News
The removal of export duty is a significant relief and a long term positive for the domestic steel sector, according to analyst at ICICI Securities.
Shares of Tata Steel rose 1 per cent to hit an over three-month high of Rs 111.60 on the BSE in Friday’s weak market. The stock was trading at its highest level since August 19, 2022. In comparison, the S&P BSE Sensex was down 0.82 per cent at 62,764 at 11:48 am.
The stock of the Tata Group iron & steel company was trading higher for the fourth straight day, having gained 6 per cent during this period. In the past one month, it has rallied 10 per cent as against a 3 per cent rise in the benchmark index.
However, in the past six months, Tata Steel has underperformed the market as well as its peers with a 3 per cent gain on weak earnings as compared to a 12 per cent rally in the Sensex. While, JSW Steel (up 29 per cent) and Jindal Steel & Power (49 per cent) have seen their market price surging more than 25 per cent during this period.