Tata Steel share price jumps 4% amid merger news: BUY - check target by Zee Business panellist
Tata Steel Share Price: Zee Business panelist Siddharth Sedani said that the amalgamation will make Tata Steel a behemoth in the metal sector. He gave a Buy call for Tata Steel with a short term price target of Rs 115.
Tata Steel share price jumped around 4% to Rs 107.90 on the NSE in the early trade on Friday. The rally was driven by the announcement that the board of the company has approved the amalgamation of its subsidiaries. The subsidiaries that will be merged with Tata Steel are Tata Steel Long Products Limited, The Tinplate Company of India Limited, Tata Metaliks Limited, TRF Limited, The Indian Steel & Wire Products Limited, Tata Steel Mining Limited and S & T Mining Company Limited.
According to Zee Business panelist Siddharth Sedani, this amalgamation will make Tata Steel a behemoth in the metal sector and therefore it is the right time to buy shares of Tata Steel.
"Tata Steel is one of the biggest companies in the metal sector and this amalgamation will strengthen its position further. It will get a big boost as businesses of zinc, aluminum and others will merge together. So this is definitely a positive news," he said.
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However, Sedani said the Tata Steel board's approval to merge its subsidiaries has a tailwind as well as a headwind. "The negative part is that interest rates are increasing worldwide and liquidity is decreasing, on the other hand, the positive side is that there is a shortfall in China and metal plants are being shut in Europe," he added.
Tata Steel Share Price Target - Rs 146 (1 year)
Tata Steel Share Price Target For Short-Term: Rs 115
Tata Steel share price has yielded a negative return of 8 per cent in 2022. Tata Steel is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the leading steel manufacturing companies in India and Europe.
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