Tata Steel hits 52-week high, rises 9% in three days

Tata Steel jumped 5.69% to Rs 777 on BSE, extending gains for the third consecutive session.

Shares of Tata Steel rallied 8.70% in three trading sessions from a recent closing low of Rs 714.80 hit on Friday, 26 February 2021. The stock hit a 52-week high of Rs 782 today. It has rallied 209.69% from its 52-week low of Rs 250.90 hit on 30 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 68.277. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 678.30 and its 200-day moving average (DMA) placed at 476.33.

On a consolidated basis, the steel major reported net profit at Rs 4,010.94 crore in Q3 December 2020 compared with net loss of Rs 1,228.53 crore in Q3 December 2019. Net sales jumped 11.6% to Rs 38,805.91 crore in Q3 FY21 over Q3 FY20.

Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.

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