Tata Steel hit a fresh 52-week high of Rs 534, up 1%, extending its Monday’s 3.4% gain on BSE, after the company said that it proposes to sell 83.6 million equity shares of face value of Rs 2 each of Tata Motors to Tata Sons.
Shares of metal companies were in focus with the Nifty Metal index gaining nearly 4% after a strong rally in Tata Steel, Hindalco Industries and Vedanta.
The government had earlier said it would not go in for distress sale of the three SAIL subsidiaries and rather look for a management that will turn around the unitsShares of Tata Steel was up 5% to Rs 480 on BSE in intra-day trade even as the company
Tata Steel on Tuesday announced that its consolidated net loss in the January-March quarter narrowed 62 per cent on a year-on-year basis – from Rs 3,042 crore in the same quarter the previous year to Rs 1,168 crore.
Tata Steel has agreed to the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, it said on Tuesday.
UK-based Liberty House today said it has formally completed the 100-million-pound deal to acquire the speciality steels division of Tata Steel UK and has now taken control of unit in South Yorkshire.
Acquisition of London-headquartered Corus by Tata Steel was a mistake and slicing off the take-over at the moment was a good job, former MD of the company J J Irani said on Friday.
Domestic steel producers will continue to focus on exports on the back of increased competitiveness in the global market and fluctuating demand back home, industry representatives said.
Representative ImageThere have lately been talks of steel prices being hiked by Rs 1,000-2,000 a tonne, and these sound encouraging. On a positive note, steel manufacturers have also started reporting strong production numbers.
India may soon mandate the use of local steel in government infrastructure projects worth billions of dollars, sources said, pitching it as a WTO-compliant protectionist measure aimed at further cutting cheap imports, mainly from China.
Tata Steel UK on Tuesday said it will close the British Steel Pension Scheme to future accrual from March 31 and employees will get a new contributory scheme for their retirement savings thereafter.
Tata Motors-owned Jaguar Land Rover (JLR) on Tuesday reported its best-ever retail sales for February at 40,978 vehicles, up 9.3 per cent from the same month last year.
Tata Steel may be considering breaking off talks over a planned merger of its European business with German conglomerate Thyssenkrupp, a UK media report claimed on Sunday.
As its greenfield unit at Kalingangar ramps up operations to reach its rated capacity of three million tonnes, Tata Steel is looking at multiple options to secure uninterrupted iron ore supplies.
Tata Sons Limited, a principal holding company of Tata group, is planning to raise Rs 2,000 crore through non-convertible debentures (NCDs) to support business operations.
