Tata Steel shares gain nearly 2% on Thyssenkrupp deal

Shares of Tata Steel today rose nearly 2 per cent after the company said its deal with German steel giant Thyssenkrupp to merge their steel operations in Europe in a 50:50 joint venture.
The scrip gained 1.64 per cent to close at Rs 687.65 on BSE. During the day, it went up by 2.14 per cent to Rs 691.05.
At NSE, shares of the company rose by 1.66 per cent to end at Rs 687.65.
In terms of volume, 6.50 lakh shares of the company were traded on BSE and over 87 lakh shares changed hands at NSE during the day.

Earlier in the day, the domestic steelmaker announced signing of an agreement with Thyssenkrupp to merge their steel operations in Europe in a 50:50 joint venture company.
As per the memorandum of understanding (MoU) signed between the two, the proposed JV -- Thyssenkrupp Tata Steel -- would be headquartered in Amsterdam region of the Netherlands and will supply premium and differentiated products to customers, with annual shipments of about 21 million tonnes of flat steel products.