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Tata Steel stock hits 52-week high after CLSA raises target price

Tata Steel stock touched a fresh high of Rs 823.5, rising 2.97% against previous close on BSE

twitter-logoBusinessToday.In | March 31, 2021 | Updated 12:18 IST
Tata Steel stock hits 52-week high after CLSA raises target price
Tata Steel share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Tata Steel share hit a fresh 52-week high today after the CLSA maintained buy call on the stock with a target price of Rs 950. The large cap stock touched a fresh high of Rs 823.5, rising 2.97% against previous close on BSE.

The stock gained 15.26% in the last 4 days. Tata Steel share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 201% in one year and risen 26.21% since the beginning of this year. Market cap of the firm rose to Rs 91,696 crore on BSE.

CLSA said after the significant outperformance of steel stocks over the past year, the brokerage saw further upside as risk-reward remains favourable.

"We expect upward revisions in consensus as current estimates imply a Rs 10,000-12,000/tonne correction in steel prices versus spot. With domestic prices trading at a 10 percent discount to import parity, we believe such sharp correction is unlikely unless demand drops sharply," CLSA said in a note Meanwhile, JP Morgan sees steel price hikes in April. It increased FY21-23 estimates by 10-35 percent.

JP Morgan has raised the target price of Tata Steel to Rs 1,100 from Rs 960 and is overweight on the stock. The brokerage is overweight on JSW Steel and raised the target price to Rs 510 from Rs 430 earlier. It also maintained Overweight stance on SAIL stock raising the target to Rs 105 from Rs 90 per share. Buoyed by the brokerages' estimates, BSE metal index was trading 135 points higher at 14,428.

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