Tata Steel share price gains as India production jumps 53% QoQ

TATASTEEL

Tata Steel share price gained over 2 percent intraday on October 9 after the company declared its quarterly business update for Q2 of FY 2020-21.

The steel maker’s total production was up 31.3 percent at 7.26 mt against 5.53 mt (QoQ). Total production however was down 3.5 percent at 7.26 mt against 7.52 mt (YoY).

India production grew 2 percent at 4.59 mt against 4.50 mt (YoY) while on a QoQ basis it was up 53.5 percent at 4.59 mt against 2.99 mt.

The stock was trading at Rs 381.65, up Rs 8.10, or 2.17 percent at 09:59 hours. It has touched an intraday high of Rs 386.90 and an intraday low of Rs 375.20.

It was also one of the most active stocks on NSE in terms of volumes with 82,70,650 shares being traded.

The Tata Group has sought financial assistance from the UK government after its business was hurt by the COVID-19 pandemic.

China’s Jingye Group has expressed an interest in acquiring Tata Steel’s UK operations, Britain’s largest steelmaker, amid efforts by the latter’s Indian parent company to rescue the business.

The Chinese steelmaker’s interest is still at a tentative stage and a formal offer for a takeover has not been made so far, according to a report by Sky News.

Shabbir Kayyumi, Head of Technical & Derivative Research at Narnolia Financial Advisors feels that the stock may test Rs 405. Formation of Bullish Harami candlestick pattern on daily timeframe suggests that bulls have entered the counter at lower levels, he said.

News Source: Moneycontrol

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