Tata Steel enter into MoU with Riversdale Mining Ltd., Australia

Tata Steel Ltd has announced that on August 03, 2007, the Company and Riversdale Mining Ltd. have entered into a Memorandum of Understanding, whereby the Company will become a strategic investor in Riversdale's Mozambique Coal Project, by acquiring 35% stake in it for a sum of A$ 100 million.

The stock closed the day at Rs.651.70, up by Rs.12.80 or 2%. The stock hit an intraday high of Rs.654.50 and low of Rs.643.50. The total traded quantity was 435355 compared to 2 week average of 1011190.

Source : Equity Bulls

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