This Tata Group Company beat market expectations, and is now soaring in day trade

Tinplate Company of India, a unit of the Tata-group, surged as much as 17.8 percent after first quarter sales and profit beat analysts expectations as the company sold more produce to food processors and vehicle makers.

Tinplate surged 13.7 percent, or 8.25 rupees, to 68.50 rupees on the National Stock Exchange. Earlier, it hit an intra-day high of 70.30 rupees. Nearly 14.8 lakh shares were traded in the first 1.45 hours of trade on Tuesday compared with a 5-day daily average of 4.51 lakh shares.

Tinplate said its first quarter PAT surged 115 percent to 22.8 crore rupees compared with 10.6 crores in the same quarter a year ago. Sales in the April-June quarter jumped 24 percent to 229 crore rupees versus 184 crore rupees in the same period last year.

Tinplate has a market capitalisation of 717 crore rupees, up 20 percent over 2 weeks.

(Image credits: bms)