Tata Steel India has reported a 4 percent year-on-year (YoY) increase in crude steel production, with a total of 4.99 million tons produced in the second quarter of the current fiscal year. However, the delivery volumes have slipped 1.8 percent to 4.82 million metric tonnes YoY.
Despite the rise in production, Tata Steel’s stock was trading 2.6 percent lower at Rs 123.15 on the NSE.
Tata Steel Europe, on the other hand, experienced a production growth from 1.79 million tons in 1QFY24 to 1.99 million tons in 2QFY24. However, production dropped by 17 percent YoY. Delivery volume in Europe also fell by 4.3 percent to 1.79 million metric tonnes during the second quarter in FY24 compared to the same quarter last year.
Tata Steel Thailand witnessed a quarter-on-quarter increase in production, reaching 0.28 million tons in Q2FY24, but it was lower compared to the corresponding quarter last year.
While Tata Steel shares have seen a 21.6 percent gain compared to the Nifty’s one-year performance of 13.4 percent, they have decreased by 6.7 percent from their 52-week high of Rs 135 apiece. The stock’s RSI stands at 48.4, suggesting it is neither oversold nor overbought, but it exhibits high volatility with a one-year beta of 1.21. The stock is currently trading above its 50-, 100-, and 200-day moving averages but below its 5-, 10-, and 20-DMAs.
As of June shareholding data, the promoters held a 33.9 percent stake in Tata Steel, while FIIs held 20.3 percent, DIIs held 21.9 percent, and the public had a 24.0 percent stake in the company.”
Please note: This article is for informational purposes only, and readers are advised to consult with financial experts before making any investment decisions.