Tata Steel ends with losses, company to restructure India biz

NEW DELHI: Shares of Tata Steel ended the day lower by 0.69 per cent after rising as much as 2.1 per cent in Tuesday morning trade after the company announced a plan to restructure its India business. The motive behind the restructuring is to reduce costs and increase productivity, Tata Steel said.

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Reacting to the development, the scrip gained 2.02 per cent to hit a high of Rs 260.80 on the BSE. Poor demand and heightened competition from imports have shrunk the company’s profits.

Restructuring at Tata Steel will take place across all business functions such as human resources, production, transportation, marketing and so on, an ET report said. The company’s stock has risen mildly by 1.14 per cent in the year so far.