Shares of Tata Steel continue to surge for the sixth consecutive day on Wednesday and gained around 3 per cent to touch the fresh 52-week high of Rs 187 in the early trade. The stock started the trading session at Rs 183, up from its previous close of Rs 181.85, on the BSE. Amid a spurt in trading volume by more than 1.13 times, the stock gained 2.83 per cent to touch the high of Rs 187. Last seen, the stock held firmly in green at Rs 185.90. The market cap of the company stood at Rs 2,32,192.03 crore. This is the second consecutive day that the stock has hit a fresh 52-week high.
Stock has been gaining over the last six days, rising 8.06 per cent in that period. Technically, the stock trades higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
What's Behind The Rally?
The main reason for the rally in Tata Steel's stock is that multiple brokerage firms are bullish on the company, with some upgrading to 'buy'.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
Tata Steel Share Price History
According to BSE Analytics, the stock has given a positive return of 360 per cent in five years and 82 per cent in three years. While it has gained 54 per cent in two years, the stock has added 23 per cent in one year. On a year-to-date basis, it has gained 35 per cent,
Enters Into Contract With AWIPL
Tata Steel recently entered into a long-term contract with Air Water India Private Limited (AWIPL) for the operation and maintenance of its Air Separation Unit (ASU) located at Jamshedpur.
The onsite plant is designed to produce 1,800 tons of oxygen per day, along with nitrogen, argon, and dry compressed air. These gases will be primarily utilised in Tata Steel's Blast Furnaces and Steel Melting Shops.
The unit is currently under stabilisation and is scheduled to be handed over to AWIPL next month, the company said in a statement.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
