Meanwhile, the S&P BSE Sensex was up 7 points or 0.04% at 18,516.70.
On BSE, 6.27 lakh shares were traded in the counter as against average daily volume of 7.47 lakh shares in the past one quarter.
The stock hit a high of Rs 312.30 and a low of Rs 303.20 so far during the day. The stock had hit a 52-week high of Rs 479.40 on 23 April 2012. The stock had hit a 52-week low of Rs 300.85 on 28 March 2013.
The stock had underperformed the market over the past one month till 4 April 2013, sliding 9.12% compared with the Sensex's 1.95% fall. The scrip had also underperformed the market in past one quarter, declining 29.76% as against Sensex's 6.44% fall.
The large-cap steel maker has equity capital of Rs 971.21 crore. Face value per share is Rs 10.
Shares of Tata Steel had declined 4.83% in two trading sessions to settle at Rs 304.40 on Thursday, 4 April 2013, from a recent high of Rs 319.85 on 2 April 2013.
Tata Steel on 12 March 2013, said that the company, through its subsidiary Tata Steel Minerals Canada (TSMC), has entered into a framework arrangement with Labrador Iron Mines Holdings (LIM) to establish a strategic relationship between TSMC and LIM whereby the two companies have agreed to co-operate with each other in various aspects of their respective iron ore operations in the Labrador Trough. The Labrador Trough is a 1,100-kilometre long, 160-kilometre wide iron ore bed in the Labrador-Quebec region in Canada. It is estimated that the annual iron ore production of this region would increase from current 35 million tonnes to about 65 million tonnes by 2015, Tata Steel said in a statement.
LIM and TSMC operate adjacent DSO iron ore projects spread over the Provinces of Newfoundland & Labrador and Quebec. Having plans to potentially utilize the same infrastructure, both companies have decided to work together to exploit the significant scope of synergies in operations and logistics. As per the understanding between the two companies, LIM will transfer 51% interest in the Howse deposit to TSMC. The Howse deposit is estimated to contain 28 million tonnes of iron ore resources. Additionally, the strategic relationship will include multi-part co-operation agreements in areas of logistics and various ancillary mutual support and potential off-take arrangements including development of a rail line that will pass through LIM's rail yard facilities and connect TSMC's processing plant with the main rail line and further exploration of Howse deposit. In consideration of all of the above, LIM will receive up to 30 million Canadian dollars. TSMC will also transfer its "Timmins 4" deposit having resource of 1.7 million tons to LIM at a consideration of 3 million Canadian dollars recoverable from sales. TSMC also has an option to further increase its ownership of Howse deposit to 70% for a consideration of 25 million Canadian dollars.
Tata Steel established its presence in this region through an acquisition of 19.9% stake in New Millennium Iron Corporation (NML) in 2008. Tata Steel subsequently increased its stake to 27% in NML and also chose to exercise its option to participate in NML's DSO Project in 2010. Tata Steel holds 80% in the DSO project through TSMC. TSMC was formed as a joint venture between NML and Tata Steel to develop the DSO Project. The DSO has 125 million tonnes of resources spread over 25 deposits. While the mine has commenced its production in September 2012 and has produced 300,000 tonnes of ore, the construction of the processing plant within a mega-dome is in full-swing. The TSMC facility, when fully commissioned, will be able to roll out 6 mtpa of sinter fines.
Tata Steel reported consolidated net loss of Rs 763.06 crore in Q3 December 2012, higher than net loss of Rs 602.67 crore in Q3 December 2011. Net sales declined 3.5% to Rs 31821.50 crore in Q3 December 2012 over Q3 December 2011.
Tata Steel Group is one of the world's largest steel producers, with an aggregate crude steel capacity of more than 28 million tonnes per annum (MTPA) and approximately 81,000 employees across five continents.
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