Prabhudas Lilladher is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 144 in its research report dated September 18, 2023.
Since the broader markets are overstretched, failing to clear the high might trigger some profit-booking. Traders should remain extremely stock-specific and follow strict stop-losses, advised experts
Tata Steel and the UK government jointly announced an agreement to invest in state-of-the-art electric arc furnace steelmaking at the company’s Port Talbot site at a cost of GBP 1.25 billion pounds, including a UK government grant of GBP 500 million.
Tata Steel and the UK government jointly announced the agreement with a capital cost of 1.25 billion pounds, which will include the government grant of 500 million pounds.
There appears to be anticipation that China’s measures and fall in coking coal costs will improve demand for steel, although there is no evidence yet at ground level.
As per the Memorandum of Settlement the total payout for eligible employees of all applicable divisions of the Company on account of annual bonus will be Rs 314.70 crore, the company said in a statement on Monday.
The funding would be pumped into the Port Talbot steelworks in south Wales alongside $881 million from Tata Steel's Indian parent company and a commitment from the company to build electric arc furnaces, as per the report.