Tata Steel breaks 4-day losing streak

Tata Steel rose 3.38% to Rs 488.75 at 12:18 IST on BSE on bargain hunting after a recent slide.

The announcement was made during market hours today, 19 June 2019.

Meanwhile, S&P BSE Sensex was up 126.85 points or 0.32% at 39,173.19.

On BSE, 3.99 lakh shares were traded in Tata Steel counter, compared to a 2-week average of 4.59 lakh shares. The share price hit an intraday high of Rs 492 and an intraday low of Rs 480.20. It hit a 52-week high of Rs 646.70 on 21 September 2018 and a 52-week low of Rs 442.10 on 29 January 2019.

Shares of Tata Steel fell 6.50% in the past four trading sessions to settle at Rs 472.75 yesterday, 18 June 2019, from its close of Rs 505.60 on 12 June 2019.

Meanwhile, a foreign brokerage has reportedly maintained a 'buy' recommendation on the Tata Steel stock with a target price of Rs 570 per share. The broker highlighted that the domestic demand for steel is resilient but spreads are unlikely to bounce back.

Tata Steel's consolidated net profit fell 39% to Rs 2,288.89 crore on a 23.8% rise in net sales to Rs 41,186.44 crore in Q4 March 2019 over Q4 March 2018.

Tata Steel is a globally diversified steel producer.

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