Tata Steel rose 1.71% to Rs 310 at 15:27 IST on BSE on reports workers unions at Tata Steel UK have called off their one day strike scheduled today, 22 June 2015, and have decided to negotiate on the pension scheme.
Meanwhile, the BSE Sensex was up 401.35 points, or 1.47%, to 27,717.52.
On BSE, so far 6.77 lakh shares were traded in the counter, compared with an average volume of 7.63 lakh shares in the past one quarter.
The stock hit a high of Rs 312.85 and a low of Rs 307.30 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 19 June 2015, falling 17.21% compared with 1.19% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 9.38% as against Sensex's 4.05% fall.
The large-cap company has an equity capital of Rs 971.22 crore. Face value per share is Rs 10.
According to reports, UK trade unions suspended the strike action scheduled today, 22 June 2015, after a new pension offer from Tata Steel UK, which keeps British Steel Pension Scheme (BSPS) open.
Last week, Unions -- Community, Unite, Ucatt and GMB -- had temporarily suspended industrial action at Tata Steel. However, the plan for strike action on 22 June 2015 was not changed.
According to recent reports, Tata Steel is keen to resolve dispute without industrial action.
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 Advisory, Conciliation and Arbitration Service (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.
Unions in UK earlier 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 on 16 June 2015, with a one-day strike planned for today, 22 June 2015, which is now reportedly called off.
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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