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Tata Steel climbs to 6-year high on potential Thyssenkrupp deal

The opening bell on Tuesday brought good news for Tata Steel as the company's stock rose over 6-year high on the buzz of its potential deal with Thyssenkrupp. 

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Tata Steel climbs to 6-year high on potential Thyssenkrupp deal
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The opening bell on Tuesday brought good news for Tata Steel as the company's stock rose over 6-year high on the buzz of its potential deal with Thyssenkrupp. 
Shares of Tata Steel Ltd jump as much as 4.6 pct to their highest since February 2011. The company's stock posts biggest intraday percent gain since August 14. IT was also the top gainer on NSE index.

Thyssenkrupp AG could reach an in principle agreement this month to merge its European steel business with that of Tata Steel Ltd, the German group said on Monday, adding talks were constructive and had entered the final stretch.

Shareholders last week put pressure on Thyssenkrupp to clinch a deal after talks over a potential combination dragged on for a year-and-a-half, mainly held up by negotiations over Tata Steel’s British pension liabilities.
 

Meanwhile, Asian shares hit a 10-year peak on Tuesday with investors breathing a sigh of relief as North Korean fears eased slightly and the worst-case scenario from Hurricane Irma looked to have been avoided.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent to its highest level since late 2007. Japan's Nikkei added 1.0 percent.

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