Tata Steel shares surge over 7%; m-cap rises Rs 1,859 crore

MUMBAI: Shares of Tata Steel surged over 7 per cent today after the company received final environment nod for its Rs 1,877 crore expansion project to be carried out at Jamshedpur Steel Works in Jharkhand.

The stock climbed 7.17 per cent to settle at Rs 286.30 on BSE. During the day, it soared 7.69 per cent to Rs 287.70.

At NSE, it surged 7.28 per cent to close at Rs 287.05.

The stock was the biggest gainer on Sensex and Nifty.

The company's market valuation rose by Rs 1,859.9 crore to Rs 27,805.90 crore in market valuation.

Volume-wise, 25.31 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.

"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 said.

The EC has been given to the company subject to strict compliance to specific and general conditions, the official added.