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Tata Steel shares bounce back

Source: PTI
February 05, 2007 18:02 IST
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Tata Steel's shares, which were battered by investors after the company acquired Corus for 6.7 billion pounds, on Monday returned to the positive zone across the board on re-emergence of buying interest at prevailing low level.

The company's shares after opening on a strong footing at Rs 465, climbed to hit the session's high of Rs 472.05 before winding up Rs 6.95, or 1.48 per cent higher at Rs 469.90 on the BSE.

Over 55 lakh shares had changed hands on the BSE and NSE. Stocks which were ruling at Rs 520 before the Corus acquisition, had dipped to Rs 420 but regained strength following revival of buying at attractive low levels now.

"It seems that the counter has bottomed out and likely to move in upward trend in coming sessions," Rajeev Malik, a Bombay-based stock broker said.

The Tata-Corus saga
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