Tata Steel hits over 3-month high in a weak market; stock up 6% in 4 days

The removal of export duty is a significant relief and a long term positive for the domestic steel sector, according to analyst at ICICI Securities.

Shares of Tata Steel rose 1 per cent to hit an over three-month high of Rs 111.60 on the BSE in Friday’s weak market. The stock was trading at its highest level since August 19, 2022. In comparison, the S&P BSE Sensex was down 0.82 per cent at 62,764 at 11:48 am.

The stock of the Tata Group iron & steel company was trading higher for the fourth straight day, having gained 6 per cent during this period. In the past one month, it has rallied 10 per cent as against a 3 per cent rise in the benchmark