Tata Steel shares jump, then fall 1
时间:2024-06-26 04:49:27 阅读(143)
Tata Steel share price gyrated between red and green on Monday despite reports suggesting the steel major plans a capital expenditure of up to Rs 16,000 crore for its domestic and global operations during this financial year. The share price was nearly flat at Rs 114.15 apiece, from Friday’s close of Rs 114.25. Today, after touching an intraday high of Rs 115.6 at opening, the scrip tanked 1.4% to touch an intraday low of Rs 114.Tata Steel’s capex break-up
According to PTI, the steel giant’s Rs 16,000 crore capex plan includes Rs 10,000 crore towards standalone operations and Rs 2,000 crore for its subsidiaries in India, the company’s CEO & MD T V Narendran and Executive Director & CFO Koushik Chatterjee said. Of the Tata Steel standalone operations, the Kalinganagar project will account for approximately 70% or around Rs 7,000 crore.
“We remain constructive on metal heavyweight Tata Steel as it is resolving above the last three month’s triangular consolidation signaling resumption of up move. Hence, it provides a fresh entry opportunity of Buying demand has recently emerged after a higher base at the 200 days EMA (currently at Rs 108) and the 80% retracement of the September 2022-January 2023 up move (Rs 95-124),” said ICICIdirect. The brokerage added, “Key observation is that the stock in the smaller time frame has already taken five months to retrace just 80% of the preceding three month’s up move (Rs 95-124). The slower pace of retracement signals a higher base formation. We expect the stock to head towards Rs 125 in the coming months as it is the confluence of the 80% retracement of the entire April-June 2022 decline (Rs 138-83) coinciding with the high of January 2023.”
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