Tata Steel Ltd.'s share price rose in Friday's session as the company's Netherlands subsidiary announced transformation programs to improve its competitiveness. Tata Steel Netherlands has submitted a request to Central Works Council for advice regarding the transformation plan.
Tata Steel Netherlands adopted the transformation programme, which is built on a multi-pronged approach of maximising production efficiencies, lowering fixed costs, and optimising product mix and margins, the parent company said in an exchange filing on Wednesday.
The subsidiary requires more effective organisational structure with more accountability, standardisation, automation, and elimination of duplication. This re-organisation will cause loss of 1,600 management and support function roles. Tata Steel Netherlands will also conduct changes in its local management boards, according to the exchange filing.
Tata Steel Share Price
Tata Steel's share price increased 5.91% to Rs 134.70 apiece, the highest level since April 8. It was trading 4.65% higher at Rs 133.09 apiece as of 10:16 a.m., as compared to a 1.95% advance in the NSE Nifty 50.
The stock has declined 18.60% in 12 months, and 3.63% year-to-date. Total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 35.42.
Out of 34 analysts tracking the company, 20 maintain a 'buy' rating, nine recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 16.6%.
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