Tata Steel shares jump higher after rating upgrade from Moody's

Tata Steel Share Price: Tata Steel shares were flying higher by 2.24 per cent, or Rs 2.85, at Rs 130.20, in Tuesday morning after brokerage firm Moody's assigned a Baa3 long-term issuer rating to the company and changed the outlook to stable from positive. The brokerage also upgraded the corporate family rating of the company from Ba1 Positive to Baa3 Stable. 

"We wish to inform you that Moody’s, an international credit rating agency, has today, i.e., September 25, 2023, upgraded the corporate family rating of Tata Steel Limited from ‘Ba1’ Positive to ‘Baa3’ Stable," the company said in a BSE filing.

Tata Steel Stock Performance

Tata Steel's stock performance on Tuesday is in contrast to its performance in the last five trade sessions when it slid 1.06 per cent. However, the share has soared 10.71 per cent in the last one month and 27.27 per cent in the last six months. The stock has been up 9.18 per cent year-to-date, while it has skyrocketed 30.40 per cent in the last one year.

The Nifty 50 benchmark, meanwhile, has slid 1.69 per cent in the last five sessions, while it has risen 2.01 per cent in the last one month. The benchmark index has soared 15.94 per cent in the six-month period, while its rise year-to-date has been 8.22 per cent. The index has jumped 15.74 per cent in the last one year.