Tata Steel hits 52-week high on proposed stake sale in Tata Motors

-
Tata Group flagship steel maker, Tata Steel on Tuesday’s trading session hit its 52-week high of Rs 524.80 per share on the BSE as the company on Monday had said that it proposes to sell approximately 8.36 crore equity shares of face value of Rs 2 each of Tata Motors to Tata Sons Limited.

The transaction is expected to be executed on or after June 23, 2017. The steel major will sell share worth up to Rs 8,825 crore in Tata Motors to their parent company.

Tata Sons will gain another 2.85% stake in Tata Motors through the inter-promoter share transfer and post the deal it will hold 31.06% of voting rights in Tata Motors.

The proceeds of the stake sale will be used to reduce the steel makers Rs 72,367 debt as of March, a leading news agency reported.
Stock view :-

Tata Steel Ltd is currently trading at Rs 524, up by Rs 4.7 or 0.91% from its previous closing of Rs 519.3 on the BSE.

The scrip opened at Rs 523.95 and has touched a high and low of Rs 524.8 and Rs 521 respectively. So far 3235306(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 50435.24 crore.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 520.4 on 29-May-2017 and a 52 week low of Rs 297.4 on 24-Jun-2016. Last one week high and low of the scrip stood at Rs 520 and Rs 499.8 respectively.

The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 44.74 % and 23.91 % respectively.

The stock is currently trading above its 100 DMA.
Tata Steel Ltd
BSE 524.10 4.80    (0.92%)
NSE 524.15 4.60    (0.89%)


Comments

Post a Comment

Popular posts from this blog

WELCOME TO SMART MONEY FINANCIAL SERVICES

-
Image
               WELCOME TO SMART MONEY FS               WE CREATE THE OPPORTUNITY   "Smart Money Financial Service" is an Investment Advisory having a team consists of highly qualified analysts who are skilled and impeccable in their analysis. These analysts, using their experience and the latest software tools, are able to predict the movements in share market on time and with high accuracy. Please click here for Advisory Ranking: As a result, using our tips, our clients gain the most out of the share market. We provide recommendations for Stocks – Cash and F & O trad. 1. VISION GrowthPress focuses on conducting in-depth research on your customers, your competitors, and your search engine landscape. Using this, we create the right SEO strategy that helps. 2. MISSION You achieve your goals. Search engines are constantly evolving to reflect the complex human behavior. Thus, ...
Read more

Top intraday trading ideas for afternoon trade for Monday 31 December 2018

-
Image
Top intraday trading ideas for afternoon trade for Monday 31 December 2018  NEW DELHI:    Equity benchmarks Sensex and Nifty50 were trading higher on Monday on account of buying in frontline bluechip counters. Markets collated a list of trading ideas from various experts and here's what they had recommended for today's afternoon trade: Manas Jaiswal of manasjaiswal.com Tata Steel is a 'Buy' call with a target price of Rs 540 and a stop loss of Rs 514. Shriram Transport NSE 2.17 % is a 'Buy' call with a target price of Rs 1300 and a stop loss of Rs 1230. NSE LIVE 11:49 | 31-12-2018 Dr. Reddy's Lab is a 'Buy' call with a target price of Rs 2720 and a stop loss of Rs 2630. Kunal Bothra independent market expert Dr. Reddy's Lab is a 'Buy' call with a target price of Rs 2750 and a stop loss of Rs 2600. Chennai Petroleum is a 'Buy' call with a target price of Rs 306 and a stop los...
Read more

F&O: Put writing at all immediate strikes shows Nifty may hold up

-
Image
F&O: Put writing at all immediate strikes shows Nifty may hold up  The Nifty50 index opened in the negative but managed to recover sharply from lower levels and headed towards the 10,750 level on Wednesday. It formed a Piercing Line pattern on the daily scale, as it recovered its losses of the last session by more than a half. It has been making lower lows from last four sessions and holds above the 10,750-10,777 zone can negate the same to extend its recent bounce towards 10,850 and then 10,929 levels.  Nifty has reclaimed its 50-day EMA while on the downside it has support at 10,650 and then 10,600 levels.  On the options front, maximum Put OI was at 10,000 followed by 10,500 and 10,700 levels, while maximum Call OI was at 11,000 followed by 10,900 level. Meaningful Put writing was seen at all the immediate strike prices from 10,650 to 10,500 level, which suggests support is intact while Call unwinding was seen at most strike prices till 11,000 level. The...
Read more