Tata Steel’s EBITDA per tonne for the India business stood at ₹15,080, compared to ₹14,150 according to the CNBC-TV18 survey.
The other positive factor for Tata Steel was the fact that losses for the European company were lower than those the Street was working with.
Although the company undertook investments during the quarter, net debt remained constant at around ₹77,500 crore.
Shares of Tata Steel are down 4.5% at ₹166.25. This is the third day of losses for the Tata group company.
On the charts, the stock is falling towards its 50-day moving average at ₹163.3. The Relative Strength Index (RSI) has also fallen below 50 and is now halfway between the “overbought” and “oversold” zones.
“Tata Steel saw a new high after witnessing a breakout of a bullish triangle on the weekly charts. However, the latest moves were seen due to a negative divergence in the RSI, which reduced the intensity of uptrend It has now seen a decent correction but immediate and strong supports are placed at the ₹150 levels implying that existing shareholders can continue to hold while further buying is advised around the ₹150 levels. ₹145,” said Gaurav Bissa of InCred Equities.
Tata Steel recorded a weekly close of ₹158 with RSI increasing to 75. Since then, the price rise towards the ₹175 to ₹180 zone has been gradual with a decline in the RSI value. Technically, this phenomenon of divergence between price and RSI is considered an early sign of a lack of strength,” said Sacchitanand Uttekar of Tradebulls.
“On the absolute price trend, it has formed a ‘Rising Wedge’ pattern formation which is a downtrend and the latest bearish gap at ₹175 has confirmed its pattern breakout/activation. Therefore, the current change in momentum could pushing the stock towards ₹155 zone while ₹175 would now be considered strong resistance in the short term,” he added.
Shares of Tata Steel are down 4.7% at ₹166.05. The stock is still up 19% so far in 2024.
Also read: Tata Steel falls back into the red in FY24, hit by one-off costs
cnbctv18-forexlive
For two hours on April 5, authorities tried to remove Shane Curry and his partner from the bedroom of their…
The Kirkland Signature Chipotle Chicken Bowl with Cilantro Lime Rice came with generous portions of beans, cheese and sauces. The…
A new variant of COVID-19 is raising questions and capturing the attention of researchers as we approach fall and winter.…
OAKLAND, Calif. (KGO) -- A Stanford student is doing his part to build a better San Francisco Bay Area.He builds…
The Secret Service "acted so quickly and so decisively" to thwart an assassination attempt on former President Donald Trump at…
Crime Authorities say the man was involved in several accidents. A football game between UCLA and the University of Colorado…