Tata Steel share price gains 12.5% since split – Brokerage recommends Overweight rating - Check price target
Earlier last month, Tata Steel had posted a consolidated profit of Rs 7,764.96 crore, down by nearly 13 per cent year-on-year (YoY) and consolidated revenue stood at Rs 63,430 crores up by 18.6 per cent YoY during the April-June quarter of the financial year 2021-23.
Tata Steel share price has extended gain since the stock split last month. It has jumped 12.5 per cent in the last 11 sessions. On Friday, it surged nearly 3.5 per cent to Rs 112.90 per share on the NSE intraday. Tata Steel's 52-week range is 153.45-82.70.
Earlier last month, Tata Steel had posted a consolidated profit of Rs 7,764.96 crore, down by nearly 13 per cent year-on-year (YoY) and consolidated revenue stood at Rs 63,430 crores up by 18.6 per cent YoY during the April-June quarter of the financial year 2021-23.
The stock at around 2 PM was trading over 3 per cent higher to Rs 112.6 per share on the BSE and NSE as compared to a 0.26 and 0.27 per cent rise in the BSE Sensex and Nifty. In the last one month/year, the counter has surged almost 25 per cent and declined 22 per cent, respectively.
Manoj Dalmia, founder, and director, Proficient equities earlier on the ex-split date had recommended to Buy Tata Steel shares as the split the stock might appear cheaper and there can be some buying.
Tata Steel's deliveries in India were marginally lower due to a reduction in exports due to various policies, while business in the European market shined, the market analyst had said.
Global brokerage firm JP Morgan gives an Overweight call on Tata Steel with a target price of Rs 140 per share (before the stock split Rs 1400), implying an upside of over 28 per cent. The company reported a substantial all-around beat was driven by Europe in Q1, it said, adding that it sees upside risks to consensus.
According to JP Morgan, the company has beat estimates substantially all around, driven by Europe. Tata Steel Europe reported a record EBITDA up 294 per cent YoY propelled by a strong tailwind of contractual prices.
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