Tata Steel gains after its arm inks MoU with Hygenco
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Tata Steel is currently trading at Rs. 166.95, up by 0.50 points or 0.30% from its previous closing of Rs. 166.45 on the BSE.
The scrip opened at Rs. 168.20 and has touched a high and low of Rs. 168.20 and Rs. 164.70 respectively. So far 829738 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 170.70 on 03-May-2024 and a 52 week low of Rs. 104.10 on 19-May-2023.
Last one week high and low of the scrip stood at Rs. 170.70 and Rs. 164.55 respectively. The current market cap of the company is Rs. 206601.20 crore.
The promoters holding in the company stood at 33.19%, while Institutions and Non-Institutions held 43.28% and 22.86% respectively.
Tata Steel’s subsidiary -- Tata Steel Special Economic Zone (TSSEZL) and HHP Five (Hygenco) have inked a memorandum of understanding (MoU) to establish a green hydrogen and green ammonia project at TSSEZL’s Gopalpur Industrial Park (GIP) in Odisha’s Ganjam district.
Under the agreement, Hygenco will acquire land in Ganjam district to establish its green hydrogen, green ammonia, and derivatives unit. Hygenco, known for producing low-cost green hydrogen, aims to produce 1 million tonnes per annum (1 MnTPA) from this plant in phases, with the initial phase scheduled for commissioning by December 2026.
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.
