Tata Sponge Iron advances on good Q3 earnings

Tata Sponge Iron gained 3.63% to Rs 308 at 15:02 IST on BSE after net profit rose 18.1% to Rs 24.31 crore on 0.1% decline in total income to Rs 207.15 crore in Q3 December 2013 over Q3 December 2012.

The result was announced after market hours on Friday, 17 January 2014.

Meanwhile, the BSE Sensex was up 150.54 points, or 0.71%, to 21,214.16

On BSE, so far 7,971 shares were traded in the counter compared with average volume of 7,438 shares in the past one quarter.

The stock hit a high of Rs 310 and a low of Rs 298 so far during the day. The stock hit a 52-week high of Rs 338.80 on 4 December 2013. The stock hit a 52-week low of Rs 217.90 on 19 September 2013.

The stock had underperformed the market over the past one month till 17 January 2014, rising 0.3% compared with the Sensex's 2.19% rise. The scrip also underperformed the market in past one quarter, falling 1.16% as against Sensex's 3.17% rise.

The small-cap company has an equity capital of Rs 15.40 crore. Face value per share is Rs 10.

Tata Sponge produces high-grade sponge iron. The company has an annual manufacturing capacity of 390,000 tonnes of sponge iron from its 3 kilns.

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