Tata Steel gains on earnings, China reforms

Reuters
Sparks fly as an employee works on a rail at the Tata Steel rails factory in Hayange
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Sparks fly as an employee gives finishing touches to a rail at the Tata Steel rails factory in Hayange, …

Reuters Market Eye - Tata Steel shares rise 2 percent adding to Thursday's 4.9 percent gain after the company's second-quarter profit beat expectations, helped by a rise in prices and market share at home.

July-September consolidated net profit, after minority interest and share of associates, was 9.17 billion rupees, compared with a loss of 3.64 billion rupees a year earlier, Tata Steel said on Wednesday.

Sentiment also got a boost from expectations of a higher demand for steel after China unwrapped its boldest set of economic and social reforms in nearly three decades on Friday, in order to put the world's second-largest economy on a more stable footing.

(Reporting by Abhishek Vishnoi)

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