ALSO READBack in black: Tata Steel turns profitable after five quarters Tata Motors, Tata Steel down up to 2% after a huge block deal Tata Steel hits 52-week high on plans to sell stake in Tata Motors Steel stocks gain; Tata Steel, JSW Steel up over 3% Markets pare early gains to end flat; Tata Steel gains over 3%
The stock of containers & packaging company is trading at its 52-week high, surging 31% in past two trading days from Rs 93 on June 30.
The trading volumes on the counter jumped more than three-fold with a combined 10.07 million equity shares representing 9.6% of total equity of Tinplate Company changed hands on BSE and NSE till 02:48 pm.
With reference to increase in volume, Tinplate Company of India has clarified that as on date there is no information to be provided by the company that requires a disclosure under Regulations 30 of the SEBI.
Tata Steel subsidiary, Tinplate Company, said that the company plans to make its tinplate business independent of its parent.
The company is now in a position to independently undertake tinplate business on its own account. This would not only increase the turnover of the company but would also help in expanding the company’s independent profile and identify in the market.
“Therefore, it is proposed that the company would commence the process of transition from the existing arrangement of converting hot rolled coile (HRC) supplied by Tata Steel into electrolytic tinplate (ETP) and assisting Tata Steel in selling the same to the end consumers, to purchase of HRC from Tata Steel and/or other suppliers and manufacturer and sale of the ETP and other products on its own account. Moreover, the proposed introduction of Goods and Service Tax regime is expected to provide a smooth transition by way of a simple tax structure,” Tinplate Company in notice of the Annual General Body Meeting, which will held on July 25, 2017.