Tata Sponge Iron soared to Rs 871 in early trades on Thursday, with buoyant quarterly results wooing investors to the counter.
The company announced after trading hours on Wednesday that it posted consolidated net profit of Rs 21.20 crore for the quarter ended March 2017. That was nearly 62% more than the net profit of Rs 13.08 crore reported by the company in the year-ago quarter.
Total income (consolidated) increased to Rs 194.68 crore in the fourth quarter of 2016-17, from Rs 165.27 crore in the year-ago quarter.
Due to profit taking at higher levels, the stock is off the day's high now. At Rs 841.90, it is up just about 1% from its previous closing price.The stock had touched a 52-week high of Rs 900 on 9 April 2017.
