Tata Steel gains on selling New Zealand based unit - The New Indian Express

Tata Steel gains on selling New Zealand based unit

Published: 09th April 2014 11:19 AM

Last Updated: 09th April 2014 11:19 AM

Tata Steel shares gained on Wednesday afterit decided to sellTata Steel International (Australasia) (TSIAL) to Steel & Tube Holdings of New Zealand for a cash consideration of NZD 27.5 million.

TSIAL, based in New Zealand, is a distribution business supplying stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets.

Shares of the company are trading at Rs 413, up Rs 7.05, or 1.74% at the Bombay Stock Exchange (BSE) on Wednesday at 9:49 a.m.The scrip has touched an intra-day high of Rs 415.00 and low of Rs 409. The total volume of shares traded at the BSE is 47,541.In the earlier session, the shares climbed 1.01%, or Rs 4.05, at Rs 405.95.Currently, the stock is trading down 5.14% from its 52-week high of Rs 435.40 and above 111.36% over the 52-week low of Rs 195.40.

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