Tata Metaliks zooms 90%; Tata Sponge over 50% in 9-days

Tata Sponge Iron surged 11% to Rs 935, also its record high, while Tata Metaliks rallied 10% to Rs 132 on BSE today.

Shares of Tata Group Companies – Tata Metaliks and Tata Sponge Iron – manufacturer of pig iron and sponge iron continued their upward march and rallied by over 50% in less than two weeks on the bourses.

Today, Tata Sponge Iron has surged 11% to Rs 935, also its record high, while Tata Metaliks rallied 10% to Rs 132 on BSE.

In past nine trading sessions, Tata Metaliks zoomed 91% from Rs 69 and Tata Sponge Iron by 52% from Rs 616 on July 11. The benchmark S&P BSE Sensex gained 4.5% during the same period.

Both these companies have reported a strong set of numbers for the quarter ended June 30, 2014. Tata Sponge Iron’s net profit reported an over two-fold  jumped in standalone net profit at Rs 44 crore for the first quarter ended June 2014 as compared to Rs 18 crore in the corresponding quarter last fiscal.

Tata Metaliks posted consolidated net profit of Rs 34 crore in June quarter against a loss of Rs 13 crore during the same quarter last year.