Tata Steel shares in news today as firm to shut coke ovens unit in UK
Tata Steel shares are in the news today due to the company's decision to close its coke ovens unit in the UK.
Today, Tata Steel Ltd shares are making headlines as the company's UK division has opted to discontinue operations of the coke ovens situated at the Port Talbot plant in Wales. This decision comes in the wake of a decline in operational stability. In the previous trading session, Tata Steel shares concluded 5.69% higher at Rs 149.60 on the BSE, with the stock opening at Rs 143.85 on Monday. The firm's market capitalization surged to Rs 1.86 lakh crore. A substantial turnover of Rs 74.50 crore was recorded on the BSE, with a total of 50.54 lakh shares changing hands. Notably, Tata Steel emerged as the leading gainer on the Sensex during the previous session.
Tata Steel stock exhibits a one-year beta of 0.8, indicating relatively low volatility over the mentioned period. Technically, the relative strength index (RSI) for Tata Steel stands at 55.1, suggesting it is neither oversold nor overbought.
Furthermore, Tata Steel shares are currently trading above various moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day averages. Over the past year, Tata Steel shares have surged by 39.75%, while over three years, they have seen a notable increase of 112%.
Tata Steel UK plans to augment coke imports to mitigate the repercussions of the coke oven closures, as mentioned in an exchange filing. Tata Steel had previously highlighted that several heavy-end assets at Port Talbot have reached their end-of-life capability.
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