Tata Sponge Iron surged 14.35% to Rs 547 at 9:52 IST on BSE after 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.
The Q4 result was announced before market hours today, 29 April 2014.
Meanwhile, the S&P BSE Sensex was down 86.30 points or 0.38% at 22,545.31.
On BSE, so far 2.60 lakh shares were traded in the counter as against average daily volume of 28,000 shares in the past two weeks.
The stock hit a high of Rs 555 so far during the day, which is a record high for the counter. The stock hit a low of Rs 505 so far during the day.
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).
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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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