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17-Jul2017

Tata Sponge rises on receiving environmental clearance to raise capacity at Keonjhar facility

Tata Sponge Iron is currently trading at Rs. 830.80, up by 2.60 points or 0.31% from its previous closing of Rs. 828.20 on the BSE.

The scrip opened at Rs. 835.00 and has touched a high and low of Rs. 838.00 and Rs. 830.80 respectively. So far 1,580 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 900.00 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. 856.90 and Rs. 821.00 respectively. The current market cap of the company is Rs. 1,280.51 crore.

The promoters holding in the company stood at 54.50%, while Institutions and Non-Institutions held 6.87% and 38.63% respectively.

Tata Sponge Iron has received an approval from the Ministry of Environment, Forest and Climate Change, Government of India, for enhancement of DRI production by 35,000 tonne (from 3,90,000 TPA to 4,25,000 TPA) in the existing facility located at Biliepada in Keonjhar, Odisha.

Besides, the company has reported 8% increase in production of sponge iron to record 3.9 lakh tonnes in 2016-2017 compared to 3.6 lakh tonnes in the preceding fiscal. Besides, the company's sponge iron sales increased by 7.4% to 3.93 lakh tonnes as against 3.66 lakh tonnes in the previous year.

Tata Sponge Iron produces and sells sponge iron in India. The company offers sponge iron to secondary steel sector for the production of steel. It also operates two power plants with a combined generation capacity of 26 MW that generate power from waste heat.



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