CARE Rating upgrades Tata Steel's credit outlook; stock nears record peak

Tata Steel's focus on the growing India market, highest exposure to high-priced flat products, and full iron ore integration till CY30, makes it an attractive long-term play, say analysts

Shares of Tata Steel moved higher by 4.4 per cent to Rs 1,242 on the BSE in the intra-day trade on Friday, supported by heavy volumes, after rating agency CARE Rating revised the company's long-term credit rating to "stable outlook" from "negative". The stock of the Tata Group Company was trading close to its record high level of Rs 1,247, touched on May 12, 2021.

"The revision in rating and outlook assigned to the instruments of Tata Steel Limited (TSL) factors in the improvement in performance witnessed during FY21, sequentially from Q2FY21 onwards, particularly in Indian operations, on the