Stock of Tata Steel was the top Sensex gainer in a weak market today amid reports of a large trade in the Tata Group stock. A large deal of Tata Steel shares took place in early trade with 84.3 lakh shares (0.7% equity) worth Rs 101.8 crore. The price at which deal was carried out was Rs 120.7 per share. That’s at a marginal premium to the previous day’s close of Rs 120.35 on BSE. Tata Steel stock has gained after three days of consecutive fall. In the current session, the Tata Steel stock was trading 0.46% higher at Rs 120.90 on BSE. It hit a high of Rs 122.25, rising 1.57% in early trade.
Earlier, Tata Steel shares opened marginally lower at Rs 120.25. Total 6.57 lakh shares changed hands amounting to a turnover of Rs 7.96 crore on BSE. Market cap of Tata Steel rose to Rs 1.47 lakh crore. The stock has gained 47.80% from its 52-week low. The stock hit a 52-week high of Rs 138.63 on April 6, 2022 and a 52-week low of Rs 82.71 on June 23, 2022 on BSE. The large cap stock is trading 12% lower to its 52-week high.
In terms of technicals, the relative strength index (RSI) of Tata Steel stands at 58.5, signaling it’s neither oversold nor undersold. Tata Steel stock has a one-year beta of 1.3, indicating high volatility during the period. Tata Steel stock is trading higher than the 20-day, 50-day, 100-day and 200-day moving averages but lower than 5-day moving averages.
Tata Steel shares have gained 9.23% in a year and risen 7.5% in 2023.
The firm recently announced its Q3 business updates. Tata Steel said its India crude steel production stood at 5 million tonnes in the third quarter, which was up 4 per cent on both year-on-year (YoY) and sequential basis. Deliveries for the quarter stood at 4.73 million tonnes and were up 7 per cent YoY, primarily driven by 11 per cent growth in domestic deliveries, which also led to improvement in product mix.
However, the firm reported a weak set of earnings for the quarter ended September 2022. Tata Steel’s September quarter consolidated profit plunged 90 per cent to Rs 1,297 crore, hit by higher expenses. The Tata group firm had reported a profit of Rs 12,547.70 crore in the same quarter last year.
Meanwhile, Sensex fell 572 points to 60,406 and Nifty slipped 169 points to 17,949 in early trade today. Of 30 Sensex stocks, 26 were trading in the red.
Also read: Nazara Tech shares extend gains, climb 6% today after Q3 results
Also read: Adani Ports, Adani Enterprises tank up to 5%; Hindenburg says it holds short-positions in Adani stocks