Tata Steel increases stake in Medica TS Hospital Private Limited
Last Updated: 14th December 2022 - 10:25 pm
Tata Steel has increased its equity stake in Medica TS Hospital Private Limited (MTSHPL) from 26% to 51%, as stated in its exchange filing on January 08.
The increase in the stake was on account of the conversion of Optionally Convertible Debentures (OCD) of MTSHPL into Equity Shares and Optionally Convertible Redeemable Preference Shares (OCRPS) respectively.
MTSHPL is a joint venture company between Tata Steel Limited & Medica Hospitals Private Limited. The company is operating and managing its 100-bed multi-speciality hospital established in Kalinganagar, Odisha to provide health care facilities to the general public. MTSHPL is an integral part of the Kalinganagar operations of the company in Odisha and services the employees and community in the area at large.
Tata Steel is looking to further grow volumes through a 5 MTPA expansion at Kalinganagar, including downstream cold rolling capacity for the existing 3 MTPA facility at the same site.
Earlier, Tata Steel also released its Production and Delivery Volumes for Q3 FY 2022 and 9MFY 2022.
During 9MFY22 Tata Steel India Crude steel production grew by 16% YoY and total deliveries increased by 4% YoY on the back of continued economic recovery. The crude steel production of the India business increased by 4.3% to 4.80 million tons in Q3 FY22 from 4.60 MT in Q3 FY21. Delivery volumes of Tata Steel India fell by 5.2% YoY to 4.41 MT in Q3 Q as an increase in domestic deliveries was offset by lower exports.
Tata Steel Europe steel production grew by 13% YoY and total deliveries increased by 4% YoY in 9MFY22 while Tata Steel Southeast Asia’s Steel production was similar on a YoY basis with growth in total deliveries by 5%.
In the past six months, Tata Steel has underperformed vis-a-vis benchmark index, Sensex and also its sector index S&P BSE Metal. In the last six months, Tata Steel has given a negative stock return of -4.3%, whereas the BSE Metal has risen 4.25% and Sensex has given 12.61% returns.
Today, the shares of Tata Steel closed at Rs 1168 with a gain of 0.66%.
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