Tata Sponge Iron melts on profit booking

Tata Sponge Iron lost 3.69% to Rs 1,154.10 at 15:21 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was up 88.38 points or 0.26% at 34,521.45. The S&P BSE Small-Cap index was up 137.68 points or 0.69% at 20,040.99.

On the BSE, 95,000 shares were traded on the counter so far as against the average daily volumes of 90,000 shares in the past one quarter. The stock hit a high of Rs 1,203 and a low of Rs 1,148.85 so far during the day. The stock had hit a record high of Rs 1,230 on 10 January 2018 and a 52-week low of Rs 591.55 on 1 February 2017.

 

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

Shares of Tata Sponge Iron had gained 20.8% in five trading sessions to settle at Rs 1,198.30 yesterday, 10 January 2018, from its close of Rs 992 on 3 January 2018.

Tata Sponge Iron's consolidated net profit surged 72% to Rs 27.62 crore on 19.4% rise in total income to Rs 176.66 crore in Q2 September 2017 over Q2 September 2016.

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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