Tata Sponge Iron lost 3.11% to Rs 552.65 at 10:15 IST on BSE, with the stock sliding on profit booking after the company announced strong Q4 March 2016 results.
The result was announced after market hours yesterday, 25 April 2016.Meanwhile, the S&P BSE Sensex was down 28.15 points or 0.11% at 25,650.78.
On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 74,923 shares in the past one quarter. The stock hit a high of Rs 565.50 and a low of Rs 538.95 so far during the day. The stock had hit a 52-week low of Rs 340 on 12 February 2016. The stock had hit a 52-week high of Rs 642.60 on 27 April 2015. The stock had outperformed the market over the past one month till 25 April 2016, advancing 20.94% compared with Sensex's 1.35% rise. The scrip had also outperformed the market in past one quarter, gaining 38.9% as against Sensex's 4.87% rise.
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 witnessed a pre-result rally. The stock had surged 11.3% in the preceding five trading sessions to settle at Rs 570.40 yesterday, 25 April 2016 from its close of Rs 512.45 on 13 April 2016.
Tata Sponge Iron's consolidated net profit rose 49.47% to Rs 12.81 crore on 12.43% decline in net total income from operations to Rs 140.39 crore in Q4 March 2016 over Q4 March 2015.
The company achieved an impressive growth in its bottom line during the quarter despite a sharp decline in other income or non-operational income. Other income declined 53.61% to Rs 10.92 crore in Q4 March 2016 over Q4 March 2015.
Tata Sponge Iron is a sponge iron manufacturer.
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