Tata Steel Share Price 2 September 2024: ₹152.76 – Key Factors Driving the Stock

Tata Steel, one of India’s leading steel producers, has been making headlines with its share price performance. As of September 2, 2024, Tata Steel’s share price stood at ₹152.76, reflecting the company’s resilience in the face of market challenges. In this article, we’ll delve into the key factors influencing Tata Steel’s share price, its market performance, and what the future holds for this steel giant.

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Tata Steel’s share price has been on a roller coaster ride in recent months, with the stock reaching a 52-week high of ₹184.60 and a low of ₹114.60. The company’s performance has been closely tied to the global steel market, which has seen its fair share of ups and downs.

According to technical analysis, Tata Steel’s stock has been trading in a range, with support at around ₹150 and resistance at ₹160. The stock’s relative strength index (RSI) stands at 48.5, indicating that it is currently in neutral territory.

Fundamental analysis suggests that Tata Steel’s valuation is attractive, with a price-to-earnings ratio of -46.33 and a price-to-book ratio of 2.06. The company’s debt-to-equity ratio stands at 0.89, indicating a moderate level of leverage.

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Analysts are bullish on Tata Steel’s prospects, with a target price of ₹200 for the year 2024. The company’s quarterly results have been mixed, with the latest quarter showing a decline in profits due to higher raw material costs and lower steel prices.

For intraday traders, Tata Steel’s support levels are at ₹150 and ₹145, while resistance levels are at ₹155 and ₹160. The stock’s average trading volume is around 30 million shares per day.

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The outlook for the steel industry remains positive, with global demand for steel expected to grow by 2.5% in 2024. However, the industry faces challenges such as overcapacity, trade tensions, and environmental regulations.

Compared to its peers, Tata Steel’s performance has been mixed. While the company has outperformed JSW Steel and Jindal Steel in terms of market capitalization, it has underperformed in terms of profitability and return on equity.

Key factors driving Tata Steel’s share price include global steel prices, raw material costs, and the company’s ability to maintain its market share in the face of competition. Bullish trends include the company’s focus on value-added products and its expansion into new markets. Bearish trends include the risk of overcapacity in the global steel market and the impact of trade tensions on the company’s exports.

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In recent news, Tata Steel has announced plans to invest ₹35,000 crore in its Indian operations over the next five years. The company is also exploring opportunities to expand its presence in the automotive and infrastructure sectors.

Important levels for Tata Steel’s share price include the 200-day moving average at ₹160 and the 50-day moving average at ₹155. The stock’s 52-week high of ₹184.60 was reached in April 2024, while the 52-week low of ₹114.60 was reached in September 2023.

The movement in Tata Steel’s share price has been driven by a combination of factors, including global steel prices, raw material costs, and the company’s ability to maintain its market share in the face of competition. The stock’s recent performance has been affected by concerns over the impact of trade tensions on the company’s exports and the risk of overcapacity in the global steel market.