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Tata Steel Merger Approval Brings 4.1% Jump In Its Stock

Tata Steel topped both the Sensex and Nifty 50 on the last trading day of the week

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The plan to merge six subsidiaries of the country's leading steel company Tata Steel with it has been approved. In a statement issued by Tata Steel on Friday, it was said that the Board of Directors of the company has considered and approved the plans for the proposed merger of six subsidiaries with Tata Steel.

The board also approved the merger of a subsidiary 'TRF' (34.11 per cent stake) with Tata Steel. Due to this, Tata Steel topped both the Sensex and Nifty 50 on the last trading day of the week. During the trading session, the share of Tata Steel climbed 4.1 per cent to Rs 107.90 on the BSE. Investors benefited more than Rs 5000 crore due to the jump in Tata Steel's stock.

Tata Steel stock closed at Rs 103.60 in the trading session that closed on 22 September 2022. The market cap of the company at this price of the share was Rs 1,26,514.63. Today this stock made a high of Rs 107.90. However, the 52-week high of the stock is Rs 142.66. The market cap of the company increased to Rs 1,31,702.15 crore from today's high. Due to which the investors got a profit of Rs 5,187.52 crore.

Market experts said that the Tata Group company will benefit a lot from this merger. They have set a target price of Rs 135-140 for the Tata Steel stock in the next one year. In such a situation, the experts advised to buy shares in Tata Steel.

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