Tata Steel share price gains 4% after global broking retains buy rating, raises target

Stocks

The share touched a 52-week high of Rs 1,246.80 and a 52-week low of Rs 324.50 on 12 May, 2021 and 02 July, 2020, respectively

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Tata Steel share price added over 4 percent intraday on July 7 after global broking house CLSA maintained its buy rating on the stock and raised the target price to Rs 1,450 per share.

The company reiterated its focus on capacity expansion in India. The deleveraging remains crucial, while comfortable with 2x net debt-to-EBITDA.

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The risk-reward is attractive at the current levels, while current market prices imply a sharp correction in prices, which looks unlikely, it added.

The share price rose over 250 percent in the last year.

At 14:49 hrs, Tata Steel was quoting at Rs 1,206.20, up Rs 39.45, or 3.38 percent on the BSE.

tata steel

The share touched a 52-week high of Rs 1,246.80 and a 52-week low of Rs 324.50 on 12 May, 2021 and 02 July, 2020, respectively.

Currently, it is trading 3.26 percent below its 52-week high and 271.71 percent above its 52-week low.