Friday, 22 April 2016

Tata Steel Extends Rally, up 2% as UK govt agrees to buy 25%

Shares of Tata Steel jumped over 2 percent intraday on Friday, extending its rally. Investors are jubilant that the UK government is willing to acquire 25 percent stake in Tata Steel's UK operations to help potential buyers eyeing ownership of the Indian steel giant's loss-making plants. 

The money "worth hundreds of millions of pounds" is being put up jointly by the UK and Welsh governments and will be made available to potential buyers as part of a support package for the crisis-hit steel industry, according to the business department here.

Business Secretary Sajid Javid had earlier said any money would be offered on commercial terms, quashing talks of nationalising the industry. 

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