<p>Shares of Tata Steel rallied 7 per cent in early trade on Tuesday and hit its 52-week high levels on the bourses after the company's India operations, generated strong set of numbers for the quarter ended September 30, 2020.</p>.<p>The stock of Tata Steel opened on a bullish note at Rs 504.70, then gained further ground and touched a high of Rs 529.50 on BSE, up 7.60 per cent from its previous close.</p>.<p>Similar movement was witnessed on the NSE as well, where the stock opened at Rs 506, then gained further and touched its 52-week high of Rs 525.65, registering a gain of 6.80 per cent over its previous close.</p>.<p>Tata Steel reported consolidated EBITDA of Rs 54 billion, significantly higher than market expectation "driven by out-performance in Standalone India operations," JM Financial Institutional Securities said in a research note.</p>.<p>"India operations delivered an EBITDA of Rs 47 billion (vs. JM Financial's estimate of Rs 35 billion) -- implying an EBITDA/t of Rs 13.9k driven by significant operating leverage as volumes increased 61 per cent QoQ," the report said.</p>.<p>Tata Steel Executive Director and CFO Koushik Chatterjee said that despite the pandemic, the company has delivered one of the best quarterly results in India in recent times.</p>.<p>"This was driven by a relentless focus on operating performance and a reduction in our cash costs by almost 14 per cent on a quarter on quarter basis," he said.</p>.<p>India operations, he said, generated an Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 6,025 crore during July-September 2020. The Ebitda during the same quarter of the previous financial year was at Rs 4,033 crore, according to company data.</p>.<p>However, Tata Steel's consolidated net profit declined about 50 per cent to Rs 1,665.07 crore in the September 2020 quarter. The company had clocked a net profit of Rs 3,302.31 crore in the corresponding quarter of the previous financial year. </p>
<p>Shares of Tata Steel rallied 7 per cent in early trade on Tuesday and hit its 52-week high levels on the bourses after the company's India operations, generated strong set of numbers for the quarter ended September 30, 2020.</p>.<p>The stock of Tata Steel opened on a bullish note at Rs 504.70, then gained further ground and touched a high of Rs 529.50 on BSE, up 7.60 per cent from its previous close.</p>.<p>Similar movement was witnessed on the NSE as well, where the stock opened at Rs 506, then gained further and touched its 52-week high of Rs 525.65, registering a gain of 6.80 per cent over its previous close.</p>.<p>Tata Steel reported consolidated EBITDA of Rs 54 billion, significantly higher than market expectation "driven by out-performance in Standalone India operations," JM Financial Institutional Securities said in a research note.</p>.<p>"India operations delivered an EBITDA of Rs 47 billion (vs. JM Financial's estimate of Rs 35 billion) -- implying an EBITDA/t of Rs 13.9k driven by significant operating leverage as volumes increased 61 per cent QoQ," the report said.</p>.<p>Tata Steel Executive Director and CFO Koushik Chatterjee said that despite the pandemic, the company has delivered one of the best quarterly results in India in recent times.</p>.<p>"This was driven by a relentless focus on operating performance and a reduction in our cash costs by almost 14 per cent on a quarter on quarter basis," he said.</p>.<p>India operations, he said, generated an Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 6,025 crore during July-September 2020. The Ebitda during the same quarter of the previous financial year was at Rs 4,033 crore, according to company data.</p>.<p>However, Tata Steel's consolidated net profit declined about 50 per cent to Rs 1,665.07 crore in the September 2020 quarter. The company had clocked a net profit of Rs 3,302.31 crore in the corresponding quarter of the previous financial year. </p>