Tata Steel‘s share price was in the green on Monday morning, going up over 1% to hit an intraday high of ₹154.39.

What Happened: Tata Steel has commissioned India's largest blast furnace at its Kalinganagar plant in Odisha, marking a significant milestone in the company's expansion plans.

This development is part of a ₹27,000 crore investment in the phase-II expansion of the Kalinganagar facility, which will boost the site's total capacity from 3 million tonnes per annum to 8 million tonnes per annum.

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The new blast furnace is set to enhance Tata Steel’s production capabilities, allowing the company to meet growing demand across industries such as automotive, infrastructure, power, shipbuilding and defence.

This expansion has cemented Odisha as Tata Steel's largest investment hub in India, with the company investing over ₹1 lakh crore in the region over the past decade.

Earlier in the month, Tata Steel recently received a £500 million (₹5,500 crore) grant from the U.K. government for its green steel project in Port Talbot, further solidifying its global growth and commitment to sustainability.

Price Action: Tata Steel’s share price was up 0.97% to trade at ₹153.42 as the markets opened on Monday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.