Tata Steel rose 1.27% to Rs 413.95 at 13:12 IST on BSE after a media report suggested that the company has put its Borivli manufacturing facility up for sale.
Meanwhile, the BSE Sensex was up 248.05 points, or 1.20%, to 20,860.19.
On BSE, so far 3.23 lakh shares were traded in the counter, compared with an average volume of 10.59 lakh shares in the past one quarter.
The stock hit a high of Rs 415.45 and a low of Rs 407.95 so far during the day. The stock hit a 52-week high of Rs 448.10 on 7 January 2013. The stock hit a 52-week low of Rs 195.40 on 7 August 2013.
The stock had outperformed the market over the past one month till 17 December 2013, rising 8.91% compared with the Sensex's 1.04% rise. The scrip had also outperformed the market in past one quarter, gaining 41.78% as against Sensex's 4.08% rise.
The large-cap company has an equity capital of Rs 971.21 crore. Face value per share is Rs 10.
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According to the report, the plot measuring 25 acres on the Western Express Highway is expected to earn Tata Steel over Rs 1000 crore.
The facility, which was shut four years back, used to specialise in manufacturing wires and steel cables.
The sale is an attempt to monetise the company's land holdings. The sale announcement is expected in few days, the report added.
Tata Steel reported a consolidated net profit of Rs 916.77 crore in Q2 September 2013 as against net loss of Rs 363.93 crore in Q2 September 2012. Revenue rose 7.35% to Rs 36645 crore in Q2 September 2013 over Q2 September 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 54.26% to Rs 3784 crore in Q2 September 2013 over Q2 September 2012.
Tata Steel attributed the turnaround in Q2 September 2013 to steady ramp-up of the Indian operations and improved performance at the European and South East Asian operations.
Tata Steel's cash and cash equivalents as on 30 September 2013 stood at Rs 12779 crore and net debt was Rs 64334 crore. Total liquidity including undrawn credit lines was Rs 17500 crore.
Tata Steel is a top ten global steel maker and the world's second most geographically diversified steel producer.
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