Tata Steel Ltd shares rose over 2% to hit a record high early deals after the Tata Group company said crude steel production for India business rose 4.5 percent year-on-year to 5.38 million metric tonne (MT), while deliveries climbed 5 percent YoY to 5.41 MT. These were the highest ever quarterly deliveries.
Tata Steel stock zoomed 2.14% to a high of Rs 166.85 on BSE. Tata Steel stock opened higher at Rs 166.65 against the previous close of Rs 163.35 on BSE. Market cap of the firm rose to Rs 2.05 lakh crore. Total 15.38 lakh shares changed hands amounting to a turnover of Rs 25.47 crore on BSE. The stock was among the top gainers on Sensex today.
In FY24, Tata Steel India achieved the highest ever annual crude steel production of 20.8 MT, rising 4 percent YoY by debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam, and deliveries increased by 5.6 percent YoY to 19.9 MT.