Tata Steel rose 2.87% to Rs 621.60, extending its winning run to fifth consecutive trading sessions.
Shares of the steel major added 14.9% in five days from its previous closing low of Rs 541 posted on 25 November. The scrip hit a 52-week high of Rs 622.8 in intraday today. The stock is up 147.7% from its 52-week low of Rs 250.90 posted on 30 March 2020.On the technical front, the stock's RSI (relative strength index) stood at 88.335. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 437.58 and 417.45 respectively. These levels will act as crucial support zones in near term.
Last month, the steel major informed that it has initiated the process to separate Tata Steel Netherlands and Tata Steel UK and will pursue separate strategic paths for the Netherlands and UK business in the future. Tata Steel continues its dialogue with the UK Government on potential measures to safeguard the long-term future of Tata Steel UK and is also reviewing all options to make the business self-sustaining without the need for any funding support from Tata Steel India in the future.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.
Tata Steel reported 49.58% decline in consolidated net profit to Rs 1,665.07 crore on 7.4% increase in net sales to Rs 36,475.66 crore in Q2 FY21 over Q2 FY20.
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