Tata Steel surges; Jan-March operating profit beats estimates

Tata Steel Ltd shares rose more than 5% on Friday after its January-March quarterly operating profit beat analyst estimates.

Tata Steel Ltd shares rose more than 5% on Friday after its January-March quarterly operating profit beat analyst estimates.

Brokerage IDFC estimated Tata Steel posted an adjusted standalone operating profit of Rs 33 billion in the previous quarter, compared to its forecast of Rs 27.6 billion.

Tata Steel shares gained even as it posted a bigger-than-expected net loss, following a writedown.

Shares at the steel maker were up 5.4% as of 0347 GMT.