Tata Steel has gained nearly 2% at Rs 440 in morning trades after having announced on Monday plans to invest GBP 2 million in its UK-based Hartlepool tube plant to build a facility for fabricating structures for wind turbines.
According to reports, construction of the facility is scheduled to begin in October and will be completed by spring of next year, the Indian steel maker said. The company also said that it signed a supply agreement with German steel tube producer Eisenbau Kramer.
Tata Steel said the investment and supply pact are intended to increase its product and service offerings to the wind energy sector.
Meanwhile, it has been four years since Tata Steel signed a memorandum of understanding in 2007 to set up an integrated steel plant at the Vung Ang Economic Zone in central Vietnam’s Ha Tinh province.
However, despite interventions by Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and, most recently, Foreign Minister SM Krishna during their respective visits to Vietnam in the last 12 months, Tata Steel is yet to receive the requisite investment licence.
The scrip opened at Rs 438 and has, so far, touched the day's high at Rs 443. Around 281,505 shares have changed hands at the BSE counter, till 1025 hours.
