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Tata Steel hardens after plans to sell shares in Tata Motors

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rose 1.77% to Rs 511 at 9:25 on after the company announced that it proposes to sell 8.36 crore of face value of Rs 2 each of to Tata Sons.

The announcement was made on Saturday, 17 June 2017.

of declined 0.09% to Rs 455.10.

Meanwhile, the S&P Sensex was up 137.68 points or 0.44% at 31,194.08.

On the BSE, 43,890 were traded on the counter so far of as against the average daily volumes of 8.08 lakh shares in the past one quarter. The stock had hit a high of Rs 512.50 and a low of Rs 509 so far during the day.

said that the transaction is expected to be executed on or after 23 June 2017 at or around the prevailing price on the date of proposed sale, subject to no material market movements in price since the date of this disclosure.

Tata Sons is the promoter of the major operating Tata companies and holds significant shareholdings in these companies. Tata companies are commonly referred to as the Tata group and the Chairman of Tata Sons as Chairman of the Tata group.

About 66% of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family. The largest of these trusts are the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which were created by the sons of Jamsetji Nusserwanji Tata, the founder of the group.

Tata Steel held 2.9% stake while Tata Sons held 28.71% stake in Tata Motors, as per the shareholding pattern as on 31 March 2017.

Tata Steel reported consolidated net loss of Rs 1168.02 crore in Q4 March 2017, compared with net loss of Rs 3041.88 crore in Q4 March 2016. The consolidated net sales rose 29.6% to Rs 33424.09 crore in Q4 March 2017 over Q4 March 2016.

Tata Steel is the world's second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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

First Published: Mon, June 19 2017. 09:25 IST