Tata Steel gains on selling New Zealand unit

Tata Steel rose 1% to Rs 410 at 09:24 IST on BSE after the company said that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International (Australasia) for a cash consideration of NZ$ 27.5 million.

The announcement was made on Tuesday, 8 April 2014, when the stock market was closed on account of Ram Navami.

Meanwhile, the S&P BSE Sensex was up 103.11 points or 0.46% at 22,446.56

On BSE, so far 3.24 lakh shares were traded in the counter as against average daily volume of 1,849 shares in the past one quarter.

The stock hit a high of Rs 410 and a low of Rs 409.50 so far during the day. The stock had hit a 52-week high of Rs 435.40 on 2 January 2014. The stock had hit a 52-week low of Rs 195.40 on 7 August 2013.

The large-cap company has equity capital of Rs 971.21 crore. Face value per share is Rs 10.

Tata Steel on Tuesday, 8 April 2014 said that Steel & Tube Holdings of New Zealand has agreed to acquire Tata Steel International (Australasia) (TSIAL) on 14 April 2014 for a cash consideration of NZ$ 27.5 million. TSIAL, based in New Zealand, is a distribution business supplying stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets.

Tata Steel reported a consolidated net profit of Rs 503.24 crore in Q3 December 2013 as against net loss of Rs 763.06 crore in Q3 December 2012. Net sales rose 14.4% to Rs 36409.80 crore in Q3 December 2013 over Q3 December 2012.

Tata Steel is among the top-ten global steel companies with an annual crude steel capacity of over 29 million tonnes per annum (mtpa). It is the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries.

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