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.