Tata Steel share price: Profit grows 17.4%, expert says 'BUY' this stock
Tata Steel Q2FY20 results: This metal major has announced its September quarter results on November 6th informing year-on-year (YoY) Profit growth of 17.4 per cent.
Tata Steel Q2FY20 results: This metal major has announced its September quarter results on November 6th informing year-on-year (YoY) profit growth of 17.4 per cent. Tata Steel's Q2FY20 Profit stands at Rs 3,840 crore against Rs 3,270 crore in Q2FY19. However, the steel major has to face a dip in its quarterly income as its Q2FY20 income is at Rs 34,580 which was at Rs 40,890 in Q2FY19 — a YoY dip of near 15.4 per cent.
According to the stock market experts, the metal major's fundamentals are sound and the company has managed to log profit when the majority of the metal sector companies are facing stiff time. It has shown faith in its corporate governance and a series of experts there to help the company come out of this testing time.
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Speaking on what will be the impact of Tata Steel Q2FY20 results on the Tata Steel share price, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "Tata Steel share price is still showing some upside move. One can buy the Tata Steel stock at around Rs 385 taking stop loss below Rs 380 for the target of Rs 425 in three months time." Taparia went on to add that the metal sector is expected to drive the bull run expected at Dalal Street and in that case, Tata Steel would be one of the major beneficiaries when it comes to stock market investments.