Tata Steel shares jump over 6 pc; m-cap gains Rs 5,478 cr

Shares of Tata Steel on Thursday jumped over 6 per cent after Moodys Investors Service said it has changed its outlook for the company to stable from negative.The stock gained 6.27 per cent to close at Rs 862.85 on the BSE.

Shares of Tata Steel on Thursday jumped over 6 per cent after Moody's Investors Service said it has changed its outlook for the company to stable from negative.

The stock gained 6.27 per cent to close at Rs 862.85 on the BSE. During the day, it rose by 6.98 per cent to Rs 868.65 -- its one-year high.

On the NSE, it gained 5.79 per cent to close at Rs 858.90.

The company's market valuation rose by Rs 5,478.57 crore to reach Rs 1,03,247.57 crore on the BSE. In traded volume terms, 24.23 lakh shares were traded at the BSE and over 3.68 crore units at the NSE during the day.

The rating agency said it ''has changed the outlook on Tata Steel Ltd to stable from negative''.

Moody's Vice President and Senior Credit Officer Kaustubh Chaubal said, ''The rating affirmation and outlook change to stable are driven by a solid recovery in Tata Steel's operations in the third quarter of the fiscal year ending March 2021. We believe the company will sustain the improvement over the next 12-18 months''.