Shares of Tata Steel Ltd were trading flat in the afternoon session on Tuesday even as the Tata Group firm’s board cleared raising of Rs 2,700 crore via issue of non-convertible debentures (NCDs).
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Tata Steel shares ended 0.64% lower at Rs 148.65 on BSE. Market cap of the firm stood at Rs 1.85 lakh crore. Tata Steel will issue 2,70,000 non convertibel debentures (NCDs) of face value Rs 1,00,000 each aggregating to Rs 2,700 crore, said the firm in a communication to bourses.
The redemption of debentures will be done at the end of three years from the date of allotment. The debentures carry credit rating of ‘AA+’ by India Ratings and ‘AA+’ by CARE Ratings Limited, said Tata Steel in a communication to bourses.
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Total 51.09 lakh shares changed hands amounting to a turnover of Rs 76.32 crore on BSE. Tata Steel stock has a one-year beta of 0.8, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stood at 55.1, signaling it’s trading neither in the overbought nor in the oversold zone.
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Tata Steel shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages. Tata Steel shares have rallied 39% in a year and risen 102.80% in three years.
