Buy Tata Steel, target price Rs 122.7: ICICI Direct

ICICI Direct has buy call on Tata Steel with a target price of Rs 122.7. The current market price of Tata Steel is Rs 118.2. Time period given by analyst is Intra Day when Tata Steel's price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 118.9.

Tata Steel, incorporated in the year 1907, is a Large Cap company (having a market cap of Rs 147475.96 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 31-12-2022, the company has a total of 1,222 Crore shares outstanding.

Investment Rationale
Bullish Flag like formation and price sustaining above the 20 days EMAand outperformance in weak markets.