Tata Steel’s share price started the fresh week in the green, making gains for the fourth straight session on Monday.

What Happened: Shares of the Tata Group company are upbeat today as the company late last week confirmed the much-anticipated agreement with the UK government.

Tata Steel and the UK government have jointly unveiled a proposal to commit £1.25 billion (₹12,874 crore) towards the establishment of electric arc furnace steel production facilities at the Port Talbot site. This investment package includes a grant of up to £500 million (₹5,150 crore) provided by the UK government.

This initiative is projected to result in a reduction of 50 million tonnes in direct emissions over the course of a decade, the company said in a statement. The company also announced plans to allocate an investment of around £20 million (₹205 crore) over a span of four years to establish two new Centers of Innovation & Technology in the United Kingdom.

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One centre will be located at the Henry Royce Institute in Manchester, dedicated to advanced materials research. The second centre will be situated at Imperial College London, with a specific focus on research in sustainable design and manufacturing.

Most brokerages were also impressed by the new development. Global brokerage firm maintained its “outperform” rating on the stock raising the target price to ₹145 from ₹125. Jefferies also maintained its “buy” rating for the stock with a price target of ₹145. Morgan Stanley, on the other hand, maintained its “equalweight” rating for the stock with a price target of ₹119.

Price Action: Tata Steel’s share price was up 1.29% to trade at ₹133.65 as the markets opened on Monday.

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