1:10 Split, Rs 51/Sh Dividend: Tata Metal Stock Poised To Soar, Buy For TP Rs 165; Shares Slip 16.53%

Brokerage firm Anand Rathi has recommended investors to buy Tata Group stock Tata Steel Ltd with target price of Rs 165 per share. Last trading price of Tata Steel shares on BSE is Rs 152.80 per share with decline of 0.91% today. Tata Steel shares witnessed steep dip of 16.53% in last 3-months. Tata Steel shares surged 15.71% in last 1-year and gained 343% in last 5-years. Tata Steel has a market capitalisation of Rs 1,90,747.00 crore. Tata Steel announced its highest ever dividend of Rs 51/share in 2022 and lowest ever dividend of Rs 3.60/share in 2023 and 2024. Life insurance corporation of india (LIC) stake in Tata Steel stood at 7.63% with 952,531,650 shares of the company. Check details below:

Tata Steel Share Performance & Return: The 52-week high price of Tata Steel shares on BSE is Rs 184.15 apiece (as on 13/06/2024) and 52-week low price is Rs 108.15 per share (as on 26/06/2023), respectively. Tata Steel shares jumped 9.51% in last 2-weeks, gained 39% in last 6-months, offered return of 84% in last 2-years, gained 57% in last 3-years, and offered return of 265% in last 5-years.

Tata Steel Dividend History: The Tata Group's metal giant announced a total of 30 dividends since May 24, 2001. In the last 12 months, Tata Steel declared an equity dividend of Rs 3.60 per share. At the current share price of Rs 152.80, Tata Steel offers a dividend yield of 2.36%, according to Trendlyne.

Shareholding: FII/FPI have increased holdings from 19.61% to 19.68% in June 2024 quarter. Number of FII/FPI investors increased from 1043 to 1088 in June 2024 quarter. Mutual Funds have increased holdings from 10.10% to 10.32% in June 2024 quarter. Number of MF schemes remains unchanged at 65 in June 2024 quarter.

Anand Rathi Recommends Buy: Tata Steel witnessed a violation of a key bearish trendline on the daily chart, showing a potential reversal in momentum from its earlier downtrend. Before this violation took place, Tata Steel had discovered strong support along the high-low band of the 200-DEMA, a key indicator of robust support levels. Additionally, on the daily chart, a bullish divergence was observed in the RSI, where it trended higher even as the stock price remained low, signaling a weakening of selling pressure and the possibility of an upward price movement. This bullish divergence materialized near a critical demand zone and a previous breakout range, boosting the positive sentiment around the stock. These technical factors collectively suggest that Tata Steel is poised for a potential strong rally. Amid these signals, a long position is recommended in the price range of Rs 152-155, with an upside target of Rs 165. The analyst has suggested to keep the stop loss at Rs 147.5.

Tata Steel Dividend In 2024: As per the exchange filing of Tata Steel as on May 26, "recommended a dividend of Rs 3.60 per Ordinary (Equity) Share of face value Re 1/- each (360%) to the shareholders of the Company for FY2023-24. The dividend recommended by the Board of Directors of the Company is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the Company scheduled to be held on Monday, July 15, 2024."

Tata Steel Stock Split History: It sub-divided/split the face value of its share once since July 28, 2022. Tata Steel split the face value of its shares from Rs 10 to Re 1 in 2022. Tata Steel share traded ex-split as on July 28, 2022.

Tata Steel Bonus Share History: Tata Steel declared 1 bonus share since August 11, 2004. The metal stocks' last bonus was announced in the ratio 1:2 and ex-bonus date was set as August 11, 2004.

Disclaimer: The stock has been picked from the brokerage report of Anand Rathi. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.