Tata Steel jumps 4.4% after getting environmental approval for expansion plan

The company has received final environment clearance for its Rs.18.8 bn expansion project to be carried out at Jamshedpur Steel Works in Jharkhand.

Tata Steel jumped 4.4% to Rs.279 on BSE. The company has received final environment clearance for its Rs.18.8 bn expansion project to be carried out at Jamshedpur Steel Works in Jharkhand. Top official said in a report that, the Environment Ministry has considered the application based on the recommendations of the Expert Appraisal Committee (Industry-I) and decided to grant environment clearance (EC) to the proposal for expansion of crude steel production at Tata Steel Works.

The scrip opened at Rs. 271.7 and has touched a high and low of Rs. 279.75 and Rs. 271.7 respectively. So far 7133258(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 25946.02 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 384.2 on 06-May-2015 and a 52 week low of Rs. 200 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 269.3 and Rs. 243.4 respectively.

The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 38.79 % and 29.86 % respectively.

The stock is currently trading below its 200 DMA.