Tata Steel, one of the leading steel makers in the world, witnessed a rise in share price on Thursday after it announced the signing of a memorandum of understanding with Klesch Group. The MoU is signed to undertake detailed due diligence and negotiations for the potential sale of its long products Europe business and associated distribution activities.
The memorandum covers several UK-based assets including Tata Steel's Scunthorpe steelworks, mills in Teesside, Dalzell and Clydebridge in Scotland, an engineering workshop in Workington and a rail consultancy in York, as well as other operations in France and Germany.
Shares of the company are trading at Rs 458.90, up Rs 2.75, or 0.60% at the Bombay Stock Exchange (BSE) on Thursday at 10:22 a.m.
The scrip has touched an intra-day high of Rs 468 and low of Rs 456.85. The total volume of shares traded at the BSE is 317,246.