Tata Sponge Iron gets environment clearance from Ministry of Environment

Mumbai : Tata Sponge Iron on Monday informed of receiving environment clearance from Ministry of Environment, Forest & Climate Change, Government of India, for enhancement of DRI production by 35000 TPA i.e. from 3,90,000 TPA to 4,25,000 TPA in the existing facility located at Bileipada, district Keonjhar, Odisha, as per BSE filing.

The stock of the company is trading at Rs 868 per share up by 1.3% at 10:16 AM IST on BSE. It hit a high of Rs 878 and a low of Rs 864.25 so far during the morning hours.

The company had reported a net profit of Rs 21.20 crore for the quarter ended March 2017 as against Rs 13.08 crore for the same quarter in the previous year.

The Company is engaged in the production of sponge iron by direct reduction method of iron ore and generation of power from waste heat. The Company operates through two segments: manufacture of sponge iron and generation of power.

Stock View:

Tata Sponge Iron Ltd is currently trading at Rs 866.55, up by Rs 9.05 or 1.06% from its previous closing of Rs 857.5 on the BSE.

The scrip opened at Rs 871 and has touched a high and low of Rs 878 and Rs 864.25 respectively. So far 270188(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1320.55 crore.

The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 900 on 11-Apr-2017 and a 52 week low of Rs 474.95 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 870 and Rs 811.9 respectively.

The promoters holding in the company stood at 54.5 % while Institutions and Non-Institutions held 6.87 % and 38.63 % respectively.

The stock is currently trading above its 50 DMA.

Source: Indiainfoline

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