Tata Sponge Iron surged 9.13% to Rs 626.40 at 9:25 IST on BSE, with the stock extending Tuesday's sharp rally triggered by the company reporting strong Q4 earnings.
Meanwhile, the S&P BSE Sensex was up 163.50 points or 0.73% at 22,629.69.
On BSE, so far 2.05 lakh shares were traded in the counter as against average daily volume of 90,000 shares in the past two weeks.
The stock hit a high of Rs 640.15 so far during the day, which is a record high for the counter. The stock hit a low of Rs 607.30 so far during the day.
Shares of Tata Sponge Iron have rallied 30.95% in two trading sessions from Rs 478.35 on 28 April 2014, after the company before market hours on Tuesday, 29 April 2014, reported strong Q4 March 2014 earnings. The stock surged by the maximum permissible level of 20% to settle at Rs 574 on Tuesday, 29 April 2014.
Tata Sponge Iron's consolidated net profit jumped 335.95% to Rs 40.50 crore on 11.91% growth in total income from operations to Rs 236.56 crore in Q4 March 2014 over Q4 March 2013.
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Tata Sponge Iron's consolidated net profit rose 18.54% to Rs 101.19 crore on 1.7% decline in total income from operations to Rs 782.22 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Tata Sponge Iron's board of directors at its meeting held on Monday, 28 April 2014, recommended dividend of Rs 10 per share for FY 2014.
Tata Sponge Iron produces high-grade sponge iron.
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