Tata Steel gains on acquiring stake in Tata Steel Downstream Products

Tata Steel is currently trading at Rs. 1007.05, up by 7.85 points or 0.79% from its previous closing of Rs. 999.20 on the BSE.

tata steel surges on the bourses
tata steel surges on the bourses

The scrip opened at Rs. 1007.00 and has touched a high and low of Rs. 1016.60 and Rs. 1002.10 respectively. So far 54824 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1534.60 on 16-Aug-2021 and a 52 week low of Rs. 992.00 on 25-May-2022.

Last one week high and low of the scrip stood at Rs. 1178.20 and Rs. 992.00 respectively. The current market cap of the company is Rs. 122135.99 crore.

The promoters holding in the company stood at 33.92%, while Institutions and Non-Institutions held 43.38% and 21.91% respectively.

Tata Steel has acquired 3,55,871 equity shares of Rs 10 each at a premium of Rs 130.50 per share, of Tata Steel Downstream Products (TSDPL), a wholly owned subsidiary of the Company, for an amount aggregating to Rs 5 crore, for a cash consideration. These funds will be utilized by TSDPL for further investment in Tata steel Advanced Materials, a wholly owned subsidiary of the Company, for business synergy and for other general corporate purposes.

Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.

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