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    Buy Tata Steel, target price Rs 121.3 : ICICI Direct

    Synopsis

    Price in strong up trend sustaining above the recent cup & handle breakout area and 20 days EMA signaling continuation of the up move.

    Tata SteelAgencies
    Price in strong up trend sustaining above the recent cup & handle breakout area and 20 days EMA signaling continuation of the up move.
    ICICI Direct has buy call on Tata Steel with a target price of Rs 121.3. The current market price of Tata Steel is Rs 119.65. ICICI Direct recommended to keep stop loss at Rs 118.4. The duration when the stock shall hit the given target price is intraday.

    Tata Steel, incorporated in the year 1907, is a Large Cap company (having a market cap of Rs 146522.53 Crore) operating in Metals - Ferrous sector.

    Tata Steel key Products/Revenue Segments include Steel & Steel Products, Power, Other Operating Revenue and Others for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 60206.78 Crore, down -5.48 % from last quarter Total Income of Rs 63698.15 Crore and down -.57 % from last year same quarter Total Income of Rs 60553.63 Crore. Company has reported net profit after tax of Rs 1195.20 Crore in latest quarter.

    The company’s top management includes Mr.Ratan N Tata, Mr.David W Crane, Ms.Mallika Srinivasan, Mr.O P Bhatt, Mr.Deepak Kapoor, Mr.Farida Khambata, Mr.Saurabh Agrawal, Mr.V K Sharma, Mr.Koushik Chatterjee, Mr.T V Narendran, Mr.N Chandrasekaran, Mr.Noel Naval Tata. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 30-09-2022, the company has a total of 1,222 Crore shares outstanding.

    Investment Rationale
    Price in strong up trend sustaining above the recent cup & handle breakout area and 20 days EMA signaling continuation of the up move.

    Promoter/FII Holdings
    Promoters held 33.92 per cent stake in the company as of 30-Sep-2022, while FIIs owned 21.95 per cent, DIIs 18.08 per cent.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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