Shares of Tata Metaliks Ltd on Wednesday jumped over 8 percent after the firm reported a net profit of Rs 94.72 crore for the quarter ended June 30, 2021.
After a firm start, the stock gained further ground and jumped 8.06 percent to Rs 1,299 at the BSE. On the NSE, it zoomed 8.14 percent to Rs 1,299.55.
At 11.11 AM, on the BSE, the stock was up 4.92 percent at 1,260.80. On the NSE, it was up 4.77 percent to 1,259.00.
Tata Metaliks Ltd, a subsidiary of Tata Steel, on Tuesday reported a net profit of Rs 94.72 crore for the quarter ended June 30, 2021.
The company posted a net loss of Rs 12.36 crore in the year-ago quarter, Tata Metaliks said in a regulatory filing.
Total income during April-June 2021-22 increased to Rs 606.45 crore from Rs 210.99 crore in the year-ago period.
Expenses were at Rs 471.62 crore during the quarter under review, up from Rs 227.46 crore a year ago.
"The company has delivered strong results primarily due to record sales and booming prices of pig iron. DI pipe business got impacted mainly due to COVID-induced restrictions by state governments.
"However, demand for DI pipes continues to remain robust on the back of significantly increased allocation in this year's Union budget for water infrastructure," Sandeep Kumar, Managing Director of Tata Metaliks said in a statement.