Tata Steel Stock Update:
- Tata Steel shares up 6 per cent at Rs 924.25
- The stock had earlier reached Rs 924 on 29 October 2007.
- The company’s stock has climbed 25 percent in the last one month.
- Shares of Tata Group giant Tata Steel climbed 6% to trade at an all-time high of Rs 924.25 during trading on the BSE on Thursday. Today close 5.39% upside at Price of Rs. 922.00. The stock had reached Rs 924 on 29 October 2007 before this. The company’s stock has climbed 25 per cent in the last one month.
Global rating agencies upgraded Tata Steel’s rating in the third quarter of FY 2021 citing recovery. Since then, the stock price of the company has been going up.
Standard and Poor’s on Tuesday raised Tata Steel’s credit rating rating. Tata Steel’s debt is expected to come down drastically in the next two years due to strong cash flow and the company’s intention to reduce debt. Moody’s also recently stabilized Tata Steel’s outlook with negative.
Demand for steel increased
Tata Steel’s stock has risen nearly 150 per cent in the last 6 months, while the BSE Sensex has gained 24 per cent during this period. Recovery in the global and Indian economy has led to a significant improvement in steel demand in the country. Investment in infrastructure and recent policy development is expected to further boost steel demand.