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Tata Steel climbed to a six-year high on potential Thyssenkrupp deal.
Shares of Tata Steel Ltd jumped as much as 4.6 per cent to their highest since February 2011. The stock posted its biggest intraday percentage gain since August 14, and was the top percentage gainer on the NSE index.
Up to Monday's close, Tata Steel stock has risen 69.4 per cent this year.
Thyssenkrupp may reach an agreement in principle this month to merge its European steel business with that of Tata Steel, the group had said on Monday, adding talks were constructive and had entered the final stretch.
A spokeswoman for Thyssenkrupp said the companies were close to a memorandum of understanding (MoU), paving the way for a detailed look at one another’s books and detailed negotiations before creating the second-largest steelmaker in Europe.
“The management board is currently in talks over strategic options,” the spokeswoman said, adding a meeting of the supervisory board initially scheduled for September 12 had been moved back to ensure it was adequately informed.
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