Tata Steel Long Products rises on acquiring further stake in Neelachal Ispat Nigam

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

25 Nov 2022 Evaluate

Tata Steel Long Products is currently trading at Rs. 642.00, up by 5.25 points or 0.82% from its previous closing of Rs. 636.75 on the BSE.

The scrip opened at Rs. 635.35 and has touched a high and low of Rs. 642.85 and Rs. 635.35 respectively. So far 2776 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 893.95 on 10-Jan-2022 and a 52 week low of Rs. 532.00 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 670.00 and Rs. 620.30 respectively. The current market cap of the company is Rs. 2890.46 crore.

The promoters holding in the company stood at 74.91%, while Institutions and Non-Institutions held 4.97% and 20.11% respectively.

Tata Steel Long Products has further acquired 4,68,75,000 equityshares of Rs 10 each at a premium of Rs 54 per share, of Neelachal Ispat Nigam (NINL), a subsidiary of the Company, on November 24, 2022, for an amount aggregating to Rs 300 crore being Tranche 2 of the investment in the equity shares of NINL.

The proposed funding will be utilized towards the initial working capital and capex requirement of the NINL including start-up of iron and steel plant at Kalinganagar, repayment/prepayment of liabilities and for other general corporate purposes.

Tata Steel Long Products is one of India’s largest merchant sponge iron manufacturers. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat.

Tata SteelLong-Amalg Share Price

829.45 0.00 (0.00%)

16-Nov-2023 17:59 View Price Chart

Peers

Company Name	CMP
Jindal Steel	1248.10
Lloyds Metals&Energy	1735.25
Jai Balaji Inds	83.52
Steel Exchange India	10.66
Rajputana Stainless	135.05
View more..

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