Ahead of Q1 results, Tata Steel rallies on rare double ratings upgrade

An improving balance sheet is aiding the bullish sentiment as Tata Steel joins scores of Indian corporates who are using record-low interest rates to trim their liabilities.

Tata Steel Ltd. seems to have just about everything going for it ahead of next week’s quarterly earnings report.
 

A ratings upgrade by S&P Global Ratings this week -- its second in 2021 -- is burnishing the appeal of the stock that’s already surged on the back of a global commodities boom and the firm’s aggressive debt-reduction efforts. Up about 117% this year, Tata Steel is the top performer on India’s benchmark NSE Nifty 50 Index, and on course for its biggest annual jump since 2009.

“We still see more upside for Tata Steel and it’s structural in nature --backed