Tata Group Stock to buy: Are you looking to bet in Tata group shares, then you can keep an eye on Tata Steel shares. In fact, experts are bullish on Tata Steel’s share of Tata Group’s steel company and have advised to buy it. Brokerage Axis Securities has maintained its bullish stance on Tata Steel. Let us inform that on Wednesday, this stock opened 0.08 percent higher at Rs 1166.30 against the previous close of Rs 1165.40 on BSE. However, the shares declined on intraday and fell up to 4% to Rs 1114.60. The market cap of the firm rose to Rs 1,36,219.22 crore.
Expert said – stock will go up to Rs 1700
Axis Securities has set a target price of Rs 1,700 on the stock and has given ‘Buy’ rating. That is, if you compare with the current share price, then this stock can give a return of about 52.52 percent. The brokerage house said that due to better working capital management, the company’s debt is coming down and it has come down to Rs 51,049 crore. Net-Date/EBITDA is now only 0.8x versus 6.1x in Mar’20.
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What did the brokerage firm say?
The brokerage said in its report, “Tata is targeting doubling its capacity from 19.6mtpa to 40mtpa primarily through organic expansion in India. Several options have been highlighted for this which will help in increasing the internal cash capacity.
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Tata Steel has benefited
Tata Steel reported a 37 per cent jump in consolidated net profit at Rs 9,835.12 crore for the quarter ended March 2022. It reported a net profit of Rs 7,161.91 crore in the year-ago quarter, said the BSE filing. In addition, the Board of the Company has declared a dividend of Rs.51 per share recommending a 10:1 stock split.