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Release of the revised target price for the Tata Steel stock split.

Tata Steel shares reached an intraday high of ₹ 109.30, up 8.92% from their previous BSE close of ₹ 100.35.


Release of the revised target price for the Tata Steel stock split.

Jul 29, 2022, 6:32 PM IST (Business Today) - After the ex-split on July 28, Tata Steel's stock led the market rise today. Shareholders received 10 shares for every share they owned due to the 1:10 stock split. As a result, following the stock split, the value of the Tata Steel stock has decreased by 10%. For instance, before the stock split on Thursday, the price of Tata Steel stock was close to Rs 1,000. The stock is currently up 6.43 percent, trading at Rs 106.80.

Following the split, the most recent data for the yearly high only shows a tenth of the prior figure. For individuals who own stock, the number of shares has multiplied by ten. Similarly, the stock's 52-week high was Rs 1,534.60 on August 16, 2021, and its 52-week low was Rs 827.10 on June 23, 2022, before the split. The stock attained a 52-week high of Rs 153.46 on August 16, 2021, and a 52-week low of Rs 82.71 on June 23, 2022, according to the BSE website. For the stock split, the historical data for the Tata Group share has been modified.

The total amount invested, however, doesn't radically change. The market capitalization of the company reflects this. The company's market valuation increased to Rs 1.30 lakh crore as a 6.73 percent increase in the stock price during today's afternoon trading. Before the stock split, the company's BSE market capitalization was around Rs 1.20 lakh crore. Companies split their shares to lower the cost of their stock for investors. The stock, which had previously closed on the BSE at Rs. 100.35, increased 8.92% to an intraday high of Rs. 109.30. The stock led all gainers on the Sensex today. It gained 2.64 percent when it opened at Rs 103. Later, it finished at Rs 107.80 on the BSE, up 7.42%, according to the source.

According to the source, many experts have included their responses on the same. These include Ajit Mishra, VP-Research, and Religare Broking’s saying, "In line with other metal counters, Tata Steel has also rebounded swiftly in the recent weeks and the momentum has intensified post the stock split.” 

Tirthankar Das, Head of Technical Research, Ashika Group claims “The stock has formed a bullish Rounding bottom formation in the daily chart as the recent price increases, with the critical neckline resistance located between Rs. 108 and Rs. 110. This denotes a change in the direction of long-term price movement. Therefore, long-term investors can buy the stock when the pattern's neckline is broken with a target measuring the pattern's actual height, or approximately Rs 125.” According to Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, "Tata Steel stock price has increased continuously over the past few sessions despite forecasts of dampened Q1FY23 profits and despite obvious signs that Europe and the US may have officially entered a recessionary period. It is owing to a significant upsurge in global markets."

Source: https://www.businesstoday.in/markets/company-stock/story/tata-steel-stock-split-share-target-price-sensex-nifty-gainer-343134-2022-07-29

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