Shares of Tata Metaliks jumped up on Tuesday afternoon as the company posted its results for the quarter ended September.

What Happened: The Tata Group company’s profits for the quarter received a massive bump, growing multifold to ₹44.16 crore from the ₹14.29 crore profit it made in the same quarter last year. Revenue from operations, however, was down around 14% at ₹754.71 crore from the ₹876.98 crore revenue it reported in the September quarter of 2022.

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EBITDA for the quarter almost doubled at ₹90.1 crore from ₹41 crore in the corresponding quarter of previous years. EBITDA margin came in at 11.9%. Earnings per share for the quarter was at ₹13.98.

The announcement today helped the stock hit a new 52-week high of ₹1,006.65. The stock experienced a close to 6% bump as soon as the announcement was made at around 1:25 p.m. The company is a Tata Steel subsidiary. Tata Steel holds around 60% stake in the company.

Price Action: Tata Metaliks’ share price simmered down after the initial bump to trade 1.04% higher at ₹960.80 on Tuesday afternoon.

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