Tata Steel was up 3.56% to Rs 372 at 13:50 IST on BSE, with the stock extending its recent rising streak.
Meanwhile, the S&P BSE Sensex was down 53.11 points or 0.19% at 27,889.On BSE, so far 14.54 lakh shares were traded in the counter as against average daily volume of 9.43 lakh shares in the past one quarter. The stock hit a high of Rs 373.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 356.75 so far during the day. The stock had hit a 52-week low of Rs 200 on 29 September 2015. The stock had outperformed the market over the past one month till 14 July 2016, surging 10.52% compared with 5.86% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, advancing 8% as against Sensex's 9.03% rise.
The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.
Shares of Tata Steel have rallied 17.11% in six trading sessions from its close of Rs 317.65 on 7 July 2016. Recent rally in the stock materialized after the company had last week announced that it had entered into discussions with strategic players in the steel industry, including Thyssenkrupp AG for a strategic collaboration for its European businesses. The decision had been taken as an alternative to the ongoing process for the divestment of loss making Tata Steel UK, the company said.
Meanwhile, T.V. Narendran, managing director of Tata Steel India and South East Asia was recently quoted by the media as saying that the company has plans for further expansion of its greenfield steel project in Kalinganagar in Odisha. Narendran reportedly said that for next 3 years Tata Steel will focus on ramping up Kalinganagar facility and targets a production capacity of 1 million tonne per annum (MTPA) out of this facility.
Tata Steel reported consolidated net loss of Rs 3213.76 crore in Q4 March 2016, higher than net loss of Rs 5674.29 crore in Q4 March 2015. Net sales fell 12.5% to Rs 29164.37 crore in Q4 March 2016 over Q4 March 2015.
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The combined Tata Steel group is one of the world's largest steel producers, with a steel capacity of more than 28 million tonnes and 80,000 employees across five continents.
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