Tata Steel climbs 3% as steelmaker receives green nod for expansion project
The stock rose 3.08 per cent to hit a high of Rs 275.40 on BSE. At this price, the stock is up 38 per cent from its 52-week low of Rs 200 hit on September 29, 2015.
By ET Online |
NEW DELHI: Shares of Tata Steel ended the day higher 7.17 per cent in trade on Thursday after the company said it has received final environment clearance for its Rs 1,877 crore expansion project to be carried out at Jamshedpur Steel Works in Jharkhand.
"The Environment Ministry has considered the application based on the recommendations of the Expert Appraisal Committee (Industry-I) and decided to grant environment clearance (EC) to the proposal for expansion of crude steel production at Tata Steel Works," a senior government official told PTI.
The stock rose 3.08 per cent to hit a high of Rs 275.40 on BSE. At this price, the stock is up 38 per cent from its 52-week low of Rs 200 hit on September 29, 2015.
As per the proposal, Tata Steel will expand crude steel production from 9.7 million tonnes per annum (MTPA) to 11 MTPA at Jamshedpur Steel Works.
While there was no filing to the stock exchanges on the matter so far, PTI report said that the additional production would be realised by augmenting the production capacities of few plant units, namely, sinter plant, pellet plant, steel melting shop and the mills, revamping of two existing blast furnaces and installation of a new lime plant.
"The Environment Ministry has considered the application based on the recommendations of the Expert Appraisal Committee (Industry-I) and decided to grant environment clearance (EC) to the proposal for expansion of crude steel production at Tata Steel Works," a senior government official told PTI.
The stock rose 3.08 per cent to hit a high of Rs 275.40 on BSE. At this price, the stock is up 38 per cent from its 52-week low of Rs 200 hit on September 29, 2015.
As per the proposal, Tata Steel will expand crude steel production from 9.7 million tonnes per annum (MTPA) to 11 MTPA at Jamshedpur Steel Works.
While there was no filing to the stock exchanges on the matter so far, PTI report said that the additional production would be realised by augmenting the production capacities of few plant units, namely, sinter plant, pellet plant, steel melting shop and the mills, revamping of two existing blast furnaces and installation of a new lime plant.
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