www.smartinvestor.in/company/comp_300-Tata_Sponge_Iron_Ltd.htmTata Sponge Iron is trading up 5% at Rs 378, after the company has posted almost threefold rise in its net profit for the quarter ended March 2010.
 
The net profit of the company zoomed by 189% to Rs 33 crore for Q4 FY10, as compared to Rs 12 crore in same period of previous year. Net sales increased 27% to Rs 167 crore (Rs 131 crore) during the quarter.
 
However, on full year basis, the net profit has declined by 30% to Rs 85 crore (Rs 121 crore) and net sales by 14% to Rs 520 crore (Rs 608 crore) in FY10.
 
The board of directors has recommended a dividend of Rs 8 per equity share (80%) for FY10, same as paid in previous year FY09.
 
The stock opened at Rs 369 and touched high of Rs 383. As many as 38,049 shares have changed hands so far on the BSE, as compared to an average 9,370 shares that were traded in last two weeks.