Tata Group-backed leading steelmaker, Tata Steel has been floating around Rs 170 mark. This price level is its hurdle mark for a fresh move-up!
Tata Steel is one of the cheapest stock in Tata Group and is a dominant player in its sector with a market cap of over Rs 2 lakh crore. Notably, it has been a long journey, but Tata Steel shares have created long-term wealth for investors with all-time gains of a whopping 2,296% on NSE. The next big target is the Rs 190 mark, once Tata Steel moves past the Rs 170 mark. Tata Steel Share Price: Tata Steel's share price is currently at Rs 166.50 apiece on NSE with a market cap of Rs 2,07,850.73 crore as of May 3, 2024. The stock tumbled by 2.23% in the trading week from April 29th to May 3rd, giving room for buying on dips. It also needs to be noted that Tata Steel touched a new 52-week high of Rs 170.75 apiece on the last day of last week's session. Currently, the stock is up by 60% from its 52-week low of Rs 104.05 apiece. YTD, the stock has zoomed by 19%, being one of the top performers in the metal sector. While in a year, Tata Steel shares jumped 53%, in 5-years, they gained by a whopping 242%. At max, the stock has rallied by a whopping 2,295.68%. The stock was merely at Rs 6.95 apiece 25 years ago on January 1, 1999. Tata Steel's Next Big Target: Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox said, "Shares of Tata Steel must overcome the hurdle of 170 on decisive note to embark on the fresh up move. Over the last few sessions, the price action has not been able to breakout over the said mark." Bagkar added, When it succeeds, a rally towards 190 can not be ruled out. On the flip side, the downside move would find support near 155-mark, its immediate support as the daily chart. While the overall bias remains optimistic, a major move is anticipated once the hurdle of 170 is taken out with aggressive volumes." The latest target hints at a potential upside of 14% in Tata Steel. Tata Steel Q4 Production: Tata Steel's production and deliveries have been robust. It has achieved the highest-ever annual crude steel production of ~20.8 million tons, with a growth of 4% YoY by debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam Limited. In 4QFY24, crude steel production was broadly stable and stood at around 5.38 million tons. Tata Steel Corporate Affairs: Dividend: As of now, Tata Steel has made no announcement of paying dividends soon. But it has a strong track record of paying dividends to investors. In 2023, the company paid a dividend of Rs 3.60 per share. But its highest dividend payout is Rs 51 per share in 2022, the time its share split. In 2022 alone, Tata Steel paid the most dividends of Rs 63.75 per share. Currently, Tata Steel has a dividend yield of 2.18%, also among the top-yielding stocks in the metal sector. But since its first bonus issue which was in August 2004, Tata Steel had paid up to 299.35 per share to its investors. Bonus Issue: Tata Steel has issued bonus shares only one time. The company has issued bonus shares in the ratio of 1:1 with a record date set in August 2004. Stock Split: Not only that, Tata Steel also turned ex-split only once and it was in 2022. The company's 1 equity share having a face value of Rs 10 each was split into ten smaller shares having a face value of Rs 1 each, hence a ratio of 1:10. Tata Steel Group has been named one of the most ethical companies in the world and is among the top producing global steel companies with an annual crude steel capacity of 34 million tonnes.  

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