Tata Sponge Iron advances on receiving LOI from Eastern Coalfields

Tata Steel Long Products Ltd. - (Amalgamated) | Steel/Sponge Iron/Pig Iron | Metals & Mining | BSE: 513010 | NSE: TATASTLLP

27 Jun 2016 Evaluate

Tata Sponge Iron is currently trading at Rs. 617.20, up by 25.95 points or 4.39% from its previous closing of Rs. 591.25 on the BSE.

The scrip opened at Rs. 599.00 and has touched a high and low of Rs. 623.70 and Rs. 599.00 respectively. So far 51,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 678.00 on 15-Jun-2016 and a 52 week low of Rs. 340.00 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 659.70 and Rs. 541.25 respectively. The current market cap of the company is Rs. 949.56 crore.

The promoters holding in the company stood at 54.50%, while Institutions and Non-Institutions held 3.87% and 41.63% respectively.

Tata Sponge Iron has received a letter of intent (LOI) from Eastern Coalfields, a subsidiary of Coal India. It has been declared the company as a successful bidder for award of 24,000 tpa of coal at a notified price (winning premium is zero). The price would be reviewed by Coal India on a half-yearly basis.

According to the LOI, the company would be required to execute the Fuel Supply Agreement, valid for a period of 5 years from the date of execution of the agreement and is further extendable for another 5 years. The said agreement shall have a lock-in period of 2 years. This tonnage constitutes less than 10 percent of the Company’s annual coal requirement.

Tata Sponge Iron produces and sells sponge iron in India. The company offers sponge iron to secondary steel sector for the production of steel. It also operates two power plants with a combined generation capacity of 26 MW that generate power from waste heat.

Tata SteelLong-Amalg Share Price

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