Tata Steel shares gain over 3% on earnings, China reforms

Mumbai: Shares of Tata Steel on Monday gained over 3 percent after the company last week posted a consolidated net profit of Rs 916.77 crore for the second quarter ended September 30.

Tata Steel's scrip settled for the day 2.86 percent higher at Rs 386.05 on the BSE, adding to Thursday's 4.58 percent gain. In intra-day, the stock rallied 3.25 percent to Rs 387.50.

At the NSE, the stock climbed 3.29 percent to close at Rs 387.70.

In terms of volume, 12.13 lakh shares of the steel major changed hands on the BSE, while over 73 lakh scrips were traded at the NSE during the day.

The turnaround, from a Rs 363.93 crore net loss in the same quarter last fiscal, was driven by steady ramp-up of Indian operations and improved performance at the European and South East Asian operations, the company had said on Wednesday.

Besides, sentiment also got a boost from expectations of a higher demand for steel after China's government said it would carry out broad reforms.

Meanwhile, the broader market was also strong with the benchmark Sensex surging 451.32 points to close at 20,850.74.

Sensex drops over 100 points; Tech Mahindra up 4% post Q2 results

NEW DELHI: The S&P BSE Sensex slipped over 100 points in morning trade on Friday, weighed down by losses in realty, consumer durables, banks and power stocks. Tracking the muted momentum, the 50-share Nifty index was trading close to its crucial psychological support level of 6150 levels.

Tech Mahindra rallied as much as 3.78 per cent in morning trade after the IT major surprised analysts on Thursday by reporting better than anticipated revenue growth in dollar terms. Revenue came at $758 million increased by 4.7% sequentially, higher than the expectation of 2.7-3% increase.

At 09:20 a.m.; the 50-share index was at 6163, down 23 points or 0.38 per cent. It touched a high of 6,173.75 and a low of 6,139.85 in early trade today.

The S&P BSE Sensex was trading at 20,762, down 61 points or 0.3 per cent. It touched a high of 20,792.30 and a low of 20,645.64 in trade today.

The S&P BSE Midcap Index was down 1.07 per cent and BSE S&P Smallcap Index edged lower by 1.1 per cent.

Among the sectoral indices, the BSE Consumer Durable Index was down 1.03 per cent, followed by the S&P BSE Auto Index which dropped 0.68 per cent and the S&P BSE Capital Goods Index was trading 0.62 per cent.

The BSE IT index was trading 0.3 per cent higher, followed by the BSE Metal index which was up 0.29 per cent, BSE HealthCare index was trading flat with positive bias.

Tata SteelBSE 1.32 % (1.3 per cent), Wipro (0.9 per cent), Cipla (0.66 per cent), Infosys (0.47 per cent) and Sesa Goa (0.15 per cent) were among the major Sensex gainers.

Sun Pharma (1.78 per cent), ONGC (1.73 per cent), BHELBSE 0.86 % (1.34 per cent), GAIL (1.3 per cent) and Maruti SuzukiBSE -1.02 % (1.32 per cent) were among the index losers.

Asian shares slumped to a three-week low after U.S. stocks suffered their biggest fall in more than two months, weighed down by GDP data and surprise interest rate cut by the European Central Bank.

Japan's Nikkei 225 index was trading 0.9 per cent lower at 14,097.50 and Hong Kong's Hang Seng index was trading 0.4 per cent lower at 22,788.12.

South Korea's Kospi index was trading 0.3 per cent lower at 1,997. China's Shanghai index was trading 0.3 per cent lower at 2,122.