Tata Sponge Iron declines after weak Q2 earnings

Tata Sponge Iron fell 1.64% to Rs 303 at 13:07 IST on BSE after net profit declined 28.87% to Rs 18.33 crore on 4.36% decline in net sales to Rs 180.29 crore in Q2 September 2013 over Q2 September 2012.

The result was announced after market hours on Thursday, 24 October 2013.

Meanwhile, the BSE Sensex was down 82.53 points, or 0.40%, to 20,642.90.

On BSE, 1,915 shares were traded in the counter compared with average volume of 4,751 shares in the past one quarter.

The stock hit a high of Rs 308.30 and a low of Rs 300 so far during the day. The stock hit a 52-week high of Rs 346.95 on 30 October 2012. The stock hit a 52-week low of Rs 217.90 on 19 September 2013.

The stock had outperformed the market over the past one month till 24 October 2013, rising 15.09% compared with the Sensex's 4.04% rise. The scrip had also outperformed the market in past one quarter, rising 17.35% as against Sensex's 3.16% 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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