Tata Steel jumps 4% on expansion plans in medical materials, branded tubes products

NEW DELHI: On a day when surging crude oil prices, a selloff in global equities and a lower-than-expected GDP print all took a toll on Indian stock markets, shares of Tata Steel jumped 3.7 per cent after the firm’s decision to expand its footprint in the medical material space and its branded products in the tubes division cheered investors.

Tata Steel’s scrip rose to a high of Rs 1,266 as against Rs 1,220.75 at previous close on the National Stock Exchange.

The company said that its tubes division has expanded its branded products and retail solutions by launching 'Tata EzyFit', a brand of innovative tubes for door and window frames. Since steel is 100 percent recyclable, these tubes are sustainable, the company said.

“As India surges forward, there is a need for newer, innovative, and faster construction solutions that will fuel this momentum. With Tata EzyFit, we aspire to be a market leader in new-age construction technology solutions, improving the quality of people’s lives every day,” Rajeev Singhal, Vice President, Marketing & Sales (Flat Products), Tata Steel, was quoted as saying in reports.

According to reports, on Monday Tata Steel also said that it is looking to set up a 'world class' facility to produce medical material and as a step towards it, Tata Steel Advanced Materials (TSAML), an indirect wholly-owned subsidiary, has invested in a bio-ceramics startup, Ceramat Private Limited.

In a filing with the stock exchanges, the company informed late on Monday that TSAML has executed a Share Purchase cum Shareholders’ Agreement for acquisition of a 90 per cent equity stake in Ceramat Private Limited (CPL), reports said.