Meanwhile, the BSE Sensex was down 15.43 points, or 0.09%, to 17,017.08
On BSE, 4.77 lakh shares were traded in the counter as against an average daily volume of 27.54 lakh shares in the past one quarter.
The stock hit a high of Rs 544.30 and a low of Rs 536.10 so far during the day. The stock had hit a 52-week high of Rs 600 on 17 October 2009 and a 52-week low of Rs 146.35 on 11 November 2008.
The large-cap stock underperformed the market over the past one month till 16 November 2009, falling 5.54% as compared to the Sensex's 1.68% fall. However it outperformed the market in the past one quarter, gaining 13.90% as compared to the Sensex's return of 10.52%.
The company's equity capital is Rs 887.21 crore. Face value per share is Rs 10.
The current price of Rs 537.75 discounts the company's Q2 September 2009 annualized EPS of Rs 40.70, by a PE multiple of 13.21
As per reports, Tata Steel plans to double the production from its Joda mine in Orissa, which produces 4 million tones (mt) of iron ore. The cost of expansion would come to around Rs 600 crore. Another mine at Noamundi in Jharkhand will increase its production to 9 mt from the current 7 mt at a cost of Rs 500 crore, reports added.
Reports indicated that the capacity expansion is aimed at insulating Tata Steel's plant at Jamshedpur in Jharkhand from fluctuating raw material prices. The increased ore output will be used to feed the Jamshedpur plant, which is raising its operational capacity to 10 million tonnes by 2011 from the current seven mt.
On 12 November 2009 Tata Steel's board approved a new convertible bonds offer in exchange for an existing $875 million securities to reduce costs and ease repayment obligations.
Tata Steel said the new foreign currency convertible bonds will have an yield-to-maturity of 4.5% and will mature in November 2014, compared with the convertible alternative reference securities of 5.15% due 2012.
The new bonds are convertible into shares at Rs 605.53 each, at a fixed exchange rate of Rs 46.36 to the US dollar
Late last month, Tata Steel signed a pact with MMTC to establish a 74:26 joint venture company for acquiring, development and operation of mines and processing of minerals and metals.
Tata Steel will declare consolidated Q2 September 2009 results on 26 November 2009. On a standalone basis, the company's net profit slumped 49.5% to Rs 902.94 crore on 16.3% fall in net sales to Rs 5629.85 crore in Q2 September 2009 over Q2 September 2008.
Tata Steel is an integrated steel producer, which manufactures a variety of steel products. The company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.
Promoters have pledged 9.78 crore shares representing 11.03% stake of Tata Steel. Total promoter shareholding in Tata Steel is 31.18% (as on 30 September 2009).