Tata Steel rose 2.65% to Rs 626.25 at 14:20 IST on BSE on reports the National Company Law Tribunal today, 15 May 2018, approved Tata Steel's bid for debt-ridden Bhushan Steel.
Meanwhile, the S&P BSE Sensex was almost flat at 35,555.58.On the BSE, 7.08 lakh shares were traded in the counter so far compared with average daily volumes of 3.34 lakh shares in the past two weeks. The stock had hit a high of Rs 636.30 and a low of Rs 606.30 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 410.71 on 15 May 2017.
The order was pronounced in court today, 15 May 2018, and detailed judgement is awaited, media reports suggested.
According to reports, the Committee of Creditors (CoC) had approved Rs 32500 crore deal along with 12.27% equity in Bhushan Steel offered by Tata Steel. However, some employees of Bhushan Steel had challenged it before National Company Law Tribunal (NCLT) contending that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC).
Tata Steel will consider Q4 results on 16 May 2018. On a consolidated basis, Tata Steel's net profit surged 389.8% to Rs 1135.92 crore on 20.1% growth in net sales to Rs 33099.95 crore in Q3 December 2017 over Q3 December 2016.
Tata Steel is geographically diversified fully integrated steel producer.
Powered by Capital Market - Live News