Tata Steel fell 4.49% to Rs 1,112, extending losses for the second day.
The stock has declined by 5.76% in two sessions, from its recent closing high of Rs 1,180 recorded on 18 May 2021.
On a year-to-date (YTD) basis, the stock has zoomed 72.87% while the benchmark Sensex has added 4.41% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 59.523. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 910.34, 794.33 and 621.38, respectively.
Fitch Ratings has upgraded India's Tata Steel Limited's (TSL) Issuer Default Rating (IDR) to 'BB', from 'BB-'. The outlook is stable.
The agency has also upgraded the rating on the $1 billion notes due July 2024, issued by TSL's subsidiary, ABJA Investment Co., and guaranteed by TSL, to 'BB', from 'BB-', and has assigned a Recovery Rating of 'RR4'.
The upgrade follows a significant improvement in TSL's financial profile in the financial year ended March 2021 (FY21), driven by a jump in margins following a faster recovery in the global steel market from the impact of the coronavirus pandemic than expected. The agency expects TSL's leverage to remain stable over the next three years, it said.
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.
On a consolidated basis, the steel major reported a net profit of Rs 6644.15 crore in Q4 FY21 as against net loss of Rs 1481.34 crore in Q4 FY20. Net sales during the quarter increased 39.4% year-on-year (YoY) to Rs 48950.89 crore.
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