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Shares of Tata Steel surged as much as 3 percent on Wednesday as investors cheered the company's strong business update. At 1219 IST, shares of the steelmaker were up 1.7 percent at Rs 1,368 on BSE.

The stock outperformed the sectoral gauge, Nifty Metal. Nifty Metal was up 1 percent.

Tata Steel India achieved its highest-ever annual crude steel production of about 19 million tons, a 13 percent YoY growth despite the second wave of coronavirus and the consequent disruption early in the financial year, the steel manufacturer said in an exchange filing.

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During 4Q FY22, crude steel production increased by 2 percent QoQ and stood at 4.90 mn tonnes.

"Tata Steel India deliveries increased by 6 percent YoY in FY22, surpassing the previous best recorded in FY21. Domestic deliveries grew by 14 percent YoY driven by improved demand and the company’s robust marketing network. In 4QFY22, deliveries grew by 16 percent QoQ to 5.12 million tons, the highest ever quarterly deliveries," the company said in an exchange filing.

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Tata Steel Europe steel production in FY22 grew by 6 percent YoY and total deliveries rose 2 percent YoY driven by a broad-based improvement in most steel-consuming sectors. During 4QFY22, production fell 9 percent QoQ due to operational issues primarily in the UK. However, deliveries were up 9 percent QoQ.

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