Tata Steel’s stock price has increased 12.5% since split

In the April-June quarter of the fiscal year 2021–2023, Tata Steel reported a consolidated profit of Rs 7,764.96 crore, down approximately 13% year over year (YoY), and consolidated revenue of Rs 63,430 crore, up 18.6% YoY.

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Since the stock split last month, the price of Tata Steel has increased significantly. It increased 12.5% in the previous 11 sessions. On the NSE intraday on Friday, it increased by around 3.5% to Rs 112.90 per share. The 52-week range for Tata Steel is 153.45-82.70.

In the April-June quarter of the fiscal year 2021–2023, Tata Steel reported a consolidated profit of Rs 7,764.96 crore, down approximately 13% year over year (YoY), and consolidated revenue of Rs 63,430 crore, up 18.6% YoY.

At roughly 2:00 PM, the stock was up almost 3% to Rs 112.6 per share on the BSE and NSE, while the BSE Sensex and Nifty were up 0.26 and 0.27 percent, respectively. The counter has increased roughly 25% and down 22% during the past month and year, respectively.

Prior to the split, Manoj Dalmia, founder and director of Proficient Equities, advised investors to purchase Tata Steel shares because the stock may trade at a discount following the split.

The industry expert had previously stated that while business in the European market flourished, Tata Steel’s deliveries in India were somewhat lower as a result of a decrease in exports caused by various restrictions.

With a target price of Rs 140 per share (Rs 1400 prior to the stock split), international brokerage company JP Morgan rates Tata Steel as Overweight, meaning a potential gain of more than 28%. The company stated that Europe drove a significant all-around beat in Q1 and that it sees upside risks to consensus.

JP Morgan claims that the business has significantly outperformed expectations across the board, helped by Europe. Contractual prices provided a significant tailwind that helped Tata Steel Europe announce record EBITDA that was up 294 percent year over year.