Tata Sponge Iron has rallied 11% to Rs 344 after more than doubling its net profit at Rs 21.73 crore for the quarter ended September 2011 on account of large savings on raw material.
Tata Steel's associate firm Tata Sponge Iron's net profit has more than doubled to Rs 21.73 crore for the quarter ended September 30, 2011 on account of large savings on raw material.
Net sales of the company rose by 14.56% during the quarter to Rs 191.64 crore, compared to Rs 162.79 crore during the corresponding quarter of FY10, Tata Sponge Iron (TSIL) said in a filing to the Bombay Stock Exchange.
While all steel manufacturers stand to gain from the hike in prices, analysts find JSW Steel and Tata Sponge to be trading at most attractive valuations.
The Ministry of Coal has slapped a showcause notice on Tata Sponge Iron Ltd, Scaw Industries Ltd and SPS Sponge Iron Ltd for the inordinate delay in development of the Radhikapur (east) coal block under the command area of Mahanadi Coalfields Ltd (MCL) in
