Tata Steel Signs Agreement with IOCL to Reduce Carbon Footprint

At 1:45 PM, Tata Steel shares were trading at Rs 129.55, marking a 2.05% increase from its previous closing price of Rs 126.75 on the BSE.

Tata Steel has entered into an agreement with Indian Oil Corporation and its business associates to further reduce the carbon footprint at its Ferro Alloys plant. This agreement encompasses LPG supply, the installation of LPG facilities, and the operation and maintenance of the same at Tata Steel’s Ferro Alloys Plants in Gopalpur, Ganjam, and Athagarh, Cuttack districts in Odisha.

In response to pressing environmental concerns and the global imperative to reduce carbon emissions, Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option – Liquified Petroleum Gas (LPG). This eco-friendly move is expected to result in a significant reduction in carbon emissions.

Established in 1907, Tata Steel is the flagship company of the Tata group. It is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer, also ranking as a Fortune 500 company. The company has a presence across the entire value chain of steel manufacturing, from mining and processing iron ore and coal to producing and distributing finished products.

On Friday, the stock opened at Rs 128.05 and reached a high and low of Rs 129.60 and Rs 127.60, respectively. The BSE group ‘A’ stock, with a face value of Rs 1, has a 52-week high and low of Rs 134.85 and Rs 95.70, respectively.

Over the past week, the scrip reached a high of Rs 130.55 and a low of Rs 126.15. The current market capitalization of the company stands at Rs 1,58,003.41 crore, with the promoters holding 33.90%, while institutions and non-institutions hold 41.40% and 23.97%, respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are provided as examples and not as recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult an expert before making any related decisions.