Tata Steel share price advanced as much as 2.57 per cent intraday on Friday after the UK government on Thursday announced it is willing to acquire 25 per cent minority equity stake in Tata Steel’s UK operations as well as offer hundreds of millions of pounds in debt relief to rescue the troubled Indian steel giant by helping potential buyers.
At 11.01 am, shares of Tata Steel were trading 1.58 per cent up at Rs 360. The scrip opened at Rs 358.70 and has touched a high and low of Rs 363.50 and Rs 358.05, respectively, in trade so far.
Later, the scrip closed 0.17 per cent down at Rs 353.80.
Earlier, the group announced plans to exit its entire British steel operation last month, leaving the government battling to save a once mighty industry that has been hammered by a surge in cheap Chinese imports, soaring costs and weak demand.
Greybull Capital has been reported to be considering making a bid for Tata’s speciality steels arm.
(With inputs from agencies)