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Shares of Tata Steel associate firm Tata Sponge shot up by more than 11 per cent in early trade on the bourses today after the company’s net profit more than doubled to Rs 21.73 crore in the September quarter.
On Saturday, Tata Sponge Iron said its net profit for the quarter ended September 30, 2011, more than doubled to Rs 21.73 crore on account of large savings on raw material.
The Orissa-based company consumed raw material worth Rs 121.68 crore during the reporting quarter, as against Rs 136.44 crore in the corresponding year-ago period.
Reacting to the numbers, shares of the company opened on a bullish note and surged by 11.35 per cent to an early high of Rs 344.25 on BSE.
Similar movement was witnessed on the National Stock Exchange, where the stock — after opening at Rs 334.90 — rallied by 11.61 per cent to a high of Rs 344.90.
However, some of the initial gains were pared in later trade and the stock was being quoted 11.05 per cent higher at Rs 343.30 on the BSE and up by 10.81 per cent at Rs 342.40 on the NSE at 11.15 a.m.
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