Tata Steel ends flat; signs agreement with Liberty House

India Infoline News Service | Mumbai | November 29, 2016 17:37 IST

Tata Steel has signed an agreement with global industrial and metals group, Liberty House to sell its speciality steel business in the UK for £100 million.

Tata Steel
Tata Steel Ltd ended at Rs 409.05, up by Rs 1.95 or 0.48% from its previous closing of Rs 407.1 on the BSE. Tata Steel has signed an agreement with global industrial and metals group, Liberty House to sell its speciality steel business in the UK for £ 100 million.

The scrip opened at Rs 414.4 and touched a high and low of Rs 417.35 and Rs 407.8 respectively. A total of 6865251(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 39538.18 crore.

Post signing of a letter of intent with Liberty House Group, the exclusive negotiations for the potential sale is subject to due diligence and corporate approvals. The acquisition is expected to be completed early in the first quarter of 2017.

The letter of intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi'an, China.

The BSE group 'A' stock of face value Rs 10 touched a 52 week high of Rs 440.9 on 11-Nov-2016 and a 52 week low of Rs 211.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 412.7 and Rs 372.85 respectively.

The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 42.14 % and 26.51 % respectively.

The stock traded above its 50 DMA.

***Note: This is a NSE Chart

 

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