Shares of Tata Group Companies – Tata Metaliks and Tata Sponge Iron – manufacturer of pig iron and sponge iron continued their upward march and rallied by over 50% in less than two weeks on the bourses.
Tata Metaliks has moved higher by 10% to Rs 113, also its 52-week high on BSE, after reporting a robust consolidated net profit of Rs 34.32 crore for the first quarter ended June 30, 2014 (Q1), on back of strong operational performance.
Tata Metaliks has rallied 11% to Rs 74.40, extending its Monday’s over 10% gain, after its parent company Tata Steel on Friday signed an Expression of Interest (EoI) with Karnataka government to set up a six million tonnes per annum (MTPA)
Tata Metaliks has surged up to 9% at Rs 70 in late noon trades after reporting a net profit of Rs 14.93 crore for the quarter ended March 2012, against a net loss of Rs 5 lakh in the corresponding quarter of previous fiscal, due to lower raw material
Tata Metaliks today said it had up to 15 days' iron ore inventory to feed the furnaces at its Redi plant in Maharashtra and may have to resort to closure if raw material supply does not get normalised within the next 7-10 days.