Tata Steel gains on bagging two-year contract from French rail operator SNCF

09 Jan 2014 Evaluate

Tata Steel is currently trading at Rs. 395.75, up by 3.40 points or 0.87% from its previous closing of Rs. 392.25 on the BSE.

The scrip opened at Rs. 394.70 and has touched a high and low of Rs. 396.20 and Rs. 393.50 respectively. So far 34,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 435.40 on 09-Jan-2014 and a 52 week low of Rs. 195.40 on 07-Aug-2013.

Last one week high and low of the scrip stood at Rs. 419.35 and Rs. 389.55 respectively. The current market cap of the company is Rs. 38,435.00 crore.

The promoters holding in the company stood at 31.35% while Institutions and Non-Institutions held 41.45% and 24.22% respectively.

Tata Steel has won a two-year contract to supply more than 200,000 tonnes of track to French rail operator SNCF. The contract will see Tata Steel supply the majority of SNCF’s rail requirements in lengths of up to 108m from its plant in Hayange, Northern France. The Hayange rolling mill is supplied with steel from Tata Steel’s Scunthorpe steelworks in the UK.

The order was secured following a €35 million investment by Tata Steel in 2011, which allowed the Hayange mill to produce 108m lengths of rail that SNCF will use throughout France’s standard and high-speed networks. The new order is an extension of a previous contract with SNCF.

Further, the news comes just weeks after unveiling of the new €12 million heat-treatment facility at the Hayange plant, built as part of Tata Steel’s customer-focused approach to the market. Heat-treated rail can last up to three times longer than standard rail when used in high-wear conditions such as heavy traffic, high axle loads or tight curves. The newly opened facility will allow Tata Steel to more than double its annual output of heat-treated rail from 55,000 to 125,000 tonnes.

 

Tata Steel Share Price

148.65 -0.30 (-0.20%)
31-Oct-2024 16:01 View Price Chart
Peers
Company Name CMP
Tata Steel 148.65
JSW Steel 964.45
SAIL 115.75
Jindal Stainless 674.80
Jindal Saw 316.45
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.