Tata Steel Shares Outperform on 1,000 Cr Fund-Raising

Tata Steel shares rose as much as 1.7 per cent intraday on Wednesday after it informed that it has raised Rs. 1,000 crore by issuance of  non-convertible debentures (NCDs) on a private placement basis.

The debentures bear an interest rate of 8.15 per cent and are redeemable and unsecured in nature. Tata Steel mentioned that the committee of directors on 4th Oct, 2016 has given non-convertible debentures having a face value of Rs. 10 lakh each for cash totalling to Rs. 1,000 crore, on a private placement basis, to certain recognized investors.

Tata Steel Ltd disclosed a consolidated first quarter net loss of Rs. 3,183 crore ($477 million) as it sold a business in Europe, and said talks has been continuing for a proposed partnership to run its European plants. Consolidated net loss broadened for the three months to June 30, from Rs. 317 crore loss a year earlier.

>On the other hand, government expanded floor price for imports of steel products for a further two months late on Tuesday since it tries to protect the domestic industry from cheap overseas shipments, especially from China.

The floor price, or the minimum import price, was incorporated for six months in February, the first time the government had taken such a measure in more than 15 years. It was extended from its initial expiry in August to October 4.This morning, Tata Steel share price rolled below 0.03per cent. The stock opened at Rs.392.80 as compared to its previous closing at Rs.390.70. Till now, the stock touched the days high and low at Rs. 392.80 and Rs. 390.60. Within few minutes, 1,11,672  shares are traded in the counter with a traded value of Rs. 437.05 lacs, as per NSE. The 52 week high of Tata Steel share price is observed at Rs. 408.60 on 8^th Sept ‘16 while the 52 week low is seen at Rs. 211.15 on 12^th Feb ‘16. The Average Daily Movement of the stock is 10.87 and its average volume for last 20 days 6606469. Tata Steel is identified by Dynamic Levels as the top 500 performing stocks for the June quarter amongst the 1700 stocks listed on the NSE.  Tata Steel is fundamentally strong and is safe for investment, according to Dynamic analysts

In order to know more about the support and resistance levels of the stock and also its fundamentals and financials, please a pay a visit to Tata Steel share price history.