Tata Steel Long Products shines as its arm commences operations with lighting of blast furnace
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Tata Steel Long Products is currently trading at Rs. 629.05, up by 8.20 points or 1.32% from its previous closing of Rs. 620.85 on the BSE.
The scrip opened at Rs. 620.05 and has touched a high and low of Rs. 636.20 and Rs. 620.05 respectively. So far 9645 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 993.55 on 06-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. 636.20 and Rs. 593.30 respectively. The current market cap of the company is Rs. 2847.61 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 (TSLP) has achieved a major milestone with the restarting of the Blast Furnace at the Kalinganagar plant of its subsidiary, Neelachal Ispat Nigam (NINL), just 90 days after the completion of its acquisition on July 4, 2022. The rapid restart underlines Tata Steel’s commitment to the site, the underlying strength of the existing assets and its importance to Tata Steel’s strategy.
Tata Steel has a stated strategy of growing its long-products capacity in India, in line with expected growth in demand driven by infrastructure build, government investment and spend on retail housing. Tata Steel already has category leading brands in its portfolio such as Tata Tiscon, and an extensive, pan-India retail and distribution network. It has announced plans to invest in the NINL site to build a dedicated 4.5 million tons per annum state-of-the-art long products complex over the next few years. Given the close proximity to Tata Steel’s existing facility at Kalinganagar, it is able to realise significant synergies in terms of shared infrastructure, resources, and management.
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.
