), Tata Steel (2.33%), Mahindra & Mahindra (2.00%), GAIL (India) (1.98%), and Coal India (1.69%).

Hindalco Industries topped the value chart on the BSE with a turnover of Rs. 233.37 million.

Tata Steel rose 1.26% to Rs 668.50 at 9:22 IST on BSE after the company reported a 15.73% growth in sales to 6.4 million tonnes in Q2 September 2017 over Q2 September 2016. In the second quarter, sales were up 12%, compared to year-ago quarter.

Tata Steel was among the top gainers on the NSE index, rising as much as 4.6 percent, after the steelmaker said its provisional production and sales in India rose 11 percent and 19.5 percent, respectively, in the second quarter. The company's production figure stood at 5.94 million tonnes in the same quarter past year. The Merchant Mill too turned in its best second quarter performance this year, clocking an output of 0.118 million tonnes.

The large-cap company has equity capital of Rs 971.22 crore. Tata Steel outperformed the market in the last quarter, gaining more than 20%, as compared to the 1.1% rise of the Sensex. Net sales were up 18.9% at Rs 29,386.76 crore in the first quarter, compared to year-ago quarter.

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