Tata Steel Ltd

Tata Steel announced that the National Company Law Tribunal (NCLT), Delhi Bench has approved the scheme of amalgamation amongst Tata Stele and Angul Energy (transferor company). The scheme is pending sanction from the NCLT, Mumbai Bench, having jurisdiction over the transferee company.

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Tata Steel India deliveries stood at 5.41 million tons, up by 5.04% YoY while the deliveries increased by 10.86% QoQ basis in Q4 FY24.

Tata Steel Netherlands liquid steel production for the quarter stood at 1.47 million tons (down 3.92% YoY and up 23.52%) and deliveries were at 1.40 million tons (down 5.40% YoY and up 7.69% QoQ). For the quarter, production and deliveries improved on QoQ basis primarily driven by restart of BF6 upon completion of relining in early February.

Tata Steel UK liquid steel production for the quarter stood at 0.70 million tons, down 5.40% YoY and down 2.77% QoQ. Deliveries stood at 0.69 million tons, down 9.21% YoY and up 7.81% QoQ. Q3 deliveries were impacted by seasonal factors.

In Thailand, Tata Steel Thailand production was constant and deliveries stood at 0.32 million tons, up by 3.22% YoY in Q4 FY24.

In FY24 the company has achieved highest ever annual crude steel production of around 20.8 million tons, with a growth of 4% YoY by debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam.

Tata Steel India deliveries increased by 6% YoY and surpassed the previous best recorded in FY2023. Domestic deliveries grew at a higher rate of 9% YoY leveraging India steel demand growth and its agile business model.

Tata Steel Netherlands liquid steel production in FY2024 stood at 4.80 million tons and deliveries were at 5.30 million tons and Tata Steel UK liquid steel production stood at 3.02 million tons and deliveries were at 2.80 million tons.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.

Tata Steel reported net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.

The scrip shed 0.03% to settle at Rs 163.35 on Friday, 05 April 2024.

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Tata Steel Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 155.15, up 1.6% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 1.31% on the day, quoting at 22414.25. The Sensex is at 73914.88, up 1.26%. Tata Steel Ltd has risen around 10.15% in last one month.

Meanwhile, Nifty Metal index of which Tata Steel Ltd is a constituent, has risen around 4.12% in last one month and is currently quoting at 8154.95, up 1.14% on the day. The volume in the stock stood at 289.09 lakh shares today, compared to the daily average of 720.89 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 155.05, up 1.44% on the day. Tata Steel Ltd is up 49.76% in last one year as compared to a 31.23% spurt in NIFTY and a 51.06% spurt in the Nifty Metal index.

The PE of the stock is 10.94 based on TTM earnings ending December 23.

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Tata Steel has allotted 2,70,000 - 7.79% Fixed rate, Unsecured, Redeemable, Rated, Listed, NCDs having face value Rs 1,00,000/- each, for cash, aggregating to Rs 2,700 crore, for a tenor of 3 years on private placement basis.

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The Board of Tata Steel has approved the issuance of Non Convertible Debentures aggregating Rs 2700 crore on private placement basis. The deemed date of allotment is 27 March 2024.

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The company will issue a total of 2,70,000 fixed rate, unsecured, redeemable, rated, listed, NCDs, of a face value of Rs 1 lakh each aggregating to Rs 2,700 crore.

The date of allotment is 27 March 2024, and the date of maturity is 26 March 2027.

The NCDs are proposed to be listed on the wholesale debt market (WDM) segment of BSE.

Meanwhile, Tata Steel UK has decided to cease operations of the coke ovens at the Port Talbot plant in Wales, following a deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures, said the firm.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.

Tata Steel reported net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.

The scrip rose 0.03% to trade at Rs 149.65 on the BSE.

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Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures, said the firm.

The steel major had previously stated that many of its heavy-end assets in Port Talbot are at their end-of-life capability.

Tata Steel is currently at an advanced stage of consultations with trade unions in the UK on its proposal for the planned restructuring involving closure of the iron and steelmaking assets at Port Talbot, and subsequent transition to sustainable low-CO2 steelmaking involving a £1.25 billion investment in electric arc furnace technology in Port Talbot and asset upgrades, the company said in the press release.

Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum.

Tata Steel reported net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.

Shares of Tata Steel rose 0.64% to Rs 150.55 on the BSE.

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The key equity indices traded with modest losses in early trade. The Nifty traded below the 22,000 level. Metal, PSU bank and Media stocks advanced while oil & gas, consumer durables and FMCG shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 381.98 points or 0.53% to 72,366.44. The Nifty 50 index declined 111.45 points or 0.51% to 21,944.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.17% and the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, 1,615 shares rose and 1,108 shares fell. A total of 122 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,051.09 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,260.88 crore in the Indian equity market on 18 March, provisional data showed.

Stocks in Spotlight:

Tata Steel shed 0.03%. Tata Steel UK has decided to cease operations of the Coke Ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability. Tata Steel UK will increase imports of coke to offset the impact of the coke oven closures.

Lemon Tree Hotels gained 1.27% after the company has signed a License Agreement for Lemon Tree Hotels Agartala, Tripura. The Hotel is expected to open in FY 2027.

Sonata Software shed 0.14%. Sonata Software said that it has signed joint go-to-market agreement for five years with Zones to simplify enterprise application. As part of the five-year partnership, Zones and Sonata Software will support cost efficiency and data optimization through joint offerings and delivery of industry-specific solutions.

H.G. Infra Engineering advanced 2.65% after the company said that letters of award have been issued by Jodhpur Vidyut Vitran Nigam Limited to Stockwell Solar Services Private Limited JV Consortium with H.G. Infra Engineering Limited for four projects of Solar Business.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 0.06% to 7.091 as compared with previous close 7.096.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9550, compared with its close of 82.9075 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.11% to Rs 65,679.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.20% to 103.65.

The United States 10-year bond yield shed 0.30% to 4.327.

In the commodities market, Brent crude for May 2024 settlement lost 9 cents or 0.10% to $86.80 a barrel.

Global Markets:

Asian stocks are trading lower as investors await cues from various central bank decisions over the week, starting with the Bank of Japan. As per reports, the Bank of Japan is today likely to end the longest streak of negative interest rates. Australia’s central bank will also announce its rates policy on Tuesday and is widely expected to hold rates.

Wall Street's main indexes closed higher on Monday, as tech companies gained, while investors awaited monetary policy guidance from the Federal Reserve. Investors will be watching insights on the U.S. central bank's future rate trajectory.

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Tata Steel Ltd gained 1.41% today to trade at Rs 143.55. The S&P BSE Metal index is up 0.32% to quote at 26619.46. The index is down 3.63 % over last one month. Among the other constituents of the index, Steel Authority of India Ltd increased 1.27% and Coal India Ltd added 0.69% on the day. The S&P BSE Metal index went up 36.45 % over last one year compared to the 25.13% surge in benchmark SENSEX.

Tata Steel Ltd has added 0.84% over last one month compared to 3.63% fall in S&P BSE Metal index and 0.19% rise in the SENSEX. On the BSE, 1.04 lakh shares were traded in the counter so far compared with average daily volumes of 32.03 lakh shares in the past one month. The stock hit a record high of Rs 159.5 on 11 Mar 2024. The stock hit a 52-week low of Rs 101.65 on 29 Mar 2023.

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Tata Steel Ltd dropped for a fifth straight session today. The stock is quoting at Rs 142.3, down 0.11% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.75% on the day, quoting at 21980.75. The Sensex is at 72637.21, down 0.63%.Tata Steel Ltd has eased around 0% in last one month.Meanwhile, Nifty Metal index of which Tata Steel Ltd is a constituent, has eased around 2.55% in last one month and is currently quoting at 7799.95, down 0.34% on the day. The volume in the stock stood at 403.53 lakh shares today, compared to the daily average of 502.55 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 142.45, down 0.56% on the day. Tata Steel Ltd jumped 35.46% in last one year as compared to a 29.41% rally in NIFTY and a 42.06% spurt in the Nifty Metal index.

The PE of the stock is 10.2 based on TTM earnings ending December 23.

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