Tata Steel rises as its arm to cease operations of coke ovens at Port Talbot plant
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Tata Steel is currently trading at Rs. 149.90, up by 0.30 points or 0.20 % from its previous closing of Rs. 149.60 on the BSE.
The scrip opened at Rs. 149.55 and has touched a high and low of Rs. 152.55 and Rs. 147.55 respectively. So far 4088558 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 159.50 on 11-Mar-2024 and a 52 week low of Rs. 101.65 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 153.00 and Rs. 138.40 respectively. The current market cap of the company is Rs. 187314.26 crore.
The promoters holding in the company stood at 33.70 % while Institutions and Non-Institutions held 43.32 % and 22.30 % respectively.
Tata Steel’s UK subsidiary -- Tata Steel UK has planned to cease operations of the Coke Ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures.
Tata Steel had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability. Tata Steel is currently at an advanced stage of consultations with trade unions in the UK on its proposal for the planned restructuring involving closure of the iron and steel making assets at Port Talbot, and subsequent transition to sustainable low-CO2 steelmaking involving a 1.25 billion pound investment in Electric Arc Furnace technology in Port Talbot and asset upgrades.
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.
