Tata Sponge Iron has surged 8% to Rs 692 on National Stock Exchange (NSE) after reporting an over two-fold jump in standalone net profit at Rs 44 crore for the first quarter ended June 30, 2014 (Q1), due higher realisation and other income. The Tata Group Company had reported a profit of Rs 18 crore in the same quarter last year.
Total operational income of the company grew by 24% to Rs 203 crore against Rs 164 crore in previous year quarter, Tata Sponge Iron said in a statement.
EBITDA (Earnings before interest, tax, depreciation and amortization) margin improved substantially to 28.58% from 14.52%.
The stock opened at Rs 710 and touched high of Rs 720 on NSE. A combined 243,350 shares changed hands on the counter in early morning deals on NSE and BSE.
Total operational income of the company grew by 24% to Rs 203 crore against Rs 164 crore in previous year quarter, Tata Sponge Iron said in a statement.
EBITDA (Earnings before interest, tax, depreciation and amortization) margin improved substantially to 28.58% from 14.52%.
The stock opened at Rs 710 and touched high of Rs 720 on NSE. A combined 243,350 shares changed hands on the counter in early morning deals on NSE and BSE.
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