Tata Steel announced that it has acquired 14.28% stake or 1.25 crore equity shares with face value Rs 10 each aggregating to Rs 12.5 crore of Indian Foundation for Quality Management (IFQM).
IFQM is a not-for-profit company, incorporated under section 8 of the Companies Act, 2013, with an aim to empower and encourage the Indian organizations in diverse sectors to embrace and integrate quality values, principles, and practices in all aspects of management.Tata Steel stated that this acquisition is to support the objective with which IFQM is set up.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.
The companys consolidated net profit declined 64.59% to Rs 554.56 crore on 6.79% rise in revenue from operations to Rs 554.56 crore in Q4 FY24 over Q4 FY23.
The scrip shed 1.54% to currently trade at Rs 173 on the BSE.
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