Tata Steel shares in focus after company unveils Rs 27,000-crore Kalinganagar expansion, boosts capacity to 8MT
Tata Steel shares will be in focus on Friday after the company launched the second phase of its Kalinganagar plant in Odisha, increasing its annual crude steel capacity from 3 million tonnes (MT) to 8MT with an investment of Rs 27,000 crore. With this move, Odisha has become Tata Steel's largest investment destination.
ADVERTISEMENT Located in Jajpur district, the expanded facility will produce advanced high-strength steel for sectors such as automotive, infrastructure, power, shipbuilding, and defence.
Tata Steel CEO & MD T.V. Narendran said, "Kalinganagar is more than a manufacturing site for us. It symbolises what is possible when communities, government, and industry work together. This expansion reflects our deep belief in Odisha's potential and our long-term commitment to this state."
Earlier this month, Tata Steel reported a consolidated net profit of Rs 1,201 crore for the quarter ended March 2025, beating Street estimates of Rs 1,062 crore. Revenue from operations came in at Rs 56,218 crore, down 4.2% from Rs 58,687 crore in the same quarter last year, but up 5% sequentially from Rs 53,648 crore in Q3FY25.EBITDA for the quarter came in at Rs 6,762 crore, up from Rs 6,631 crore in Q4FY24 and Rs 5,994 crore in Q3FY25. However, adjusted EBITDA per tonne fell to Rs 7,810, compared to Rs 9,263 in Q3FY25 and Rs 8,735 in Q4FY24.Tata Steel also announced plans to invest up to $2.5 billion in its Singapore-based subsidiary, T Steel Holdings Pte Ltd, as part of its ongoing international strategic initiatives.
ADVERTISEMENT
Also Read: RIL, SBI among 10 stocks with more than 32 buy calls
According to Trendlyne, the average target price for Tata Steel is Rs 161. Out of 30 analysts covering the stock, the consensus rating is 'Buy'.
ADVERTISEMENT Tata Steel shares closed at Rs 161.20 on Thursday, down 0.22% on the BSE. The stock is up 18% year-to-date and has gained 54% over the past two years. Its current market capitalisation stands at Rs 2,01,295 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
ADVERTISEMENT
(You can now subscribe to our ETMarkets WhatsApp channel)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
34 minutes ago
- United News of India
J&K, first among all States /UTs, to get sanction under PMGSY-IV
Srinagar, June 10 (UNI) J&K has become first among all States and UTs, to get sanction under Pradhan Mantri Gram Sadak Yojana-IV (PMGSY-IV). The biggest ever package sanctioned for J&K under PMGSY will provide connectivity to 390 eligible habitations with a population of more than 250 souls, an official spokesman said. Lieutenant Governor Manoj Sinha expressed gratitude to the Prime Minister Narendra Modi and Union Minister for Rural Development Shivraj Singh Chouhan for sanctioning 316 road projects in J&K UT, at an estimated cost of Rs.4224 Cr under Batch-I of PMGSY-IV. The Lieutenant Governor observed that the approved 1781 KMs road length will provide a major boost to rural road connectivity and usher in a new era of prosperity in far-flung areas. 'Grateful to Hon'ble PM Shri Narendra Modi Ji & Hon'ble Union Minister of Rural Development Shri Shivraj Singh Chouhan Ji for sanctioning 316 road projects at an estimated cost of Rs.4224 Cr under Batch-I of PMGSY-IV for providing connectivity to 390 no. of eligible habitations,' Lieutenant Governor posted on X. UNI MJR GNK
Hans India
36 minutes ago
- Hans India
PM Modi helm ushers unprecedented growth, says Punjab BJP chief
Chandigarh: The 11-year governance of the BJP under Prime Minister Narendra Modi has ushered in a period of unprecedented growth in the country. India has become the fourth-largest economy in the world, Punjab unit party President Sunil Jakhar said on Tuesday. Lauding the phenomenal growth rate of the country, he told the media here that 'our nation has crossed even Japan in term of growth'. 'This is no coincidence but absolute commitment to work on policies, principles and prioritise to ensure that decisions which usher in change for the country were taken in the past 11 years.' While recalling various achievements of the Bharatiya Janta Party (BJP) rule, Jakhar said it was a great achievement that 81 crore people were being given free rations, 55 crore had been given health insurance advantages, four crore houses for the disadvantaged were built, 50 crore households were provided drinking water facilities and crores of toilet's have been built across the nation. Jakhar reasoned that India's 6.5 GDP has led to industrial growth which has translated into employment for the people. 