Tata Steel rose 0.75% to Rs 547.30 at 9:22 IST on BSE on reports that the company is nearing compromise deal with Thyssenkrupp for steel joint venture.
Meanwhile, the S&P BSE Sensex was down 51.46 points, or 0.15% to 35,165.65.On the BSE, 52,000 shares were traded in the counter so far compared with average daily volumes of 6.68 lakh shares in the past two weeks. The stock had hit a high of Rs 549 and a low of Rs 544 so far during the day.
The stock hit a 52-week high of Rs 747.25 on 31 January 2018. The stock hit a 52-week low of Rs 480.09 on 28 June 2017.
According to media reports, Thyssenkrupp AG and Tata Steel are nearing a 15 billion euros ($17.4 billion) deal this week to combine their European assets into a global steel giant. The combination of Thyssenkrupp's and Tata Steel's European steel assets, first announced in September, would create the continent's second-largest steelmaker after ArcelorMittal with 15 billion euros in combined sales, reports added.
On a consolidated basis, Tata Steel reported net profit of Rs 14688.02 crore in Q4 March 2018 as against net loss of Rs 1168.02 crore in Q4 March 2017. Net sales rose 7.05% to Rs 35737.19 crore in Q4 March 2018 over Q4 March 2017.
Tata Steel is currently the world's second-most geographically diversified steel producer.
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