Tata Steel shares in news today on deal with UK govt 

Shares of Tata Steel are in news today after the Tata Group firm said it has signed a £500 million Grant Funding Agreement with the UK Government allowing it to proceed at pace with the project to install a state-of-the-art Electric Arc Furnace at the Port Talbot steelworks in Wales.

Tata Steel shares ended 0.87% lower at Rs 148.15. Market cap of Tata Steel stood at Rs 1.84 lakh crore. Total 17.12 lakh shares changed hands amounting to a turnover of Rs 25.52 crore on BSE.

Tata Steel stock has a one-year beta of 1.5, signaling high volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 34.8, signaling it's trading neither in the overbought nor in the oversold zone.

Tata Steel shares have rallied 13% in a year and risen 6% in 2024.

TV Narendran, Tata Steel Chief Executive Officer and Managing Director, said, "With the UK government’s critical support, this complex and ambitious transformation of Port Talbot has the potential to make the plant one of Europe’s premier centres for green steelmaking. I would like to thank the UK Steel Committee and various departments of the UK and Welsh governments for their support in reaching this agreement. We now look forward to the efficient and speedy execution of the EAF project. We will also continue our work with the Transition Board and the UK and Welsh governments to enable this project to be a catalyst for economic regeneration and job creation in South Wales."