Tata Steel Q2 results fail to impress Street; here is what Morgan Stanley highlights
Tata Steel Q2: Zee Business Managing Editor Anil Singhvi suggests selling Tata Steel futures for targets of Rs 112, Rs 109 and Rs 107 on the downside with a stop loss at Rs 118.
)
10:04 AM IST
Tata Steel share price target, Tata Steel share price NSE, Tata Steel Q2 results: Tata Steel shares remained under pressure on Thursday, November 2, falling for a fourth straight session, after the Tata group steelmaker staged an overall weak financial performance for the second quarter of the current financial year. The Tata Steel stock declined by as much as Rs 2, or 1.7 per cent, to Rs 114.6 apiece in morning deals on NSE. At 9:32 am, Tata Steel shares traded 0.6 per cent lower at Rs 116 apiece on the bourse.
Tata Steel Q2 earnings: Key things to know
After market hours on Wednesday, the alloy-making giant reported a consolidated net loss of Rs 6,511.2 crore for the quarter ended September 30, 2023, in stark contrast to a consolidated net profit of Rs 1,297.1 crore for the corresponding period a year ago.
Its total income declined to Rs 55,910.2 crore for the July-September period from Rs 60,206.78 crore a year ago. Read more on Tata Steel Q2 results
EDITOR’S TAKE | Weak Q2 results on all fronts
Zee Business Managing Editor Anil Singhvi suggests selling Tata Steel futures for targets of Rs 112, Rs 109 and Rs 107 on the downside with a stop loss at Rs 118. The steelmaker’s revenue as well as margins fell short of expectations, the market wizard pointed out.
Tata Steel share price target: What analysts say about Tata Steel Q2 results
Morgan Stanley maintained an ‘equal-weight’ rating on Tata Steel after the private sector steel major’s earnings announcement, with a target of Rs 115 for the stock. The brokerage’s target suggests a discount of 1.4 per cent to Wednesday's close.
Morgan Stanley pointed out that the European business remains a drag for Tata Steel, though its domestic EBITDA was ahead of estimates.
The impact of lower realisations was more than offset by lower other operating expenses whereas its consolidated EBITDA was in line with estimates, as the European business remains an overhang, Morgan Stanley added.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
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.
RECOMMENDED STORIES
)
Gratuity Calculation: What will be your gratuity for Rs 38,000, Rs 49,000, and Rs 65,000 last-drawn salary after 6 years and 3 months of service?
)
Rs 25 Lakh One-time Investment in Mutual Funds: How many years will it take to create Rs 9 crore corpus? Check calculations
)
Power of Rs 4,000 SIP: How quickly can you generate Rs 60 lakh corpus with just Rs 4,000 monthly investment?
)
ICICI Securities stock recommendations: 3 largecap, 3 midcap and 4 smallcap stocks to buy for healthy upside of up to 131%
10:04 AM IST