Tata Steel hits over 6-year high after UK regulator approves pension scheme

span.p-content div[id^=div-gpt] { line-height: 0px; font-size: 0px;} hit an over 6-year high of Rs 692, up 4.7% on BSE in early morning trade after UK said that the British Steel Pension Scheme (BSPS) has been separated from itself and a number of affiliated companies. The stock was trading at its highest level since January 2011.

“UK has received confirmation from The Pensions Regulator that it has approved a Regulated Apportionment Arrangement (RAA) in respect of the British Steel Pension Scheme (BSPS). The BSPS has now been separated from UK and a number of affiliated companies,” said in a release.

According to Reuters report, could reach an agreement in principle this month to merge its European steel business with that of Tata Steel, the group said on Monday, adding talks were constructive and had entered the final stretch.

“is now reaping benefits from increased domestic capacity and persistently strong profitability in both India and Europe. A potential JV with in Europe should aid further deleveraging,” analysts at HDFC Securities said in Q1FY18 results review.

In past four months, the stock has outperformed the market by surging 57% as compared to 6% rise in the S&P BSE Sensex.

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