Thursday 7 July 2016

Tata steel to pause Port Talbot sale; stock tumbles 4%

However, it will proceed with the sale of its specialty steel making business, which employs 2,000 employees in Hartlepool, Rotherham and Stocksbridge.

Tata Steel
Tata Steel is expected to announce on Friday that it will pause the sale of most of its UK business, including Port Talbot, according to a BBC report.

However, it will proceed with the sale of its specialty steel making business, which employs 2,000 employees in Hartlepool, Rotherham and Stocksbridge.

Tata Steel Ltd is currently trading at Rs. 319.7, down by Rs. 14.4 or 4.31% from its previous closing of Rs. 334.1 on the BSE.

The scrip opened at Rs. 334.5 and has touched a high and low of Rs. 337.25 and Rs. 316.5 respectively. So far 7945623(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 32448.31 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 364.15 on 21-Apr-2016 and a 52 week low of Rs. 200 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 337.1 and Rs. 312.2 respectively.

The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 39.88 % and 28.77 % respectively.

The stock is currently trading below its 50 DMA.

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