Tata Steel stock rises over 5%, m-cap swells by Rs 1,588 cr

Shares of Tata Steel on Wednesday rose over 5 per cent after the steel firm got the Centre's green panel approval for Odisha mining project and reports that the British government has opened talks with potential buyers for the company's UK operations.

The stock jumped 5.24 per cent to settle at Rs 328.45 on BSE. During the day, it soared 6.34 per cent to Rs 331.90.

On NSE, it climbed 5.2 per cent to Rs 328.55.

The company added Rs 1,588.57 crore in market valuation at Rs 31,899.57 crore.

The stock was the biggest gainer on both the Sensex and the Nifty.

On the volume front, 22.09 lakh shares of the company changed hands at BSE and over 1 crore at NSE during the day.

The Centre's green panel has given clearance to Tata Steel for diversion of about 199 hectares of forest land for expansion of its iron ore mining project in Keonjhar district, Odisha.

That apart, Indian-origin businessman Sanjeev Gupta, having evinced interest in acquiring certain assets of Tata Steel UK, met the UK's Business Secretary Sajid Javid on Tuesday.

Tata Steel Europe has announced plans to sell its UK steel business last week after a "strategic review" by its board.

Tata Steel has manufacturing operations in 26 countries and employs some 80,500 people.