Tata Group-backed steelmaker, Tata Steel has witnessed a sharp correction in one month, falling by nearly 11% on BSE. While Tata Steel’s weekly performance is also down by 8.5%. This brings a buy-on-dips opportunity to Tata Steel. Brokerages have recommended BUY for a target price ranging from Rs 175 to Rs 190. At the latest, Tata Steel has made a merger update related to Indian Steel & Wire Products.
The stock’s 52-week high and low are at Rs 184.60 apiece and Rs 114.25 apiece respectively. Tata Steel’s share price has been on a bearish trend after its Q1 results. On a week-on-week basis, the stock is down by 8.5%, while in a month, the downfall is about 10.71%. However, year-to-date, the stock is still up by 10%, but gains have been squeezed in due to the latest correction.
The approval is a step closer for Tata Steel to consolidate its metal and resources business into one single entity. In 2022, Tata Group commenced the process of merging six subsidiaries into Tata Steel. These included three listed companies such as Tata Metaliks, Tata Steel Long Products and The Tinplate Company of India. While Indian Steel & Wire Products is part of the other three unlisted companies including Tata Steel Mining and S&T Mining Company.
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