Tata Steel jumps as Q1 net more-than-doubles

Tata Steel's Q1FY16 consolidated net profit more-than-doubled to Rs. 762.96 crore when compared with Rs. 337.33 crore in the corresponding quarter a year ago.

Tata Steel has spurted over 3.5 percent to a high of Rs. 256 in opening trades this morning on the back of over 126 percent jump in Q1 consolidated net.

Tata Steel's Q1FY16 consolidated net profit more-than-doubled to Rs. 762.96 crore when compared with Rs. 337.33 crore in the corresponding quarter a year ago. Total income, however, was down 15.3 percent at Rs. 31,062 crore from Rs. 36,643 crore.

The stock is now up nearly 2 percent at Rs. 251, and around 500,000 shares have changed hands in the first few minutes of trade on the BSE.

Meanwhile, the Sensex has declined 124 points to 27,742.