Mumbai: Shares of Tata Steel rose by nearly 4 percent on Wednesday after UK trade unions temporarily suspended industrial action at the firm as it has made a new offer.
The stock gained 3.62 percent to settle at Rs 305.10 on the BSE. During the day, it climbed 5.68 percent to Rs 311.20.
On the NSE, it went up by 3.59 percent to close at Rs 305.05.
The company's market valuation rose by Rs 1,034.78 crore to Rs 29,631.78 crore.
On the volume front, 16.20 lakh shares of the company changed hands on the BSE and over 83 lakh shares were traded at the NSE during the day.
UK trade unions have said they have temporarily suspended industrial action at Tata Steel, which began yesterday, as the company has made a new offer to the negotiators.
The unions had started the industrial action, which included overtime ban and work to rule. However, the plan for strike action on Monday (June 22) has not changed.
"Community, along with Unite, GMB and UCATT, is temporarily suspending its industrial action, which began this morning.
"Through talks at ACAS (Advisory, Conciliation and Arbitration Service) yesterday and ongoing dialogue on Wednesday, union negotiators secured a new offer from the company, which means the scheme would remain open," a joint statement late last night said.
Trade unions representing workers of Tata Steel in the UK had announced strike action on June 22 -- the biggest industrial action in the UK in nearly three decades -- over proposed changes in the company's pension scheme.
Tata Steel employs over 17,000 workers across various sites in Wales and around England.
The BSE benchmark Sensex ended at 26,832.66, up 146.15 points.
