Tata Sponge Iron shares rally over 10% after robust earnings

Shares of Tata Sponge Iron surged over 10 per cent today after the company reported robust earnings for the quarter ended June 2014.
Tata Sponge's scrip ended the day 10.29 per cent higher at Rs 706.80. In intra-day session, it jumped 11.85 per cent to Rs 716.80.
At the NSE, the stock climbed 8.30 per cent to settle at Rs 693.25.
On the volume front, 3.79 lakh shares of the company changed hands at the BSE, while over 16 lakh shares were traded at the NSE during the day.
The company's net profit surged over two-fold to Rs 44.28 crore during quarter ended June 2014 as compared to Rs 18.04 crore in the corresponding quarter last fiscal.

Total income increased to Rs 203.12 crore, up 23.52 per cent, from Rs 164.44 crore in year-ago period.
Meanwhile, the broader market also saw heavy buying, with the benchmark Sensex surging 221.67 points to settle at 25,228.65.