Tata Steel rose 0.93% to Rs 283.30 at 10:15 IST on BSE after a labour dispute at Tata Steel UK ended yesterday, 15 July 2015, after unions members voted to accept changes to their pension scheme.
Meanwhile, the BSE Sensex was up 165.70 points, or 0.59%, to 28,363.99.
On BSE, so far 2.74 lakh shares were traded in the counter, compared with an average volume of 7.68 lakh shares in the past one quarter.
The stock hit a high of Rs 286.75 and a low of Rs 282.80 so far during the day. The stock hit a 52-week high of Rs 573.90 on 25 July 2014. The stock hit a 52-week low of Rs 279 on 10 July 2015.
The stock had underperformed the market over the past one month till 15 July 2015, falling 5.50% compared with 6.06% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.88% as against Sensex's 2.09% fall.
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The large-cap company has an equity capital of Rs 971.22 crore. Face value per share is Rs 10.
A labour dispute at Tata Steel UK ended yesterday, 15 July 2015, after unions members voted to accept changes to their pension scheme, averting what threatened to be the biggest industrial action in Britain's steel sector in 35 years. The vote by members of British unions Community, Unite, GMB and UCATT means the Tata Steel workers' final salary pension scheme will stay open, following agreed changes. Details of the changes in the scheme were not disclosed immediately.
On 13 March 2015, Tata Steel had announced its intention to close the British Steel Pension Scheme, following which the four unions, representing 17,000 Tata Steel employees in the UK, voted in favour of a strike action. The strike earlier scheduled for 22 June 2015 was later called off following discussions with the management over a revised pension proposal.
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe.
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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