Tata Steel Ltd shares are in news today as the company’s UK arm has decided to cease operations of the coke ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability.
Shares of Tata Steel ended 5.69% higher at Rs 149.60 on BSE in the previous session. Tata Steel stock opened higher at Rs 143.85 on Monday. Market cap of the firm rose to Rs 1.86 lakh crore. Total 50.54 lakh shares changed hands amounting to a high turnover of Rs 74.50 crore on BSE. The stock was the top gainer on Sensex in the previous session.
Tata Steel stock has a one-year beta of 0.8, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 55.1, signaling it's trading neither in the overbought nor in the oversold zone.
Tata Steel shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Tata Steel shares have rallied 39.75% in a year and risen 112% in three years.
Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures, the company said in an exchange filing. Tata Steel had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability.
Currently, Tata Steel is at an advanced stage of consultations with trade unions in the UK on its proposal for the planned restructuring involving closure of the iron and steelmaking assets at Port Talbot, and subsequent transition to sustainable low-CO2 steelmaking involving a £1.25 billion investment in Electric Arc Furnace technology in Port Talbot and asset upgrades