Tata Steel share price falls over 3%: Details explained

Bloomberg highlighted that SSAB after deeper analysis and discussions said that, it became clear that there were limited possibilities to integrate IJmuiden into the SSAB strategic framework.

Discussions with Tata Steel have therefore concluded. SSAB CEO Martin Lindqvist said that “The synergies that we saw in the transaction would not fully justify the costs and investments required for our desired transformation. This means that overall, the transaction would not meet their financial expectations,”

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SSAB said that the rationale behind the discussions concerning Tata Steel IJmuiden was based on their customers’ clear desire for a strong supplier of a broad range of fossil-free steel. The group’s goal is to be the first in the world, in 2026, to supply fossil-free steel to market and to be a fossil-free company by 2045.

Nifty opened the gap up on January 29 and filled up the gap area of 13898-13930. However, it faced selling pressure as it inched towards the 14,000 mark. The hourly chart shows that a falling trend line and the 20-hour moving average are restricting the upside. On the downside, 13750-13713 is a crucial support zone, below which the larger decline can be expected.

On the hourly chart, Nifty is trading below the 20-hour moving average (HMA) and the 40-HEMA, of 13975 and 14138, respectively. The hourly momentum indicator has a positive crossover. Market breadth is positive with 1167 advances and 597 declines on the National Stock Exchange (NSE).