Friday , September 24 2021

Tata Steel gains as Moody’s upgrades corporate family rating

Tata Steel is currently trading at Rs. 1456.80, up by 4.55 points or 0.31% from its previous closing of Rs. 1452.25 on the BSE.

The scrip opened at Rs. 1454.70 and has touched a high and low of Rs. 1463.65 and Rs. 1444.45 respectively. So far 148907 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1534.60 on 16-Aug-2021 and a 52 week low of Rs. 343.00 on 24-Sep-2020.

Last one week high and low of the scrip stood at Rs. 1476.65 and Rs. 1421.95 respectively. The current market cap of the company is Rs. 175036.82 crore.

The promoters holding in the company stood at 34.41%, while Institutions and Non-Institutions held 41.32% and 23.43% respectively.

Credit rating agency — Moody’s Investors Service has upgraded the corporate family rating of Tata Steel to ‘Ba1’ from ‘Ba2’. The rating outlook remains stable. The upgrade to Ba1 reflects view that Tata Steel’s better-than-anticipated operating performance this fiscal year and a step-change reduction in gross debt have materially strengthened its credit metrics.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.

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