Tata Steel share price gained over 2 percent on April 7 after the company achieved its highest-ever quarterly crude steel production of 4.75 million tonnes.
The steel major achieved its highest-ever quarterly crude steel production of 4.75 million tonnes with a 3 percent QoQ growth in Q4FY21. Full-year FY21 production was lower by 7 percent YoY primarily due to the disruption caused by the COVID-19 pandemic in 1HFY21, said the company in its BSE filing.
During the quarter, steel production at Tata Steel Europe increased to 2.65 million tonnes and steel sales volume rose by 18 percent QoQ and 4 percent YoY, it added.
The stock was trading at Rs 881.95, up Rs 19.10, or 2.21 percent. It has touched a 52-week high of Rs 882.30. It has touched an intraday high of Rs 882.30 and an intraday low of Rs 863.00.
The stock price has surged over 132 percent in the last six months with the company's market capitalisation breaching the Rs 1 lakh crore mark at Rs 1,04,868.95 crore at 09:31 hours.
S&P Global Ratings has upgraded its long-term rating on the company to BB- from B+ and maintained the outlook at stable, according to a Mint report.
It said the rating upgrade was because the company was on track to slash part of its $15 billion debt in the next two years helped by higher realisations and strong cash flows.
Moody’s Investors Service said it has changed its outlook for Tata Steel Ltd to stable from negative. Its profitability has steadily improved to its 10-year high of Rs 18,948 EBITDA/tonne during the third quarter of FY21, from Rs 4,969 in the first quarter, PTI reported.
Moody’s forecasts a long-term sustainable EBITDA/tonne of Rs 13,200 for fiscal 2022 for TSI, constituting a 30 percent gap compared to the December quarter.
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