What should investors do with Tata Steel shares?
Tata Steel Share Price NSE: Metal stocks are in focus ever since China announced to relax Covid relaxation. Experts believe that development in China would positively impact steel demand and prices.
Tata Steel Share Price NSE: Shares of Tata Steel Limited, NSE: TATASTEEL, traded under pressure on Thursday, December 29, amid selling in domestic indices, tracking negative global cues. The stock opened at Rs 109 apiece on NSE, down by nearly 1 per cent from the previous close of Rs 110. The counter, however, recovered from the day's low to trade in positive bias at 10:20 AM.
Metal stocks are in focus ever since China announced to relax Covid relaxation. Experts believe that development in China would positively impact steel demand and prices. Good buying was seen in metal stocks in the past few days with Tata Steel gaining 5 per cent in the past 5 sessions.
Tata Steel made a low of around Rs 95 in September. Since then, the steel company's stock has given a sharp up move. But the selling pressure from highs of around Rs 116 has retraced it and slipped into a consolidation phase.
Talking about what investors should do on Tata Steel shares, Zee Business panellist and Global Capital Market's Himanshu Gupta said that chart formation is positive and one can buy for a target of Rs 115-116 and keep a stop loss at Rs 102/103. Positional targets would be Rs 130/140.
Also, read- Lumpsum Investment: What it is and how it works - Key things to know
Earlier on Wednesday, Tata Steel announced the acquisition of its wholly owned subsidiary Tata Steel Advanced Materials. The company bought 1,15,45,667 equity shares worth Rs 10 each at an issue price of Rs 12.81 per share. The company now holds 66.75 per cent stake in Tata Steel Advanced Materials.
In another related development, the company said that it will be supplying high-end seating systems and panelling for the Vande Bharat Express. Indian Railways had earlier selected Tata Steel's Fiber Reinforced Composites as material of choice for lightweighting of coaches to achieve speeds as high as 160 kmph.
Tata Steel Share Price History
Tata Steel has delivered a positive return of around 24 per cent in the last 6 months. YTD, Tata Steel has yielded a negative return of 4 per cent. At current levels, the company has a market cap of Rs 1.34 lakh crore.
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.