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BUZZ-India's Tata Steel hits over 2-year high; reports first quarterly profit in five
February 8, 2017 / 4:14 AM / 8 months ago

BUZZ-India's Tata Steel hits over 2-year high; reports first quarterly profit in five

** Shares of Tata Steel Ltd rise as much as 2.7 pct to 485.4 rupees, their highest since Nov 19, 2014

** Company reported Dec-quarter net profit of 2.32 bln rupees ($34.45 million), its first quarterly profit in five

** Analysts on average had estimated the steel maker’s profit at 1.74 bln rupees - Thomson Reuters data

** Brokerage firm Jefferies raised stock’s target price to 388 rupees from 355 rupees, stating that India margins should further improve in Q4

** As of Tuesday’s close, stock up 102 pct in the past one year, compared with 18.2 pct increase in the broader NSE index during the same period ($1 = 67.3400 Indian rupees)

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