Tata 'Steel's the spotlight!
Tata Steel gains in today’s intra-day trade because of the following reasons.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tons per annum. It is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world.
On Tuesday, Tata Steel completed the acquisition of the entire equity stake of Steel Authority of India (SAIL) (50%) held in the S&T Mining Company. Post-acquisition, S&T Mining which is presently a joint venture between SAIL and Tata Steel has now become a wholly-owned subsidiary of the company. This is a part of Tata Steel Group's portfolio restructuring and simplification strategy.
Today, it announced that Tata Steel Mining Limited (TSML), an unlisted wholly-owned subsidiary of Tata Steel Limited, has successfully completed the acquisition of a controlling stake of 90% in Rohit Ferro-Tech Limited (RFT). TSML has funded Rs 617.12 crore for paying the admitted CIRP cost, employee dues, operational creditors and financial creditors as per the provisions of the approved resolution plan. Additionally, 10% of the equity shares of RFT have been issued to the financial creditors of RFT towards part conversion of their loan.
The investment from TSML to RFT has been made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore. The company has made an equity investment in TSML to finance the acquisition. Today, Tata Steel and RITES have also entered into a memorandum of understanding (MoU) to synergize their expertise. The collaboration will offer various services in railway rolling stock exports and enhancement of infrastructure of buildings, airports, information technology and urban engineering.
The intra-day high was Rs 1346 and the intra-day low was Rs 1315. The 52-week high 1534 is Rs and the 52-week low is Rs 849.
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