Tata Steel share price may rise after Rs 142, know what is the updated news
Tata Steel, one of India’s leading steel producers, has seen a notable increase in its share price today, reflecting positive market sentiment and investor confidence in the company’s performance and future prospects.
Main Points
- 1 Tata Steel Share Price Breaks Out Above Key Resistance Level
- 2 Trading Volume Declines, but Closing Price Rises
- 3 Tata Steel Faces Challenges, but Remains Resilient
- 4 Tata Steel’s Volatility Remains Higher Than Market Average
- 5 Tata Steel’s Fundamentals Remain Strong
- 6 Tata Steel’s Shareholding Pattern Remains Stable
- 7 Tata Steel’s Analyst Recommendations and Price Targets
- 8 Tata Steel’s Long-Term Price Target
Tata Steel’s share price has experienced a strong bullish breakout, currently trading at Rs 152.00, surpassing its second resistance level (R2) of Rs 151.24. This upward movement indicates a strong bullish sentiment among investors, suggesting potential for further gains as market dynamics continue to evolve.
Trading Volume Declines, but Closing Price Rises
Despite a significant decline in trading volume, Tata Steel’s share price closed at Rs 148.17, representing a 2.58% increase from the previous trading session. The trading volume for the day reached 398,004 shares, significantly lower than the average volume of 31,584,514 shares observed over the past week.
Tata Steel Faces Challenges, but Remains Resilient
Over the past three months, Tata Steel’s stock has experienced a decline, reflecting a return of -18.29%. This downturn highlights the challenges faced by the steel industry and the broader market conditions impacting investor sentiment. However, the company’s resilience is evident in its ability to navigate these challenges and maintain investor confidence.
Tata Steel’s Volatility Remains Higher Than Market Average
Tata Steel’s stock has exhibited a beta value of 1.561 over the past six months, indicating a higher volatility compared to the broader market. This metric suggests that Tata Steel’s price movements are significantly influenced by market fluctuations, reflecting investor sentiment and market dynamics.
Tata Steel’s Fundamentals Remain Strong
Despite the recent volatility, Tata Steel’s fundamentals remain strong. The company reported a profit of Rs 3,329.03 crore on a total income of Rs 33,332.04 crore for the quarter ended 2024. For the year ended June 2024, Tata Steel had posted a profit of Rs 918.57 crore on a total income of Rs 55,123.81 crore.
Key changes to the Tata Steel shareholding pattern are as follows:
- Promoters hold 33.19% of the shares
- Mutual Funds hold 10.32% of the shares
- Insurance Companies hold 10.88% of the shares
- Foreign Portfolio Investors hold 19.68% of the shares
- Individual Investors hold 19.63% of the shares
Tata Steel’s Analyst Recommendations and Price Targets
Tata Steel has an operating revenue of Rs 203,226.08 Cr. on a trailing 12-month basis, with an annual revenue growth of 4%. The company’s pre-tax margin is 9%, and it has a debt to equity ratio of 99%. Institutional holding has gone up in the last reported quarter, which is a positive sign. Analyst recommendations on Tata Steel are generally positive, with a BUY rating.
Tata Steel’s Long-Term Price Target
The current Tata Steel share price for the long-term is estimated to be Rs 1,698, reflecting the company’s growth potential and investor confidence in its ability to navigate the challenges in the steel industry.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
