Tata Steel rose 3.55% to Rs 265.50 at 12:45 IST on BSE after reports company is looking to deleverage and improve return ratios amid weak global steel consumption.
Meanwhile, the S&P BSE Sensex was up 223.91 points or 0.8% at 28,295.84.
On BSE, so far 9.13 lakh shares were traded in the counter as against average daily volume of 7.93 lakh shares in the past one quarter.
The stock hit a high of Rs 268.20 and a low of Rs 259 so far during the day. The stock had hit a 52-week high of Rs 568.55 on 6 August 2014. The stock had hit a 52-week low of Rs 245.25 on 31 July 2015.
The stock had underperformed the market over the past one month till 4 August 2015, falling 14.8% compared with Sensex's 0.07% decline. The scrip had also underperformed the market in past one quarter, declining 29.03% as against Sensex's 2.11% gain.
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The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.
Meanwhile, Titan Company reportedly said that Tata Sons would acquire 1.94 crore shares held by Tata Steel in Titan Company on or after 11 August 2015.
Meanwhile, separate reports said Tata Steel's plans to turnaround Tata Steel's lossmaking Europe business just became more difficult with Anglo-American Gary Klesch pulling out of the talks to buy its long products division after investigating the business for about a year.
Tata Steel reportedly wants to narrow down its focus to the more profitable strip business. The steelmaker does not see the longs business, which makes steel rail, rods and plates, fitting in with its future strategy. The division has already seen cuts in capital expenditure and has stopped external hiring, reported added.
Tata Steel reported consolidated net loss of Rs 5674.29 crore in Q4 March 2015 compared with consolidated net profit of Rs 1035.87 crore in Q4 March 2014. Total income dropped 20.5% to Rs 33808.61 crore in Q4 March 2015 over Q4 March 2014.
Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of nearly 30 million tonnes per annum. It is now the world's second-most geographically-diversified steel producer.
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