Tata Sponge Iron has zoomed 19% to Rs 416, extending its past three day’s rally, after reporting a robust 48% year-on-year (yoy) jump in operating profit at Rs 40.29 crore for the third quarter ended December 31, 2013 (Q3). Tata Group Company had operating profit of Rs 27.31 crore in year ago quarter. Operating profit margins improved substantially to 20.84% from 13.92% over the previous year quarter.
Meanwhile, the company’s net profit increased by 18% yoy at Rs 24.31 crore on account of higher interest burden and tax outgo. Net sales declined 1.53% at Rs 193 crore over the previous year quarter.
The stock opened at Rs 365 and touched a 52-week high of Rs 420 on the BSE. A combined 3.31 million shares already changed hands on the counter against an average less than 75,000 shares that were traded daily in past two weeks.
In past four trading sessions, the stock has rallied 41% from Rs 297 on January 17 compared to 1.5% rise in benchmark S&P BSE Sensex.
Meanwhile, the company’s net profit increased by 18% yoy at Rs 24.31 crore on account of higher interest burden and tax outgo. Net sales declined 1.53% at Rs 193 crore over the previous year quarter.
The stock opened at Rs 365 and touched a 52-week high of Rs 420 on the BSE. A combined 3.31 million shares already changed hands on the counter against an average less than 75,000 shares that were traded daily in past two weeks.
In past four trading sessions, the stock has rallied 41% from Rs 297 on January 17 compared to 1.5% rise in benchmark S&P BSE Sensex.
