Tata Steel rose 3.67% to Rs 347.30 at 9:32 IST on BSE after the company announced changes in leadership at Tata Steel UK.
The announcement was made after market hours on Monday, 18 April 2016.
Meanwhile, the BSE Sensex was up 74.34 points, or 0.29%, to 25,890.70 .
On BSE, so far 2.51 lakh shares were traded in the counter, compared with an average volume of 12.42 lakh shares in the past one quarter. The stock hit a high of Rs 349 and a low of Rs 337 so far during the day. The stock hit a 52-week high of Rs 384.20 on 6 May 2015. The stock hit a 52-week low of Rs 200 on 29 September 2015. The stock had outperformed the market over the past one month till 18 April 2016, rising 10.93% compared with 3.46% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 41.80% as against Sensex's 6.73% rise.
The large-cap company has an equity capital of Rs 971.22 crore. Face value per share is Rs 10.
Bimlendra Jha, an Executive Committee member of Tata Steel Europe has been appointed as the Chief Executive Officer of Tata Steel UK. Jha is currently Executive Chairman of Tata Steel Europe's Long Products Europe business and has successfully led the divestment process that resulted in the signing of a sale and purchase agreement with Greybull Capital on 11 April 2016.
Meanwhile, Tata Steel Europe has appointed Standard Chartered Bank as an additional adviser for the divestment of its entire holding in its British subsidiary Tata Steel UK. On 11 April 2016, Tata Steel Europe announced that the company has commenced the formal process for the divestment of its entire holding in its British subsidiary Tata Steel UK. Tata Steel Europe has decided to sell its entire holding in Tata Steel UK due to the deteriorating financial performance of the UK subsidiary.
Tata Steel on 8 April 2016 said that it completed the year ended 31 March 2016 (FY 2016) with an overall increase in production and sales volumes. The company registered its best ever performance in hot metal, crude steel, saleable steel production and total sales in FY 2016, Tata Steel said. Hot Metal production rose 1.42% to 27.14 lakh tonnes in Q4 March 2016 over Q4 March 2015. Crude Steel production rose 4.88% to 25.60 lakh tonnes in Q4 March 2016 over Q4 March 2015. Saleable Steel production rose 6.57% to 25.46 lakh tonnes in Q4 March 2016 over Q4 March 2015.
On consolidated basis, Tata Steel reported net loss of Rs 2127.23 crore in Q3 December 2015 as against net profit of Rs 157.11 crore in Q3 December 2014. Net sales declined 16.5% to Rs 27818.73 crore in Q3 December 2015 over Q3 December 2014.
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.
Powered by Capital Market - Live News
