Tata steel share opened at 496.50 on Friday. The stocks fell by 3.59 percent ahead of union budget. The stock closed at 477.50
Tata Steel in June said it has completed the acquisition of Bhushan Energy.
Bhushan Energy was a subsidiary of Bhushan Steel, which was also taken over by Tata Steel last year in May and later renamed as Tata Steel BSL. Tata Steel had offered Rs 35,200 crore in cash to acquire Bhushan Steel besides Rs 1,200 crore to creditors and convert the remaining debt owed to banks to equity.
Tata Steel, the flagship company of the Tata group, is now the world’s second most geographically diversified steel producer and a Fortune 500 company. Tata Steel has a balanced global presence in over 50 developed European and fast growing Asian markets, with manufacturing units in 26 countries.
It is the world’s sixth largest steel company with an existing annual crude steel production capacity of 30 million tonnes per annum.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52-week high of Rs 646.70 on 21 September 2018 and a 52-week low of Rs 442.10 on 29 January 2019.
The stock has lost nearly 10% in the last one year, compared with a 12% rise in the Nifty 50 index.
The promoters holding in the company stood at 33.12%, while Institutions and Non-Institutions held 43.77% and 21.99% respectively.
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