Tata Steel Surges To Record High After Signing Pact With UK-Based National Grid
The company signed a connection offer to build infrastructure capable of powering the 3.2 million-ton electric arc furnace at Port Talbot.
Tata Steel Ltd. shares rose to a life-high on Tuesday after it signed a pact with Britain-based National Grid Plc. for its Port Talbot project.
The company signed a connection offer with the British electric system operator to build infrastructure capable of powering the 3.2 million-tonne electric arc furnace at Port Talbot by the end of 2027, Bloomberg reported on Monday.
Shares of Tata Steel rose 3.96% intraday, the highest level since listing on Nov. 18, 1992. They pared some gains to trade 3.60% higher at 12:36 p.m., compared to 0.20% advance in the NSE Nifty 50.
The stock has gained 65.52% in 12 months and 24.5% year-to-date. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 69.38.
Of the 42 analysts tracking the company, 17 maintain a 'buy' rating, 18 recommend a 'hold', and seven suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 14.0%.
