Tata Steel was trading higher by 3% to Rs 265 on the BSE in early morning trade after the company announced that Tata Steel UK has signed a Letter of Intent with Greybull Capital to sell its long products Europe business.
“Tata Steel UK Limited (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), announced the signing of a Letter of Intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business,” Tata Steel said in a release.
The memorandum covers several UK-based assets including TSUK’s Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge which are currently being mothballed, it added.
Meanwhile, in past one-month, the stock has outperformed the market by gaining 18% as compared to a marginal 0.02% decline in the S&P BSE Sensex.
At 09:29 a.m., the stock was up 2.6% at Rs 264 on the BSE. A combined 1.4 million shares changed hands on the counter on the NSE and BSE so far.
“Tata Steel UK Limited (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), announced the signing of a Letter of Intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business,” Tata Steel said in a release.
The memorandum covers several UK-based assets including TSUK’s Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge which are currently being mothballed, it added.
Meanwhile, in past one-month, the stock has outperformed the market by gaining 18% as compared to a marginal 0.02% decline in the S&P BSE Sensex.
At 09:29 a.m., the stock was up 2.6% at Rs 264 on the BSE. A combined 1.4 million shares changed hands on the counter on the NSE and BSE so far.