Tata Steel moves up on inking MoU with BHP to explore low carbon iron, steelmaking technology in India
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Tata Steel is currently trading at Rs. 932.55, up by 4.35 points or 0.47% from its previous closing of Rs. 928.20 on the BSE.
The scrip opened at Rs. 930.00 and has touched a high and low of Rs. 934.35 and Rs. 924.65 respectively. So far 46194 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1534.60 on 16-Aug-2021 and a 52 week low of Rs. 827.10 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 937.75 and Rs. 877.50 respectively. The current market cap of the company is Rs. 113457.39 crore.
The promoters holding in the company stood at 33.92%, while Institutions and Non-Institutions held 41.06% and 24.24% respectively.
Tata Steel has signed a Memorandum of Understanding (MoU) with BHP, a leading global resources company, with the intention to jointly study and explore low carbon iron and steelmaking technology. Under the partnership, Tata Steel and BHP intend to collaborate on ways to reduce the emission intensity of the blast furnace steel route, via two priority areas - the use of biomass as a source of energy and the application of carbon capture and utilisation (CCU) in steel production. The partnership aims to help both companies progress toward their climate change goals, and support India’s ambitions to be carbon neutral by 2070.
The technologies explored in this partnership can potentially reduce the emission intensity of integrated steel mills by up to 30 per cent. More importantly, these projects demonstrate how abatements applied to the blast furnace iron-making process, which contributes to more than 60 per cent of India’s steel production, can materially reduce the carbon intensity of the existing capacity. Beyond these projects, Tata Steel and BHP have committed to a robust ongoing knowledge exchange that will see both parties explore further collaborations, ecosystems, and business opportunities in the steel value chain and the research and innovation sectors in both India and Australia.
Tata Steel, the flagship company of the Tata group, is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.
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