 "Tata Metaliks hits new high; soar over 200% in 20 trading days")
Tata Metaliks has moved higher to its new high of Rs 365 on the BSE, extending nearly one-month long rally on the bourses, in an otherwise weak market. Out of 20 sessions, in 17 trading sessions the stock locked in upper limit of circuit filter with no sellers on the counter.
Since May 16, the stock zoomed 212% from Rs 117 after Tata Steel announced that it has decided to drop its plan to merge its units Tata Metaliks and Tata Metaliks DI Pipes Ltd with itself. The S&P BSE Sensex was up 2.6% during the period.
Meanwhile, Tata Metaliks, a Tata Group Company engaged in the manufacturing of pig iron, had posted a record quarterly profit of Rs 48.62 crore in the fourth quarter ended March 2016 (Q4) as compared to Rs 28.43 crore in a year ago quarter.
According to Mudar Patherya, a stock market writer, Tata Metaliks is at the cusp of a significant expansion - even as pig iron capacity will remain the same, the company has selected to expand it coke oven capacity (to reduce costs), commission a 10 Mw waste heat recovery system (to reduce costs) and increase its ductile iron pipe capacity nearly 50 per cent to 200,000 tonnes per annum.
Following the announcement of the results, the Tata Metaliks counter has been giving the Indian rope trick guys a complex. But, there is still attractive value in this company, added report. CLICK HERE TO READ FULL REPORT.
Till 12:25 PM, a combined 740,613 shares changed hands and there were pending buy orders for 102,580 shares on the BSE and NSE.
Since May 16, the stock zoomed 212% from Rs 117 after Tata Steel announced that it has decided to drop its plan to merge its units Tata Metaliks and Tata Metaliks DI Pipes Ltd with itself. The S&P BSE Sensex was up 2.6% during the period.
Meanwhile, Tata Metaliks, a Tata Group Company engaged in the manufacturing of pig iron, had posted a record quarterly profit of Rs 48.62 crore in the fourth quarter ended March 2016 (Q4) as compared to Rs 28.43 crore in a year ago quarter.
According to Mudar Patherya, a stock market writer, Tata Metaliks is at the cusp of a significant expansion - even as pig iron capacity will remain the same, the company has selected to expand it coke oven capacity (to reduce costs), commission a 10 Mw waste heat recovery system (to reduce costs) and increase its ductile iron pipe capacity nearly 50 per cent to 200,000 tonnes per annum.
Following the announcement of the results, the Tata Metaliks counter has been giving the Indian rope trick guys a complex. But, there is still attractive value in this company, added report. CLICK HERE TO READ FULL REPORT.
Till 12:25 PM, a combined 740,613 shares changed hands and there were pending buy orders for 102,580 shares on the BSE and NSE.