Tata Steel hit an over 6-year high of Rs 692, up 4.7% on BSE in early morning trade after Tata Steel UK said that the British Steel Pension Scheme (BSPS) has been separated from itself and a number of affiliated companies. The stock was trading at its highest level since January 2011.
“Tata Steel UK has received confirmation from The Pensions Regulator that it has approved a Regulated Apportionment Arrangement (RAA) in respect of the British Steel Pension Scheme (BSPS). The BSPS has now been separated from Tata Steel UK and a number of affiliated companies,” Tata Steel said in a news release.
According to Reuters report, ThyssenKrupp could reach an agreement in principle this month to merge its European steel business with that of Tata Steel, the group said on Monday, adding talks were constructive and had entered the final stretch.
“Tata Steel is now reaping benefits from increased domestic capacity and persistently strong profitability in both India and Europe. A potential JV with ThyssenKrupp in Europe should aid further deleveraging,” analysts at HDFC Securities said in Q1FY18 results review.
In past four months, the stock has outperformed the market by surging 57% as compared to 6% rise in the S&P BSE Sensex.
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