Shares of this steel giant shine on acquiring a stake in Neelachal Ispat Nigam
Shares surged by more than 2% after the company announced this development.
Tata Steel has invested Rs 300 crore in Tranche 1 of the investment in the equity shares of Neelachal Ispat Nigam (NINL), an unlisted indirect subsidiary of the Company, by purchasing 4,68,75,000 equity shares of Rs 10 each at a premium of Rs 54 per share.
The suggested investment will be used for NINL's working capital and capital expenditure needs, as well as the startup of the iron and steel factory at Kalinganagar, as well as the repayment or prepayment of liabilities and other general corporate reasons.
Share price movement of Tata Steel Limited
Scrip opened today at Rs 111.30 and made its day high at Rs 113.20. The 52-week high of the stock is Rs 138.63, whereas the 52-week low was Rs 82.71. Promoters hold 33.90%, whereas institutional and non-institutional holdings are 41.65% and 24.45%, respectively. Presently, the market cap of the company is Rs 1,38,130 crore.
Tata Steel Ltd is an Indian public limited company having its registered office in Mumbai, Maharashtra. The company is listed on the National Stock Exchange of India Ltd and BSE Limited (NSE). In 1907, the first integrated private steel business in Asia, Tata Steel, was founded in India. The business is currently one of the top steel producers in the world.
The Firm is present along the whole steel manufacturing value chain, from the extraction and processing of iron ore and coal to the production and distribution of completed goods. The company provides a wide variety of steel products, including a portfolio of downstream goods with high value-added, such as coated steel, hot- and cold-rolled steel, rebars, wire rods, tubes, and wires.
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