Tata Steel stock zooms over 6% on acquisition of majority stake in Ceramat

Shares of Tata Steel rose over 6 per cent in an otherwise weak market today after the firm purchased 90 per cent equity stake in Ceramat Private Limited (CPL) through its wholly owned subsidiary Tata Steel Advanced Materials Limited (TSAML).

Tata Steel stock touched an intraday high of Rs 1,299.7, rising 6.45 per cent on the BSE. The stock has gained 19.87 per cent in the last 3 days. It stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share was the top Sensex gainer today.

Tata Steel shares have risen 75.26 per cent in last one year and gained 16 per cent since the beginning of this year. Market cap of the firm rose to Rs 1.57 lakh crore on the BSE. A total of 19.82 lakh shares of the firm changed hands, amounting to a turnover of Rs 253.73 crore.

Later, the share closed 5.54 per cent or Rs 67.60 higher at Rs 1,217 against its previous close of Rs 1,166.75 on the BSE.

The deal with CPL is expected to close in 60 days.

CPL was incorporated on November 2, 2021, for the purpose of advanced ceramics with a primary focus on health care. Sabyasachi Roy and Tushar Gothi are the joint promoters of CPL. As of date, the company has not commenced operations.

Meanwhile, the Indian equity market snapped two sessions of gaining streak today following a broad-based selloff in global markets as the Russia-Ukraine crisis escalated. Sensex settled 778.38 points or 1.38 per cent lower at 55,468.90 and Nifty plunged 187.95 points or 1.12 per cent to 16,605.95.