LONDON: Shares of Tata Steel jumped over 2 per cent today following resolution of a major labour dispute at the UK arm of the company. The stock gained 2.15 per cent to Rs 286.75 on BSE.
On NSE, the shares went up 2.17 per cent to Rs 286.50.
All the four trade unions have accepted the proposals for changes to the British Steel Pension Scheme which will keep it open.
The pension dispute at Tata Steel that brought the company to the brink of the biggest industrial dispute in 35 years has ended. Members of all four unions at the company have voted to accept changes to BSPS which will keep the scheme open,” the Community union had said in a statement yesterday.
Trade unions representing workers of Tata Steel UK had announced strike action on June 22 — the biggest industrial action in the UK in over three decades — over the proposed changes in the firm’s pension scheme.
Over 17,000 people work with Tata Steel across sites in Wales and around England.
