Tata Steel Limited witnessed a 1 percent uptick in its shares, trading at Rs 125.20 in the early session on January 20, following the company’s announcement of the shutdown of two blast furnaces at its Port Talbot Steelworks in Wales. The decision could potentially lead to the laying off of 2,800 employees.
In an exchange statement, the company revealed that the plan is aimed at reversing more than a decade of losses and transitioning from legacy blast furnaces to a more sustainable, green steel business.
As of 9:20 am, the counter was trading at Rs 134, marking a 0.5 percent increase from the previous close on the NSE. Over the past year, Tata Steel’s stock has gained just 9 percent, trailing behind the Nifty’s 20 percent growth over the same period. The market response reflects investor sentiments amid Tata Steel’s restructuring efforts.
