Tata Steel was up 0.53% to Rs 684.30 at 9:26 IST on BSE after the company said it has executed definitive agreements to acquire the balance 74% stake of Bhubaneshwar Power.
The announcement was made after market hours on Friday, 1 December 2017.Meanwhile, the S&P BSE Sensex was up 15.21 points or 0.05% at 32,848.15.
On the BSE, 24,000 shares were traded on the counter so far as against the average daily volumes of 3.65 lakh shares in the past one quarter. The stock had hit a high of Rs 686.80 and a low of Rs 681 so far during the day. The stock had hit a 52-week high of Rs 734.90 on 30 October 2017 and a 52-week low of Rs 377.45 on 27 December 2016.
The stock had underperformed the market over the past one month till 1 December 2017, sliding 3.73% compared with the Sensex's 2.28% fall. The stock had, however, outperformed the market over the past one quarter, gaining 4.74% as against the Sensex's 2.95% rise. The scrip had also outperformed the market over the past one year, advancing 66.15% as against the Sensex's 23.62% rise.
The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.
Tata Steel said it had on 30 November 2017, executed definitive agreements to acquire the balance of 74% equity shares of Bhubaneshwar Power (BPPL) from JL Power Ventures for a cash consideration of Rs 255 crore. Tata Steel together with its 100% subsidiary TS Alloys held 26% equity shares in BPPL. The acquisition provides Tata Steel an opportunity to increase its captive source of power to meet its growing demand.
On a consolidated basis, Tata Steel reported net profit of Rs 1017.78 crore in Q2 September 2017, compared with net loss of Rs 49.38 crore in Q2 September 2016. Net sales rose 24.2% to Rs 32101.03 crore in Q2 September 2017 over Q2 September 2016.
Tata Steel is one of the leading steel producers in the world.
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