Tata Steel gains as UK business gets seven proposals


Tata Steel has gained 2.5% to Rs 337 on the BSE in an otherwise range bound market after Tata Steel Europe announced that it has received seven expressions of interest for Tata Steel’s UK business which have been immediately taken forward to the next stage of the sale process.

“In addition, Tata Steel Europe is clarifying outstanding points with a number of other parties who have submitted an expression of interest. The remaining parties who submitted expressions of interest have been thanked for their participation in the process but informed that their expressions would not be taken forward currently,” Tata Steel said in a news release.

In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage, it added.

At 10:24 am, the stock was up 1.7% at Rs 335 on the BSE as compared to 0.06% decline in the S&P BSE Sensex. A combined 4.06 million shares changed hands on the counter on the BSE and NSE.

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