Recently the government recommended anti-dumping duty on imports of flat-rolled product of steel, and plated/ coated with alloy of aluminium and zinc
Net Sales are expected to increase by 0.3 percent Y-o-Y (down 10.6 percent Q-o-Q) to Rs. 37,935.4 crore, according to Kotak.
Narendran, whose second tenure as Tata Steel's Global CEO & MD will come up for shareholders approval on July 19, wants to make the steelmaker agile.
Net Sales are expected to increase by 0.2 percent Y-o-Y (down 10.7 percent Q-o-Q) to Rs. 37,897.7 crore, according to ICICI Direct.
Net Sales are expected to increase by 0.3 percent Y-o-Y (down 13.9 percent Q-o-Q) to Rs. 16,461.9 crore, according to Prabhudas Lilladher.
The top gainers from NSE include YES Bank, Coal India, Titan Company, Zee Entertainment and Wipro while the top losers are JSW Steel, Tata Motors, Tata Steel, Vedanta and Hindalco Industries.
Tata Steel is one of Europe's leading steel producers, with steel making in the Netherlands and the UK, and manufacturing plants across Europe.
Henrik Adam, currently Chief Commercial Officer Tata Steel Europe, has been appointed to succeed Hans as the CEO from July 1, 2019. He will also join the board of TSE and report to Narendran.
The move will give the company an early lead among peers as scrap generation increases in the Indian economy, which is also the fastest growing steel market in the world.
The recycling unit will be set up in Rohtak, Haryana.
The brokerage said rising ore prices should weaken cost support hopes for steel
It will also seek shareholders' approval for appointment of Vijay Kumar Sharma as a director and reappointment of Mallika Srinivasan and O P Bhatt as independent directors.
Global research firm Goldman Sachs has maintained a Buy recommendation on the stock with a target price of Rs 570 per share.
The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of the surge of Chinese steel.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 23 points or 0.19 percent. Nifty futures were trading around 11,966-level on the Singaporean Exchange.
Essar Steel is undergoing insolvency proceedings.
The announcement came after the National Company Law Tribunal (NCLT) approved the resolution plan of Tata Steel to acquire Bhushan Energy for around Rs 800 crore.
Tata Steel adds heft to its Bhushan Steel acquisition with a successful bid for Bhushan Energy
The principal bench of NCLT Delhi also rejected objections from Bhushan Energy's former promoter Neeraj Singal opposing Tata Steels' bid.
ICICI Direct recommended hold rating on Tata Steel with a target price of Rs 475 in its research report dated May 13, 2019.
Unions want assurance that European units will not be broken up.
The steel major's Indian operation will largely be able to offset the impact of the collapse, it said. "Tata Steel Ltd and Thyssenkrupp AG's decision to cease efforts on their proposed Europe joint venture is marginally credit negative for Tata Steel," S&P Rating said in a bulletin in the wake of the development.
Tata Steel’s European business is back to square one. Its management needs to identify alternative plans soon, and this time failure is not an option
The top Nifty gainers include Zee Entertainment, State Bank of India, Bharti Airtel, Adani Ports and Titan Company while Tata Steel, HCL Tech, YES Bank, IndusInd Bank and Indian Oil Corporation are the top losers.
Thyssenkrupp and Tata Steel in 2018 unveiled plans to combine their steel activities in Germany, the Netherlands and Britain to become the continent’s second-largest steelmaker after ArcelorMittal.