Tata Steel share price gains on bagging order for Vande Bharat express seating system
Tata Steel, Vande Bharat express news: Shares of Tata Steel gained marginally by one per cent on Monday after Tata Steel's Composites division won a Rs 145 crore order for seating systems of the Vande Bharat express.
Tata Steel share price target: Shares of Tata Steel gained marginally by one per cent on Monday after Tata Steel's Composites division won a Rs 145 crore order for seating systems of the Vande Bharat express. Tata Steel stock traded around one per cent higher to Rs 111.45 in early trade on back of reports that Tata Group is planning to spend Rs 3,000 crore on R&D by FY26 and set to roll out the 'First in India' seating system for Vande Bharat Express trains from September 2022, a top official told PTI.
"These are specially designed seats, which can rotate 180 degrees and have aircraft-style passenger amenities. This is 'first-in-India' kind of a supply, which will be executed over 12 months starting September 2022," Debashish Bhattacharjee, Vice President, Technology & New Materials Business, Tata Steel, told PTI
Earlier, Tata Steel had reported a strong 1QFY23 with both India and European operations beating consensus estimates of Motilal Oswal.
"European operations especially posted the highest ever EBITDA/t and for the first time in the history, since being acquired, reported EBITDA/t higher than that of the parent," it said.
The brokerage had recommended a neutral rating with a revised target price of Rs 1,055, Rs 975 earlier.
Edelweiss had recommended a Hold on the Tata group counter. "We expect the performance to taper off in the near term on negative price-cost effect. However, taking cognizance of better-than-expected performance, we keep our TP unchanged at Rs 985," the brokerage had said.
Centrum Broking, however, was bullish on the counter and gave a target price of Rs 1368.
"TATA posted better-than- expected adjusted Consol EBITDA of Rs143.5bn, down 10% QoQ (CentrumE: Rs129.8bn). We increase FY23E EBITDA by ~9%, primarily to factor in higher gross profits at TSE, while maintaining India’s EBITDA. We keep FY24E EBITDA unchanged. We maintain our target price of Rs1,368," it said.
Earlier, Tata Steel had split the stock in the ratio of 1:10. As part of the stock split arrangement, Tata Steel shareholders received 10 shares for each share held by them as of June 28.
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