Tata Steel Share Price 23 January 2024: A Rollercoaster Ride ๐ข
1. ๐ Tata Steel shares witnessed a slight decline in the special trading session held on January 20, 2024. The share opened at Rs. 132.60 and closed at Rs. 133.95, marking a 0.22% decrease from the previous trading session.
2. ๐น On Friday, the share price closed at Rs. 134.25, showing a minor increase compared to the session held on Saturday.
3. ๐ However, things took a downturn on Tuesday, January 23, 2024, as the share price dropped to Rs. 131, reflecting a 2.24% decrease.
4. โ๏ธ Tata Steel’s decision to shut down two blast furnaces in its Port Talbot Steelworks plant will result in the layoff of around 2,800 employees. This move is a part of the company’s plan to adopt greener practices, which are more sustainable than traditional blast furnaces.
5. ๐ฟ The company aims to use green furnaces, which have a higher durability rate in the steel business, as compared to conventional blast furnaces.
6. ๐ผ Tata Steel shares are currently trading at Rs. 134 on the NSE index, showing a meager 9% increase in the past year. In contrast, Nifty-50 index has witnessed a growth of 20% during the same period.
7. ๐ Tata Steel is planning to shut down its two high-emission blast furnaces and coke ovens in a phased manner. The first blast furnace is expected to be closed in mid-2024, followed by the others in late 2024.
8. ๐ฅ The company has estimated that around 2,500 employees may be affected by this decision in the next 18 months. However, if some steel-producing companies keep their facilities open for steel slabs, it may save around 200 jobs, according to British media reports.
9. ๐ช Tata Steel’s CEO has acknowledged that this proposed restructuring will have a significant impact on communities. In response, Tata Steel is committed to providing comprehensive support packages to its affected employees.
10. ๐ Tata Steel’s journey in the stock market has been a rollercoaster ride for investors, with its share price fluctuating in recent trading sessions. However, the company’s focus on sustainable practices and its commitment to supporting its workforce demonstrate its determination to adapt to changing market dynamics.
So, buckle up and keep an eye on Tata Steel’s share price as it navigates through the ups and downs of the market! ๐ข๐ผ
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