Tata Steel surges 9% on price hike

The stock surged to a high of Rs 289, and finally ended up 9% at Rs 286. The stock has clocked a volume of 6.48 million shares on the counter at the BSE today.

Updated at 1020 hrs

Tata Steel today opened at Rs 268, up Rs 5, then slipped to Rs 265. However later it rebounded to a high of Rs 278.

The current trading price of the stock is Rs 275-up 4.5%. The stock has clocked a voulume of over 1 million shares on the counter at the BSE so far.

Steel majors Tata Steel and Rashtriya Ispat Nigam Ltd have raised prices by Rs 300 to Rs 1,000 a tonne for long products, used in the construction industry, marking the first rise since prices crashed in the middle of last year.

Tata Steel has increased spot prices Rs 300 to Rs 500 a tonne on some long products, while public sector steel producer RINL has increased rebar prices by Rs 500 to Rs 1,000 a tonne. Rebars, which are also long products, are currently ruling at Rs 32,000-33,000 a tonne.

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