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Tata Steel share price rises over 3%, here's why

Shares of Tata Steel touched an intraday high of Rs 388.50, rising 3.4% against the previous close of Rs 375.55 on BSE. The stock opened at Rs 380. 45 and also hit an intraday low of Rs 374.80

twitter-logoBusinessToday.In | October 15, 2020 | Updated 16:53 IST
Tata Steel share price rises over 3%, here's why
Tata Steel shares trade higher than 5, 20, 100 and 200-day moving averages but lower than 50-day moving averages

Tata Steel share price gained over 3% on Thursday after Jefferies retained buy call on the stock. The global research firm gave a price target of Rs 485 per share.

"It is of the view that BSL gives a strong start to Q2 steel results adding that BSL's performance has positive read-through for Tata and JSW's standalone results," it said in a note.

Shares of Tata Steel touched an intraday high of Rs 388.50, rising 3.4% against the previous close of Rs 375.55 on BSE. The stock opened at Rs 380. 45 and also hit an intraday low of Rs 374.80.

Stock price of Tata Steel has risen over 2.2% in the last 2 days. Tata Steel shares trade higher than 5, 20, 100 and 200-day moving averages but lower than 50-day moving averages.

Market capitalisation of the large-cap firm stood at Rs 42,558 crore as of today's closing session.

Earlier, brokerage Edelweiss had given a buy rating to Tata Steel with a target price of Rs 500. Motilal Oswal has also given a neutral rating to Tata Steel with a target price of Rs 381. ICICI Direct has given a hold rating to the steelmaker with a target price of Rs 450.

Tata Steel BSL registered a consolidated net profit of Rs 341.71 crore for the quarter ended September 2020 as against a loss of Rs 243.97 crore during the same period a year ago, Tata Steel BSL said in a BSE filing.

Tata Steel, through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL), had acquired debt-laden Bhushan Steel Ltd (BSL) in May 2018, which was later renamed as Tata Steel BSL.

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