Investors were seen flocking to the counter of Tinplate Co of India, after the company became a subsidiary of Tata Steel with the conversion of fully convertible debentures held by the latter.
The shares of the country's largest manufacturer of tinplate, which is used for canning and packaging goods, spurted nearly 13% to 72.8 on significantly higher volumes on Friday. A total of 17.5 lakh shares changed hands compared with the two-week average of 1.2 lakh shares on the BSE.
The conversion of the FCDs has resulted in the increase in Tata Steel's holding from 42.9% to 59.5%. Becoming the Tata Steel subsidiary will help boost the prospects of Tinplate Co, as it will have access to raw material and would also benefit from better technology and managerial capabilities of the Tata group flagship company, according to analysts.
Source- http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/tinplate-spurts-on-becoming-tata-steel-arm/articleshow/7848923.cms
The shares of the country's largest manufacturer of tinplate, which is used for canning and packaging goods, spurted nearly 13% to 72.8 on significantly higher volumes on Friday. A total of 17.5 lakh shares changed hands compared with the two-week average of 1.2 lakh shares on the BSE.
The conversion of the FCDs has resulted in the increase in Tata Steel's holding from 42.9% to 59.5%. Becoming the Tata Steel subsidiary will help boost the prospects of Tinplate Co, as it will have access to raw material and would also benefit from better technology and managerial capabilities of the Tata group flagship company, according to analysts.
Source- http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/tinplate-spurts-on-becoming-tata-steel-arm/articleshow/7848923.cms
No comments:
Post a Comment