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Tata Steel gains after arm sells entire stake in NSV for Rs 36 cr

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Tata Steel rose 1.38% to Rs 414.80 after the company said that its step-down subsidiary NatSteel Holdings Pte has sold its entire stake in NatSteel Vina Company.

Tata Steel on Monday said its subsidiary NatSteel Holdings (NSH) has agreed to sell its entire 56.5% stake in NatSteel Vina (NSV) for about Rs 36 crore to a Vietnam-based Thai Hung Trading Joint Stock Company.

NSH is a wholly-owned subsidiary (WOS) of TS Global Holdings (TSGH), which in turn is a WOS of T Steel Holdings, which ultimately is a WOS of Tata Steel. The announcement was made after market hours yesterday, 4 November 2019.

Tata Steel's India production volumes rose 4.65% to 4.5 million tons while the sales volumes fell 4.17% to 4.14 million tons in Q2 September 2019 over Q2 September 2018.

Tata Steel India's Q2 sales volume increased by 5% QoQ on provisional basis primarily with better volumes at Tata Steel BSL. During the quarter, lower volumes to automotive segment were compensated by higher exports while deliveries in branded products & retail segment and industrial product & projects segment were maintained. Tata Steel India's crude steel production was flat on QoQ basis.

Tata Steel's South East Asia production volumes rose 5.56% to 0.57 million tons while the sales volumes fell 6.15% to 0.61 million tons in Q2 September 2019 over Q2 September 2018.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum (MnTPA). It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 05 2019. 11:07 IST