Shares of Tata Steel today rose by over 3 percent after the company said New Zealand's Steel & Tube Holdings is acquiring its unit based in the island nation for NZD 27.5 million (over Rs 140 crore).
The steel major's stock ended up by 3.18 percent at Rs 418.85 on the BSE. In intra-day trade, Tata Steel shares rose by 3.46 percent to Rs 420.
At the NSE, the bluechip stock settled 3.04 percent up at Rs 419.
"Steel & Tube has agreed to acquire Tata Steel International (Australasia) Ltd for a cash consideration of NZD 27.5 million on April 14," Tata Steel had said yesterday.
Tata Steel International (Australasia) Ltd (TSIAL) supplies stainless steel, engineering steels and composite floor decks to the New Zealand and Pacific Island markets, the company said.
It also offers ex-mill sales of colour-coated and packaging steels, railway tracks and structural sections.
Steel & Tube, a supplier of steel products and services, is among the top 50 companies on the New Zealand Stock Exchange by market capitalisation.