Tata Steel trades higher as its arm completes acquisition of 90% stake in Ceramat
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Tata Steel is currently trading at Rs. 1281.45, up by 16.25 points or 1.28% from its previous closing of Rs. 1265.20 on the BSE.
The scrip opened at Rs. 1270.05 and has touched a high and low of Rs. 1283.90 and Rs. 1270.05 respectively. So far 74116 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. 681.20 on 19-Mar-2021.
Last one week high and low of the scrip stood at Rs. 1339.70 and Rs. 1228.45 respectively. The current market cap of the company is Rs. 156612.03 crore.
The promoters holding in the company stood at 33.92%, while Institutions and Non-Institutions held 39.57% and 25.71% respectively.
Tata Steel’s step-down subsidiary -- Tata Steel Advanced Materials (TSAML) has completed the acquisition of 90% equity shares in Ceramat on March 16, 2022. Tata Steel has identified Advanced Ceramics as one of the new materials for strategic growth. Within Advanced Ceramics, the first sector of choice is in medical materials owing to high growth potential and non-cyclical nature. Tata Steel aspires to setup a world class facility to produce medical materials and use Ceramat as a special purpose vehicle for this purpose. The facility shall focus on producing Hydroxyapatite – a calcium phosphate-based ceramic used as bone replacement. The promoter of Ceramat are amongst the very few with such proven capability.
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.
