Also, the stock has managed to remain above the middle Bollinger band supporting the price action. In the weekly chart, the stock is forming Higher High - Higher low indicating that the stock is rebounding from lower levels. As the Sensex rose 5.37% in the last one year but stock has underperformed losing 5.67 percent comparatively. Over a longer period of time, the stock has remained in consolidation and has had less participation in benchmark indices and metal indices. On JTata Steel last changed the face value of each of its shares from Rs. As the metal sector has been in the limelight amid China's reopening, steel stocks have remained resilient in the recent market correction. In the NSE metal index, Tata Steel has the highest weightage containing 21.98 percent share value. Sumeet Bagadia, Executive director, Choice Broking said, "Tata Steel has a dominant presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products. We value Tata Steel at Rs 130, based on SoTP valuation," the brokerage said. Going forward, for Tata Steel European operations, we model EBITDA/tonne of US$100/tonne for FY23E and US$60/tonne for FY24E. "Going forward, for the Tata Steel Standalone operations, we model EBITDA/tonne of Rs 13500/tonne for FY23E and Rs 17000/tonne for FY24E. ICICI Direct Research sees Tata Steel reaching Rs 130 in 12 months. We remain positive on Tata Steel and maintain our BUY rating with revised target price of Rs 133,” the brokerage said. Tata Steel's overall consolidated sales volumes are expected to 0.5 MT, higher compared to Q3FY23. During the quarter, the company witnessed the full impact of correction in steel prices after the imposition of export duty in India. “The company is among the most geographically diversified steel producers in the world and is one of the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum and has operations and commercial presence across the world. Strong support will be at 97.5."Īnand Rathi has maintained its buy rating on Tata Steel with a target price of Rs 133. A weekly close above this level could lead to a breakout target of 165. Pavitraa Shetty from Tips2trades said, "Long term resistance is at 139. The net profit of the Tata Group firm has grown at 24.48% (Compounded annual growth rate) CAGR during the last five years. Tata Steel shares are trading higher than 5 day, 100 day and 200 day moving averages but lower than 20 day and 50 day moving averages. Tata Steel stock has a one-year beta of 1.2, indicating high volatility during the period. In terms of technicals, the relative strength index (RSI) of Tata Steel stands at 43.5, signaling it's neither oversold nor overbought.
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