Tata Steel Climbs After Quarterly Profit Doubles on Demand Boom
Tata Steel Ltd. shares advanced in Mumbai after the company said first-quarter profit doubled, with results bolstered by rising demand in India and growth in the global market supported by lower exports from China.
Net income surged to 19.5 billion rupees ($279 million) in the three months to June, from 9.18 billion rupees a year earlier, according to a statement on Monday. Revenue climbed about 22 percent to 378 billion rupees.
The stockrose as much as 3.2 percent to 587 rupees, the day’s second-best performer on the benchmark S&P BSE Sensex Index.