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The stock hit a 52-week high of Rs 1,534.60 on Augand a 52-week low of Rs 843 on June 20, 2022. The market cap of the firm stood at Rs 1.05 lakh crore on BSE. Total 2.92 lakh shares of the firm changed hands amounting to a turnover of Rs 19.97 crore on BSE.
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Tata Steel shares are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The large cap stock touched an intraday high of Rs 882, rising 2.42 per cent on BSE. The stock which hit an intraday high of Rs 1,386.25 on April 6 is currently trading at Rs 867.05, translating into a decline of 59.88 per cent during the period. India could lose export opportunities and the decision could impact overall economic activity, it said. The duty is 50 per cent on all grades of iron ore, 45 per cent on pellets, and 15 per cent on non-alloy steel except part of semi-finished steel.Īccording to the Indian Steel Association (ISA), the duty on steel would send a negative signal to investors and impact capacity utilisation. Media reports suggest the government is not willing to take back or reduce the export duty as demanded by the steel companies. Adding to the woes of the domestic metal products, the government of India has imposed a 15 per cent export duty on steel to cool down the prices. This comes at a time when the steel sector is reeling under immense pressure due to rising inflationary worries and muted demand after Covid-19 resurfaced in China, the largest consumer of metals and steel. However, brokerages seem to be divided on the future trajectory of the stock, which has delivered robust returns to investors in the last two years.
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The stock has tanked over 32 per cent in the last 3 months amid inflation, interest rate hikes, and export duty concerns. Tata Steel Shares: Tata Steel‘s share price came into focus after Citi maintained a buy call on the stock.