Tata Sponge Iron drops after weak Q2 result

Tata Sponge Iron lost 3.53% to Rs 493.20 at 10:45 IST on BSE, after consolidated net profit fell 74.7% to Rs 5.69 crore on 27.9% drop in total income to Rs 161.46 crore in Q2 September 2015 over Q2 September 2014.

The result was announced after market hours on Friday, 16 October 2015.

Meanwhile, the BSE Sensex was up 81.77 points, or 0.3%, to 27,296.37

On BSE, so far 58,296 shares were traded in the counter, compared with an average volume of 1.19 lakh shares in the past one quarter.

The stock hit a hit of Rs 499 and a low of Rs 479.10 in intraday trade. The stock hit a 52-week high of Rs 942 on 4 March 2015. The stock hit a 52-week low of Rs 388.95 on 25 August 2015.

The stock had outperformed the market over the past one month till 16 October 2015, rising 11.35% compared with 4.82% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 7.95% as against Sensex's 4.33% decline.

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

Tata Sponge Iron, which has its manufacturing facility at Bilaipada (in Joda Block of Keonjhar District in Orissa), was initially set up as a joint venture company between Tata Steel and the Industrial Promotion and Investment Corporation of Orissa (IPICOL). It has moved on since, becoming an associate company of Tata Steel following the former's acquisition of IPICOL's stake in 1991.

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