Tata Sponge Iron drops after weak Q3 result

Tata Sponge Iron lost 2.38% to Rs 641.40 at 10:31 IST on BSE after net profit declined 32.08% to Rs 16.51 crore on 8.42% increase in total income from operations (net) to Rs 215.14 crore in Q3 December 2014 over Q3 December 2013.

The company announced the result after trading hours yesterday, 19 January 2015.

Meanwhile, the BSE Sensex was up 140.60 points, or 0.5%, to 28,402.61

On BSE, so far 55,000 shares were traded in the counter, compared with an average volume of 1.51 lakh shares in the past one quarter.

The stock hit a high of Rs 646 and a low of Rs 625.90 so far during the day. The stock hit a record high of Rs 1,203.55 on 25 July 2014. The stock hit a 52-week low of Rs 298 on 20 January 2014.

The stock had outperformed the market over the past one month till 19 January 2015, rising 5.78% compared with 3.25% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 20.12% as against Sensex's 8.25% rise.

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

Tata Sponge Iron produces high-grade sponge iron.

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