Why This Tata Stock Is Upbeat Today

Shares of Tata Steel were trading higher on Friday going over 1% near its 52-week high of ₹132.90

What Happened: The stock is upbeat today as the company entered into an agreement with the AVAADA Group. On Thursday evening, the AVAADA Group announced that it has entered into an agreement with Tata Steel Special Economic Zone Ltd to establish a facility for the production of green hydrogen and ammonia in Odisha.

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The manufacturing unit will be situated at the Gopalpur Industrial Park, located in the Ganjam district of Odisha. As per the statement, the project is slated to generate around 1,600 direct and 4,000 indirect employment opportunities. Moreover, it aims to curtail annual carbon dioxide emissions by nearly 2 million tonnes, thereby contributing significantly to a greener and more prosperous future.

The announcement comes just days after the company announced collaborating with the international technology company ABB to devise solutions aimed at diminishing the environmental impact of steel manufacturing.

Price Action: Tata Steel’s share price was up 1.08% to trade at ₹131.55 as the markets opened on Friday.

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