Tata Steel ends 5% higher, breaks losing streak
Share price of steel major Tata Steel ended 5 percent higher on June 19 thereby breaking its 4-day loosing streak. Global research firm Goldman Sachs has maintained a Buy recommendation on the stock with a target price of Rs 570 per share.
On May 30, 2019 The National Company Law Tribunal (NCLT) on May 30 approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy Ltd for around Rs 800 crore. The principal bench of NCLT Delhi also rejected objections from Bhushan Energy’s former promoter Neeraj Singal opposing Tata Steels’ bid.
Tata Steel ended at Rs 494.50, up Rs 21.75, or 4.60 percent. It has touched an intraday high of Rs 498.00 and an intraday low of Rs 480.20.