Tata Steel Ltd. announced on Thursday that the company has acquired a stake worth Rs 2,603.16 crore in T Steel Holdings Pte. Ltd. The company has acquired 191.08 crore shares, with a face value of $0.157 each for $300 million or Rs 2,603.16 crore, the steelmaker said in an exchange filing on Wednesday.
T Steel Holdings Pte. Ltd. is the Singapore-based arm of homegrown steel giant Tata Steel. Post this acquisition, T Steel Holdings will continue to be a wholly owned subsidiary of the Indian steel manufacturer.
Earlier on Aug. 28, 2024, Tata Steel had acquired a stake worth Rs 2,348 crore in T Steel Holdings Pte. The company had acquired 178 crore shares, with a face value of $0.157 each.
Tata Steel's net profit for the quarter ended Dec. 31, 2024, fell by 36% to Rs 327 crore compared to Rs 513 crore in the same period last year. Despite the decline, the company beat analysts' estimates of a loss of Rs 300 crore.
Shares of Tata Steel closed 1.68% higher at Rs 138.04 apiece, compared to 0.09% decline at the benchmark NSE Nifty 50. It has fallen 2.13% in the last 12 months.
Out of the 35 analysts tracking the company, 21 have a 'buy' rating on the stock, eight recommend a 'hold,' and six suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.6%.
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