Tata Sponge Iron shines after strong Q2 result

Tata Sponge Iron rose 1.4% to Rs 947 at 09:25 IST on BSE after consolidated net profit surged 71.98% to Rs 27.62 crore on 19.39% rise in total income to Rs 176.66 crore in Q2 September 2017 over Q2 September 2016.

The result was announced after market hours yesterday, 17 October 2017.

Meanwhile, the S&P BSE Sensex was down 57.58 points or 0.18% at 32,551.58. The S&P BSE Small-Cap index was up 17.69 points or 0.1% at 17,083.84.

On the BSE, 37,000 shares were traded on the counter so far as against the average daily volumes of 53,136 shares in the past one quarter. The stock hit a high of Rs 956.20 and a low of Rs 942.50 so far during the day. The stock had hit a 52-week high of Rs 978.45 on 10 October 2017 and a 52-week low of Rs 474.95 on 9 November 2016.

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

Tata Sponge Iron is a sponge iron manufacturer. Tata Steel is the promoter of Tata Sponge Iron. Tata Steel owned 54.5% stake in the company as on 30 September 2017.

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