'The infrastructure of the nation, be it the extensive construction of highways or bridges, has changed the entire landscape of the country, ushering in progress and prosperity. A voluminous 55,000 km of highways and expressways is a phenomenal achievement.' Hailing the vision of Prime Minister Modi, the Punjab BJP chief said in 2014 there were only eight AIIMS in the country. 'Today we have 24, three times more in 11 years. In Punjab, we have an AIIMS Bathinda, which is a huge medical facility and soon more hospitals of this level will be established in other towns in the state.' Jakhar emphasised that women rights and equality were a keen concern of the BJP and the women reservation Bill to be passed. 'The social fabric of the country has become more progressive with equality and distribution of wealth and opportunity for all is a reality. The ease-of-living and ease-of-doing business has improved the lives of millions. The substantial increase in MSP (minimum support price) has led to increased income in Punjab as we are primarily an agricultural economy. The food grain purchase in the state this year was Rs 68,771 crore till date, while in 2014 it was Rs 32,211 crore,' he explained. Answering a media query about Congress leader Rahul Gandhi that 11 years have not seen any progress, Jakhar said: 'The 6.5 growth rate, the fourth-largest economy in the world, the development in the infrastructure, women empowerment, passing of significant Bills are all to see but unfortunately, if someone wants to have a myopic view then it is lamentable.'
Indian Express
37 minutes ago
- Indian Express
Maharashtra govt hikes excise duty on liquor, introduces local category MML
In a move set to significantly impact liquor prices across Maharashtra, the state cabinet on Tuesday approved a hike in excise duty on Indian Made Foreign Liquor (IMFL), country liquor, and imported alcohol. The government also cleared the introduction of a new category Maharashtra Made Liquor (MML) in a bid to expand the state's revenue base. The decision is expected to raise the state's annual excise collection by approximately Rs 14,000 crore. Prices of IMFL and premium foreign liquor brands are likely to increase by at least 50 per cent, officials said. The excise duty on IMFL has been increased from three times the manufacturing cost to 4.5 times, specifically affecting products with a manufacturing cost of Rs 260 per bulk litre. The duty on country liquor has also gone up from Rs 180 to Rs 205 per proof litre. A 180 ml bottle of country liquor will now cost a minimum Rs 80, up from Rs 60–Rs 70, while IMFL prices will rise to Rs 205, up from Rs 115–Rs 130. Premium foreign liquor may now cost Rs 360, up from Rs 210. This is the first revision of excise duty in Maharashtra since 2011. The state also approved a policy allowing liquor vending (FL-2) and on-premise sale (FL-3) licence holders to operate on lease with an additional 15% and 10% of the annual licence fee, respectively. The newly announced Maharashtra Made Liquor (MML) category aims to fill the pricing gap between country liquor and IMFL. It will be made from grain-based alcohol, and only products manufactured and registered within the state will qualify. National or foreign brands will not be eligible for inclusion. MML will have a country liquor tax structure but will only be sold through FL-2 and FL-3 licensees. The government estimates the current size of this segment at 5–6 crore litres, which could potentially grow to 10–11 crore litres, generating up to Rs 3,000 crore in additional revenue. Officials also claimed the move would benefit local farmers by raising demand for grain. 'Maharashtra has 70 licensed alcohol manufacturers, but 38 are currently inactive as they can't compete with established foreign brands,' a senior excise department official said. 'MML is intended to revive these units and promote local industry.' Experts from the alcoholic beverage industry have expressed concern over the steep tax. 'Maharashtra was the most highly taxed state in the country in terms of this industry. The new decision is likely to make the situation worse. High prices in a particular state leads to the smuggling of alcohol from less taxed states or from neighbouring states. At the look of it, I think this decision is far from ground reality and not a good decision,' said Pramod Krishna, former Director General, Confederation of Indian Alcoholic Beverage Companies.
