Tata Steel Share Price 1 February 2024: ππ°
If you’re looking for the perfect stock to invest in and get good returns in the stock market, this article can help you. On Monday, the stock market regained its momentum, putting an end to the consecutive decline in business days. Shares of Tata Group companies were in high demand, including Tata Steel. During Monday’s trading, Tata Steel’s share price jumped more than 1% to reach Rs. 135.70. Experts are still anticipating further growth in Tata’s share price, although brokerage firms have revised their target prices.
Brokerage Target Price: π―
JM Financial, a brokerage firm, has set a target price of Rs. 145 for Tata Steel shares. However, this target price is lower than the previous estimates. Earlier, there were hopes that Tata Steel’s share price could reach Rs. 150. Therefore, brokerage firms have reduced their target price by more than 3% from the previous estimate. It’s worth mentioning that Tata Steel’s stock reached a high of Rs. 142.15 on January 1st this year, being the 52-week high. The stock hit a 52-week low of Rs. 101.65 and has been rising since March 2023. Another brokerage firm, Centrum Broking, has also reduced its estimate and stated that Tata Steel’s share price could drop to Rs. 128.
Quarterly Results: π°π
The company recently announced its results for the December quarter. Tata Steel reported a net profit of Rs. 522 crore in the third quarter of 2023-24, compared to a net loss of Rs. 2,224 crore in the same quarter a year ago. This indicates a turnaround for Tata Steel, as the company has shifted from losses to profits. The company’s revenue for the December quarter stood at Rs. 57,083 crore. Speaking of EBITDA, it increased from Rs. 4,048 crore to Rs. 6,263.6 crore. The EBITDA margin also improved from 7.1% to 11.3%.
In Short, Tata Steel’s share price has shown positive growth on February 1st, 2024. With brokerage firms revising their target prices and the company’s improved financial performance, investors can consider Tata Steel as a potential investment option. ππΌ
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
