Tata Steel Rises Rises Over 2%, After Announcement Made Over the Weekend

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Tata Steel Rises Rises Over 2%, After Announcement Made Over the Weekend
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the steel-making major Tata Steel (NS: TISC ) was trading 1.4% higher at Rs 1,126.5 apiece at 9:57 am on Monday, after the company announced plans to increase its iron ore production by 15 million tonnes per annum or mtpa over the next five years.

An official from the ore, mines and quarries (OMQ) Division of Tata Steel, on Saturday, informed that the steelmaker would augment its iron ore production from current levels of 30 mtpa to 45 mtpa by FY 2027.

The present capacity of 30 mtpa is contributed from Tata Steel’s captive mines in Noamundi, Katamati, Joda and Khondbond, which the steelmaker has claimed to be sufficient for meeting iron ore requirements in its steel manufacturing facilities at Jamshedpur and Kalinganagar.

Moreover, the Tata Steel official also informed about deploying drones in the mining sector at Bhatnagar, for surveying and monitoring purposes.

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