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Mumbai: Shares of Tata Steel on Thursday hit record highs after nearly 14 years extending the recent bullish momentum driven by a resurgence in global metal prices. The company’s market value crossed Rs 1 lakh crore for the first time earlier this week as analysts said the stock has room to run up more in the near future. The stock, which hit a record high of Rs 953.10 on Thursday, closed at Rs 922, up 5.4 per cent over the previous day. Its previous record was on October 29, 2007 when the price touched Rs 914. Since then, the stock has been an underperformer because of weak global metal prices. ....
Tata Steel’s stellar Q3 show draws wows & cynicism both SECTIONS Share Getty Images INSIGHTS NSE Explore Now NEW DELHI: Tata Steel said it returned to black in the December quarter, riding the price increases and operating efficiency, but not everyone on Dalal Street was convinced that the trend may sustain. Analysts gave mixed reactions to the earnings, with some saying the stock is primed for another leg of the rally, while others said investors should start trimming their holdings in the stock. Pinakin Parekh and Anukul Agrawal, analysts at JPMorgan, said the company’s numbers beat their estimates by a wide margin with net debt reduction. They maintained an ‘overweight’ stance and increased EPS estimates and price targets. ....