By Malvika Gurung
Investing.com -- Shares of the steel-making company Tata Steel (NS: TISC ) were trading 5.97% higher at Rs 1,293.65 apiece at 11:23 am when the benchmark indices Nifty 50 and Sensex were trading 1.2% and 1.46% lower, in a weak market on Monday.
The fear barometer, Nifty VIX surged 5.3% to 30.07 at the time of writing
The stock surge came after the company announced the launch of its innovative tubes brand Tata EzyFit, and its plans to expand into the medical material business.
The steelmaker aims to set up a top-notch medical material producing facility, and to solidify the plan, its wholly-owned subsidiary, Tata Steel Advanced Materials (TSAML) has invested in a bio-ceramics start-up company, Ceramic.
As per an exchange filing, TSAML has executed a Share Purchase cum Shareholders’ Agreement for acquiring 90% of Ceramat’s equity stake.
Besides, Tata Steel has launched an innovative tubes brand for window frames and doors, called Tata EzyFit, expanding its services in the branded products and retail solutions, and as steel is 100% recyclable, these tubes are sustainable, stated an ET report.
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