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Tata Steel rises on sale agreement

August 30, 2010

TATASTEEL-RESULTS/Tata Steel ended 3.5 percent higher at 527 rupees after the company said on the weekend its unit Corus has reached an agreement with Thailands SSI on the potential $500 million sale of its mothballed Teesside plant.

Shares in Tata Steel were among the biggest gainer among the Sensex stocks and ended with volumes of 1.9 million shares on BSE.

For the year the stock has declined over 15 percent but for the month of August it had gained a little over 13 percent.

Do you think the price tag for the acquisition is right for Tata Steel and will help the counter in diversification process?

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