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Tata Steel shares climb 3% on Muhurat trading session

The company said it achieved the best-ever quarterly volumes in India, registering growth both on QoQ and YoY basis.

Shares of Tata Steel jumped almost 3 percent during the Muhurat trading session on November 14, a day after the company posted a 59.6 percent year-on-year (YoY) fall in Q2FY21 profit at Rs 1,635.4 crore against Rs 4,043.5 crore in the corresponding quarter a year ago.

Total revenue from operations stood at Rs 37,154 crore against Rs 34,579 crore YoY.

EBITDA stood at Rs 6,217 crore against Rs 3,893 crore YoY.

The company said it achieved the best-ever quarterly volumes in India, registering growth both on QoQ and YoY basis.

“Net debt reduced by Rs 8,285 crore in H1FY21; now below March 2019 levels,” the company said.

The merger of Tata Metaliks and Indian Steel & Wire Products into Tata Steel Long Products is approved, the company said.

Shares of Tata Steel traded 1.60 percent higher at Rs 494.30 on BSE at 1820 hours.