Tisco staged a smart recovery today on good buying support following excellent results from the company, that beat market expectations.

In afternoon trades, the scrip of India's largest steel company in terms of market capitalisation was the biggest gainer among BSE Sensex stocks, up 4.43% at Rs 153.10, recovering from its low of Rs 145.90. A substantial volume of over 30.5 lakh shares  changed hands on the counter by 14:35 IST.

Tata Iron & Steel Company (Tisco) announced  its fourth quarter as well as full year results (FY 2002-03).

For Q4, Tisco recorded a massive 283% rise in net profit to Rs 469.08 crore (Rs 122.47 crore) on a 39.5% increase in net sales to Rs 2,664.76 crore (Rs 1,911.48 crore).

The Q4 net profit as well as net sales beat projections by a capitalmarket.com poll of analysts, which expected Tisco to record a  rise of 177% to 252% in its net profit, in the range of Rs 339.5 crore to Rs 431 crore. Net sales for the quarter were forecast between Rs 2,459 crore and Rs 2,555.3 crore.

For FY 2002-03, Tisco recorded a 394% rise in net profit to Rs 1,012.31 crore (Rs 204.90 crore) on a 29.3% increase in total income to Rs 8,771.71 crore (Rs 6,783.12 crore).

On a consolidated basis, the group posted a huge 428% increase in net profit to Rs 1,021.77 crore (Rs 193.57 crore) on a 22.3% rise in total income to Rs 9,183.74 crore (Rs 7,511.36 crore).

The Tisco board has recommended a dividend of Rs 8 per share (having a  face value of Rs 10) for the year ended 31 March 2003.