The announcement was made after market hours on Wednesday, 25 January 2012.

Meanwhile, the BSE Sensex was up 116.16 points, or 0.68%, to 17,193.34.

On BSE, 2.83 lakh shares were traded in the counter as against an average daily volume of 13.74 lakh shares in the past one quarter.

The stock hit a high of Rs 456.45 and a low of Rs 447.35 so far during the day. The stock had hit a 52-week low of Rs 332.35 on 2 January 2012. The stock had hit a 52-week high of Rs 662.80 on 25 January 2011.

The stock had outperformed the market over the past one month until 25 January 2012, gaining 28.15% compared with the Sensex's 8.50% rise. The scrip had, however, underperformed the market in past one quarter, falling 1.55% as against 1.03% fall in the Sensex.

India's largest private sector steel maker by sales has an equity capital of Rs 971.21 crore. Face value per share is Rs 10.

In light of weak European demand for its tube products, Tata Steel on Wednesday, 25 January 2012, proposed a recovery plan for its tubes business that may result in 200 job losses at four sites in the UK and the Netherlands.

The plan will focus on efficiency improvements and cost reductions with the aim of enabling the business to withstand the current weak economic conditions and restore the division back to profitability, the company said.

The company said it would seek to minimize the impact of the recovery plan on its employees. Our goal is to secure a sustainable tubes business which will not only weather the current economic storm, but can prosper in the future, said Remco Blaauw, managing director of Tata Steel's European tube business.

On a consolidated basis, Tata Steel's net profit fell 89.3% to Rs 212.43 crore on 15.7% growth in net sales to Rs 32507.45 crore in Q2 September 2011 over Q2 September 2010.

Tata Steel is among the top ten global steel companies with an annual crude steel capacity of over 28 million tonnes per annum (mtpa). It is one of the world's most geographically-diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries.

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