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Tata Metaliks, Tata Sponge Iron surge

Tata Metaliks, Tata Sponge Iron surge

Tata Metaliks and Tata Sponge Iron on Monday surged by up to 17 per cent on the Bombay Stock Exchange on heavy buying even as the broader market remained weak.

Tata Metaliks and Tata Sponge Iron on Monday surged by up to 17 per cent on the Bombay Stock Exchange on heavy buying even as the broader market remained weak.

"The counters have seen a smart jump because of Japan crisis which has created a huge demand for metal stocks," CNI Research CMD Kishore P Ostwal said.

After devastating earthquake and tsunami in Japan, worldwide supply chain has been disrupted to some extent, especially since the East Asian economy is a leader in global manufacturing activities.

Tata Metaliks gained 16.36 per cent, the most in nine months, to settle at Rs 119.50 on BSE. During the day, the scrip had climbed by 18.79 per cent to Rs 122.

In similar fashion, the scrip closed at Rs 118.25, a jump of 15.03 per cent from its previous close, on the National Stock Exchange.

Besides, Tata Sponge Iron advanced by 12.03 per cent to close at Rs 356.25 on BSE. The counter went upwards by 14.46 per cent during the day.

While on the NSE, the scrip finished at Rs 349.40, up 9.72 per cent from its previous close. Meanwhile, the BSE benchmark Sensex ended the day at 17,839.05, down 39.76 points from previous close.