Tata Sponge Share Price maintains a Steady Pace

On 8^th Nov Tata Sponge share price is trading at Rs. 597.30 up 4per cent from previous close. The stock touched the day’s high and low at Rs. 609 and Rs. 575.10. Around 8,77,572 shares were traded in the counter with a traded value of Rs. 5,253.41lacs, as per NSE.

Tata Sponge share price met its yearly high value at Rs. 685.00 on 20^th July ’16 whereas the 52 week low value is seen at Rs. 337.90 on 12^th Feb ‘16. The company has a market map of Rs. 885.27 (Cr) and has a book value of 524.36. The average daily movement of the stock is 22.59 and the average volume for 20 days is seen at 223470.

Tata Sponge Iron registered an over two-fold jump in its consolidated net profit at Rs 16.06 crore for the quarter ended September 30. The company which is an associate firm of Tata Steel , had noted a net profit of Rs 5.70 crore in the year-ago period, as per its BSE filing. Total consolidated income of the company, slipped by 8 per cent to Rs 153.55 crore in the July-September quarter from Rs 167.51 crore during the corresponding quarter in 2015-16. Its total expenses went lower at Rs 139.88 crore from Rs 169.50 crore earlier. Tata Sponge is a coal-based merchant sponge iron producer and operates three rotary kilns with an installed capacity of 3,90,000 tonnes per annum (TPA) to produce sponge iron.

Tata Sponge is a multibagger stock for this quarter as recognized by Dynamic Levels, based on their technical and fundamental research, it is seen to have traded in very high volumes. Multibagger stocks have a great potential to grow in the long run. In order to know about the support and resistance levels of the scrip and also its fundamentals and financials, please a pay a visit to Tata Sponge share price history.