Thursday, 18 May 2017

Tata Steel jumps nearly 9% on buzz over UK pension deal

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Shares of Tata Steel rallied nearly 9 per cent on the Bombay stock Exchange after the steel maker narrowed its losses in the quarter ended March 31, to Rs 1,168 crore down from Rs 3,042 crore in the corresponding quarter last year, helped by one-time non-cash pension curtailment charge.

The company has agreed the important commercial terms of a deal cut benefits and improve the funding position of its British pension scheme. Boosted by the development, shares of the company gained as much as 8.71 per cent to hit an intra-day high of Rs 496.85 apiece on the Bombay Stock Exchange.

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