Share Market Live

NSE

Shares of Tata Steel Ltd were in focus on Tuesday after the company announced on Tuesday that it has completed the acquisition of the entire stake held by state-owned SAIL in S&T Mining. The acquisition is part of Tata Steel's portfolio simplification and restructuring plan.

The shares rose close to 2 percent in early trading. At 12 pm, the steel-making company stock gave up most of the gains and was trading at Rs 1319.70, lower by 0.06 percent or 0.85 points on the BSE.

Also Read:

Buzzing stock | M&M shares rise 1%; here's why

Tata Steel had recently said that it has executed a share purchase pact with Steel Authority of India Limited (SAIL) for acquiring the latter's entire 50 per cent stake in S&T Mining Co Ltd.

On completion of the acquisition, S&T Mining has become a wholly-owned subsidiary of Tata Steel. "...the company has yesterday, i.e. April 11, 2022, completed the acquisition of the entire equity stake held by SAIL in S&T Mining," Tata Steel said in a filing to BSE.

S&T Mining was formed as a 50:50 joint venture between Tata Steel and SAIL with the goal of acquiring coal blocks, conducting exploration, getting regulatory permits and licences, mine development, and coal extraction and mining from the specified blocks. Since 2018-19, S&T Mining has been closed.

Meanwhile, Tata Steel Mining Ltd (TSML) acquired debt-laden Rohit Ferro-Tech Ltd for Rs 617.12 crore through an insolvency resolution process.

As per the terms of the resolution plan, TSML has funded Rs 617.12 crore for paying the admitted Corporate Insolvency Resolution Process (CIRP) cost, employee dues, operational creditors and financial creditors as per the provisions of the approved resolution plan, according to a regulatory filing by Tata Steel on Tuesday.

Track all the live market updates with CNBC-TV18's market blog