Tata Steel rose 1.32% to Rs 616 at 11:03 IST on BSE after the company said its overseas unit has formed a joint venture with Vietnam Steel Corporation and Vietnam Cement Industries Corporation for a steel complex in Ha Tinh province in Vietnam.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 622 and a low of Rs 600 so far during the day. The stock had hit a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 471.07 on 17 August 2007.
The company has an equity capital of Rs 730.58 crore. Face value per share is Rs 10.
The current price of Rs 616 discounts its Q1 June 2008 annualised EPS of Rs 81.47, by a PE multiple of 7.56.
Singapore based Tata Steel Global Holding, a wholly owned subsidiary of Tata Steel, will hold 65% stake in the project.
Tata Steel’s net profit rose 21.8% to Rs 1488.40 on 46.9% increase in net sales to Rs 6165.03 crore in Q1 June 2008 over Q1 June 2007.
Tata Steel is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services. The company, along with its associates, has operations in 24 countries and commercial presence in more than 50 countries. The steel maker owns Corus, Tata Steel Thailand (formerly Millennium Steel) and NatSteel Asia.
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