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Tata Sponge to set up steel plant; shares soars by over 2%

Tata Sponge Iron Limited share soared by over 2% after the company’s board on last Friday approved the proposal of setting a steel plant of capacity upto 1.5 MTPA in phases at Beleipada, Odisha, subject to the evaluation of the financial viability of the project.

The company’s board has also authorised management to apply and obtain the environmental and associated clearances from the concerned authorities for the aforesaid project.

The stock was trading at Rs 872.95, up by 2.45% on BSE at 0956 hours. It opened at Rs 889 per share. It touched its intraday high at Rs 894 and low at Rs 864. The stock attracted a traded volume of 4,34,443 and traded value of 3,812.19 lakh.

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Tata Sponge Iron Ltd is currently trading at Rs 869, up by Rs 16.9 or 1.98% from its previous closing of Rs 852.1 on the BSE.

The scrip opened at Rs 889 and has touched a high and low of Rs 894.7 and Rs 863.8 respectively. So far 626379(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1312.23 crore.

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 900 on 10-May-2017 and a 52 week low of Rs 474.95 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 855.4 and Rs 819.3 respectively.

The promoters holding in the company stood at 54.5 % while Institutions and Non-Institutions held 9.08 % and 36.42 % respectively.