Tata Sponge Iron jumps nearly 38% in four sessions

Tata Sponge Iron surged 17.03% to Rs 410 at 13:44 IST on BSE, extending recent gains after the company reported strong Q3 December 2013 results.

The result was announced after market hours on Friday, 17 January 2014. The stock has risen 37.95% in four trading sessions from Rs 297.20 on 17 January 2014.

Meanwhile, the BSE Sensex was up 34.72 points, or 0.16%, to 21,372.39.

On BSE, so far 5.38 lakh shares were traded in the counter, compared with an average volume of 9,028 shares in the past one quarter.

The stock hit a high of Rs 414.40 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 354.45 so far during the day. 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 22 January 2014, rising 16.69% compared with the Sensex's 1.22% rise. The scrip had outperformed the market in past one quarter, rising 13.81% as against Sensex's 2.27% rise.

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

Tata Sponge Iron's 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.

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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