Tata Steel gains on seeking environment clearance for coal mine expansion project in Jharkhand

Tata Steel is currently trading at Rs. 419.70, up by 2.90 points or 0.70% from its previous closing of Rs. 416.80 on the BSE. The scrip opened at Rs. 416.00 and has touched a high and low of Rs. 421.00 and Rs. 411.00 respectively. So far 407269 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 435.40 on 02-Jan-2014 and a 52 week low of Rs. 195.40 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 424.50 and Rs. 395.55 respectively. The current market cap of the company is Rs. 40873.59 crore. The promoters holding in the company stood at 31.35% while Institutions and Non-Institutions held 41.45% and 24.22% respectively. Tata Steel is seeking environment clearance from Centre for its coal mine expansion project in Jharkhand. The expansion will enhance the capacity of Tata Steel's West Bokaro project by two million tonnes per annum (MTPA). Further, the Expert Committee of the Ministry of Environment and Forests (MoEF) is slated to take up the matter in May for grant of environment clearance to West Bokaro Opencast Expansion Coal Mine Project from 7 MTPA to 9 MTPA in a mining lease (ML) area of 1,740 hectares. The Committee would also look into grant of environment clearance for expansion of Tata Steel’s Washery-II from 2.9 MTPA to 4 MTPA. 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.