Tata Steel Long Products rises on acquiring stake in Neelachal Ispat Nigam
Tata Steel Long Products is currently trading at Rs. 619.20, up by 8.55 points or 1.40% from its previous closing of Rs. 610.65 on the BSE.
The scrip opened at Rs. 617.95 and has touched a high and low of Rs. 630.00 and Rs. 617.95 respectively. So far 2575 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 984.10 on 18-Oct-2021 and a 52 week low of Rs. 532.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 634.95 and Rs. 604.85 respectively. The current market cap of the company is Rs. 2805.45 crore.
The promoters holding in the company stood at 74.91 % while Institutions and Non-Institutions held 5.29 % and 19.79 % respectively.
Tata Steel Long Products has, on October 12, 2022, acquired 4,68,75,000 equity shares of Rs 10 each at a premium of Rs 54 per share, of Neelachal Ispat Nigam, a subsidiary of the Company, for an amount aggregating to Rs 300 crore. The proposed funding will be utilized towards the initial working capital and capex requirement of the Company including start-up of iron and steel plant at Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.
Tata Steel Long Products is one of India’s largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.
