India's Tata Steel surges; Jan-March op profit beats estimates

Last Updated: Fri, May 24, 2013 03:50 hrs

MUMBAI, May 24 (Reuters) - India's Tata Steel Ltd shares rose more than 5 percent on Friday after its January-March quarterly operating profit beat analyst estimates.

Brokerage IDFC estimated Tata Steel posted an adjusted standalone operating profit of 33 billion rupees in the previous quarter, compared to its forecast of 27.6 billion rupees.

Tata Steel shares gained even as it posted a bigger-than-expected net loss, following a writedown.

Shares at the steel maker were up 5.4 percent as of 0347 GMT. (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)

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