Tata Steel gains on receiving nod for expansion plan in Odisha

Shares of Tata Steel have firmed up by almost 1% to Rs 222 on the BSE after the company received green nod for expansion as well as setting up of two units at its Joda plant in Keonjhar district, Odisha, entailing an investment of over Rs 185 crore.

Based on the recommendation of the Expert Appraisal Committee, the Environment Ministry has "decided to grant environmental clearance to Tata Steel for expansion of Fe-Mn (Ferro Manganese) alloy plant from 0.0504 million tonnes per annum (MTPA) to 0.06 MTPA at Joda", a senior official said.

The stock opened at Rs 219 and touched an intraday high of Rs 224. At 11:25 AM, more than 2 million shares changed hands on the counter of NSE and BSE.