Business News Desk – Tata Steel, the global steel giant of Tata Group, in a communication sent to the stock exchange after the market closed, said that it has started India’s largest blast furnace at Kalinganagar plant in Odisha, which will help in increasing the capacity of this production unit from 3 million tonnes per year to 8 million tonnes per year. The production capacity has been expanded with the help of 27000 crores. Due to this news, strong action can be seen in the stock on Monday. This stock closed at Rs 152 this week.
1 lakh crore invested in Odisha
Tata Steel in November 2018 launched the Rs 27,000 crore second phase of expansion of its Kalinganagar project in Odisha. The company is expanding its massive steel manufacturing unit in Odisha. In the last 10 years, Tata Steel has invested more than Rs 1 lakh crore in the state. He said the commissioning of India’s largest blast furnace in Kalinganagar is a momentous occasion for the steel industry.
Tata Steel Share Price Target
The demand for steel in the domestic market is strong. In such a situation, the outlook for the companies of this sector is good. Morgan Stanley has given an underweight rating for Tata Steel and has given a target of Rs 135. Macquarie has given an outperform rating for Tata Steel and has given a target of Rs 171. Domestic analyst ICICI Securities has advised buying this metal stock.
Tata Steel Share Price History
Tata Steel stock has been under pressure for some time now. On June 18, the stock made a lifetime high of Rs 185. From there it has fallen by 18%. In the last one month, this stock has not given any return on a net basis. The three-month return is minus 17%. It made an intraday low of Rs 147 in the month of September, a low of Rs 142 in the month of August and a low of Rs 155 in the month of July. Therefore, the downside risk is limited.
