Tata Steel rose 2.04% to Rs 300.45 at 10:54 IST on BSE on reports trade unions decided to suspend industrial action at the steelmaker's UK plants.
Meanwhile, the BSE Sensex was up 126.45 points, or 0.47%, to 26,812.96.
On BSE, so far 3.40 lakh shares were traded in the counter, compared with an average volume of 7.56 lakh shares in the past one quarter.
The stock hit a high of Rs 304.80 and a low of Rs 299.25 so far during the day. The stock hit a 52-week high of Rs 573.90 on 25 July 2014. The stock hit a 52-week low of Rs 291.15 on 16 June 2015.
The stock had underperformed the market over the past one month till 16 June 2015, falling 18.98% compared with 2.33% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 9.73% as against Sensex's 6.16% fall.
The large-cap company has an equity capital of Rs 971.22 crore. Face value per share is Rs 10.
According to reports, trade unions representing workers of Tata Steel in the UK have decided to suspend its 22 June 2015 strike action after the steel major approached the Advisory, Conciliation and Arbitration Service (ACAS) to resolve the pension dispute in an independent manner. Tata Steel is keen to resolve dispute without industrial action, reports added.
Tata Steel UK has launched a new initiative in its efforts to resolve the pension dispute with its UK trade unions. The company has approached ACAS to help facilitate the next phase in talks between the parties. ACAS provides collective conciliation services to help employers and employees' representatives (Trade Unions) to reach agreement on a range of issues affecting groups of employees.
Reports added that the unions have agreed to suspend industrial action as they are confident that ACAS involvement will ensure fair negotiations. They are expecting a revised offer from Tata Steel.
Unions in UK recently notified plans to take industrial action in dispute over the Tata Steel UK's proposals to revise the British Steel Pensions Scheme's contribution and benefits framework. Industrial action, consisting of an overtime ban and a work to rule, was scheduled to start yesterday, 16 June 2015, with a one-day strike planned for 22 June 2015.
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe.
Tata Steel reported consolidated net loss of Rs 5674.29 crore in Q4 March 2015 compared with consolidated net profit of Rs 1035.87 crore in Q4 March 2014. Total income dropped 20.5% to Rs 33808.61 crore in Q4 March 2015 over Q4 March 2014.
Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of nearly 30 million tonnes per annum. It is now the world's second-most geographically-diversified steel producer.
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