Tata Steel soars 8% to new 52-week high

The stock extended gains and touched a new 52-week high of Rs 535 - up 9%. It finally ended with a gain of 8.2% at Rs 532. The counter clocked relatively heavy trade volumes of 6.11 million shares on the BSE as against its two week daily average trade of 3.26 million shares.
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(Updated at 1135 hrs)

Tata Steel has gained 5% and the stock is at its 52-week high on the back of its European unit, Corus's plan of restarting its plant in UK.

Corus will soon restart its plant in South Wales on the back of rise in demand.

The stock opened at Rs 497 and sored to a high of Rs 520. The scrip is now trading at Rs 518, up over 5% from the previous close. The counter has clocked volumes of 2.38 million shares as compared to thetwo-week daily average traded volumes of 3.26 million shares on the BSE.

The blast furnace in Port Talbot was shut last December, alongside the ones in Scunthorpe and in the Netherlands, as part of its plan to reduce production by 30%.

Click here to read more: Corus to restart another UK unit on rise in demand