Tata Steel Shares Hit Record High After NCLT Approves Amalgamation With Bhubhaneshwar Power
The Hyderabad bench of National Company Law Tribunal approved the company's amalgamation with Bhubaneshwar Power Pvt.
Shares of Tata Steel Ltd. hit an all-time high on Friday after it received legal sanction from the Hyderabad bench of the National Company Law Tribunal for it's amalgamation with Bhubaneshwar Power Pvt.
Shares of the company rose as much as 4.27% during the day to Rs 179.40 apiece on the National Stock Exchange. It was trading 3.84% higher at Rs 178.60 per share, compared to a 1.93% advance in the benchmark Nifty at 2:30 p.m.
The stock has risen 28.22% on a year-to-date basis and 59.73% in the last 12 months. The total traded volume so far in the day stood at 1.23 times its 30-day average. The relative strength index was at 59.42 .
Fifteen out of the 32 analysts tracking the company have a 'buy' rating on the stock, nine recommend a 'hold' and eight suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 7.6%.
