Tata Steel gains on buzz of domestic biz restructuring

Tata Steel rose 2.91% to Rs 452.3 after the media reported that the company may announce restructuring of the domestic business to unlock value.

According to the media reports, Tata Steel may form four verticals which are long products, mining, Tata Steel and Tata Steel Utilities & Services.

The Tata Group company may look at restructuring listed companies Tata Metaliks and Tata Sponge which both may be named Tata Steel Long Products, reports said, adding that the company may look at restructuring Tinplate in future.

Meanwhile, the S&P BSE Sensex was up 157 points or 0.38% to 41,508.67.

On the BSE, 14.50 lakh shares were traded in the counter so far compared with average daily volumes of 8.46 lakh shares in the past two weeks. The stock hit a high of Rs 453.3 and a low of Rs 436.15 so far during the day.

The stock hit a 52-week high of Rs 560.35 on 02 May 2019. The stock hit a 52-week low of Rs 320.3 on 09 Oct 2019.

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