Business Other News 25 Jun 2016 Tata Steel Europe ha ...

Tata Steel Europe has initiated the process to sell its UK business

PTI
Published Jun 25, 2016, 12:55 pm IST
Updated Jun 25, 2016, 12:55 pm IST
Tata steel has invited seven short-listed potential investors to submit binding bids for Tata Steel UK.
Tata Steel Plant in UK (Photo: AP)
 Tata Steel Plant in UK (Photo: AP)

Tata Steel Europe has initiated the process to sell its UK business viz Tata Steel UK. It has invited seven short-listed potential investors to submit binding bids for Tata Steel UK.

Tata Steel was followed by Axis Bank (3.10 per cent), Tata Motors (3.07 per cent), ICICI Bank (3.06 per cent), Larsen (3.02 per cent), Gail (2.54 per cent), Adani Ports (2.39 per cent), Reliance (2.23 per cent), NTPC (2.07 per cent) and HUL (2.05 per cent).

 

On the other hand, Dr Reddy's Laboratories gained 4.82 per cent followed by Bajaj Auto (4.36 per cent), M&M (2.60 per cent), Sun Pharma (1.47 per cent), Infosys (1.37 per cent) and Hero Motoco (1.36 per cent).

The total turnover during the week on the BSE fell to Rs 13,849.91 crore from last weekend's level of Rs 13,981.67 crore while NSE rose to Rs 85,554.83 crore from Rs 82,214.61 crore.

Meanwhile, in sweeping reforms, the government decided on Monday to ease FDI norms in civil aviation, single-brand retail, defence and pharma by permitting more investments under automatic route - a decision which some people said could have been advanced to counter Rexit jitters in markets.

 

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth net Rs 539.42 crore during the week as per Sebi's record, including the provisional figure of June 24. In the broader market, the BSE Mid-Cap index slipped 45.65 points or 0.4 per cent to settle at 11,313.41.

The fall in the index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index declined 156.53 points or 1.37 per cent to settle at 11,278.63.

The fall in the index was higher than the Sensex's decline in percentage terms. Among the S&P BSE sector and industry indices, Realty fell by 3.59 per cent followed by Capital Goods (2.46 per cent), Power (2.34 per cent), Metal (1.95 percent), Bankex (1.64 per cent), FMCG (1.38 per cent), Oil & Gas (0.52 per cent), Tech (0.30 per cent), Auto (0.30 per cent and IT (0.15 per cent), while Healthcare rose (0.55 per cent) and Consumer Durables (0.35 per cent).

 

Among the 30-share Sensex pack, 23 stocks declined and the remaining seven gained during the week. Tata Steel was the biggest sensex loser, falling by 3.99 per cent.

Results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. Tata Steel is Europe's second largest steel producer, with steel-making in the UK and Netherlands and manufacturing plants across Europe.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT