Tata Steel was the second best gainer on Nifty today

Shares of Tata Steel Ltd. were the 2nd best gainers on the Nifty as sentiment on the stock improved after a series of positive developments. The stock rose for the third day, posting its best gain since May 5th.

Tata Group company Titan said its parent, Tata Sons, would acquire 1.94 crore Titan shares from Tata Steel on or after August 11. In addition, there is buzz the government will levy an anti-dumping duty on long and flat steel products in a bid to partially protect local industry from cheaper Chinese imports.

Tata Steel has also fenced its long products unit into a standalone business in order to search out better strategic fits for that line of business.

As a consequence, Tata Steel gained 2.5 percent, or 5.45 rupees, to 263.60 rupees on the National Stock Exchange where 70.5 lakh shares were traded compared with a 5-day average of 66.7 lakhs.

Loss-making Tata Steel has seen its market capitalisation erode 53 percent in one year to 25,850 crore rupees as a global downturn in steel industry hit demand.

(Image credits: Indiatimes)