Tata Metaliks has rallied 11% to Rs 74.40, extending its Monday’s over 10% gain, after its parent company Tata Steel on Friday signed an Expression of Interest (EoI) with Karnataka government to set up a six million tonnes per annum (MTPA) integrated steel plant in Haveri district with an investment of over Rs 35,000 crore.
“Tata Metaliks, with the support of its parent company Tata Steel, had initially proposed to set up a three MTPA integrated steel plant in Haveri district with an investment of over Rs 15,000 crore,” the report suggests.
The stock opened at Rs 71.80 and hit a high of Rs 75 on the National Stock Exchange. As many as a combined 431,283 shares have already changed hands on the counter in morning trades, against an average sub 150,000 shares that were traded daily in past two weeks on both the exchanges.