Buy Tata Steel, target price Rs 108.4: ICICI Direct

ICICI Direct has buy call on Tata Steel with a target price of Rs 108.4. The current market price of Tata Steel is Rs 107.2. Time period given by analyst is Intra Day when Tata Steel price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 105.2.

Tata Steel, incorporated in the year 1907, is a Large Cap company (having a market cap of Rs 131402.12 Crore) operating in Metals - Ferrous sector.

Tata Steel key Products/Revenue Segments include Steel & Steel Products, Power, Other Operating Revenue and Others for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 57354.16 Crore, down -4.74 % from last quarter Total Income of Rs 60206.78 Crore and down -5.73 % from last year same quarter Total Income of Rs 60842.72 Crore. Company has reported net profit after tax of Rs -2562.44 Crore in latest quarter.

The company’s top management includes Mr.Ratan N Tata, Mr.David W Crane, Ms.Mallika Srinivasan, Mr.O P Bhatt, Mr.Deepak Kapoor, Mr.Farida Khambata, Mr.Saurabh Agrawal, Mr.V K Sharma, Mr.Koushik Chatterjee, Mr.T V Narendran, Mr.N Chandrasekaran, Mr.Noel Naval Tata. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 31-12-2022, the company has a total of 1,222 Crore shares outstanding.

Investment Rationale
Price sustaining above the 20 days EMA and rebounding after taking support at 38.2% retracement of recent upmove signaling further upward momentum.

Promoter/FII Holdings
Promoters held 33.9 per cent stake in the company as of 31-Dec-2022, while FIIs owned 21.87 per cent, DIIs 19.55 per cent.