Tata Steel Share Price Target 2023: Shares of steel major Tata Steel traded higher on Monday, January 6, amid broad-based rally in the domestic equity market. The stock traded with more than 1.50 per cent gains around 3 PM to quote Rs 118 on NSE.

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Global brokerage firm Morgan Stanley has tagged equal-weight rating on the Tata Group company in its latest report. It sees a downside of Rs 95, down 19 per cent from the current market price of Rs 117.50. Zee Business panellist and technical analyst Rakesh Bansal said that long term investors should hold as the worst is over. He said that Tata Steel can double investors' money by the next year. For short term investors and trading perspective, he suggested keeping a stop loss at Rs 114. Once the counter crosses Rs 118, there would be fresh momentum.

According to an exchange filing by Tata Steel, its India steel production stood at 5 million tons in the third quarter and was up 4 per cent on YoY and QoQ basis. Deliveries stood at 4.73 million tons and were up 7 per cent YoY primarily driven by 11 per cent growth in domestic deliveries, which also led to improvement in product mix.

During the quarter, Tata Steel Europe steel deliveries stood at 1.96 million tons and were lower on YoY basis but up 5 per cent on QoQ basis. Production was lower on QoQ and YoY basis. Neelachal Ispat Nigam Limited (NINL) has begun operations within 3 months of completion of acquisition and is presently undergoing ramp up to rated capacity of 1 million tons.

Production & Delivery Volumes Numbers (in lakh tons- Provisional)

Production Volume
Tata Steel India 50 Vs 48.1 Up 3.9 per cent
Tata Steel Europe 22.5 Vs 25.7 Down 12.45 per cent
Tata Steel Thailand 2.7 Vs 3.2 Down 15.6 per cent

Delivery Volumes 
Tata Steel India 47.3 Vs 44.2 Up 7 per cent
Tata Steel Europe 19.6 Vs 21.6 Down 9.2 per cent
Tata Steel Thailand 2.9 Vs 3.2 Down 9.3 per cent

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