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BUZZ-India's Tata Steel rises as March-qtr loss narrows
May 17, 2017 / 4:23 AM / 7 months ago

BUZZ-India's Tata Steel rises as March-qtr loss narrows

** Shares of Tata Steel Ltd rise as much as 5.1 pct to highest since April 12

** Co posts net loss of 11.68 bln rupees ($182.50 mln) for March quarter which includes one-off cost of 40.69 bln rupees for non-cash pension curtailment charges

** Co had posted net loss of 30.42 bln rupees in March quarter last year

** Research firm Jefferies raises its target price for the steel maker to 404 rupees from 388 rupees, stating Q4 EBITDA well ahead of its estimates and that it represents the peak in terms of margins

** Jefferies raises FY18-19E EBITDA estimates by 2-4 pct

** Over 8 mln shares change hands, exceeding the 30-day average in just 15 minutes of trade

** Stock top pct gainer on the NSE index ($1 = 64.0000 Indian rupees) (arnab.paul@thomsonreuters.com@reuters.net)

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