JP Morgan’s ‘overweight’ call on Tata Steel helped the stock jump back in the green on Monday to start a fresh week.
What Happened: JP Morgan on Monday maintained its ‘overweight’ call on the Tata Group company with a price target of ₹150 – an over 40% upside from the stock’s last closing price of ₹106.15. The firm said that it expects the steel major to deliver a 6-7% volume CAGR in India till 2030. The positive call helped the Tata Steel share price halt the two-session losing streak today.
The company today also announced that it has commenced the trial injection of hydrogen gas using 40% of the injection systems in ‘E' Blast Furnace at its Jamshedpur Works. “This is the first time in the world that such a large quantity of hydrogen gas is being continuously injected in a blast furnace,” the company added in a statement.
The company further said that the trial has the potential to reduce the coke rate by 10%, which could mean around a 7 tp 10% reduction in CO2 emissions per ton of crude steel produced. The move is aligned with the company's vision of becoming Net Zero by 2045.
Commenting on the development, the company’s Vice President (Technology and R&D), Dr Debashish Bhattacharjee said that the company “remains dedicated to leveraging innovation and technology in its pursuit of becoming the industry leader in sustainability.”
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Price Action: Tata Steel’s share price was up 0.14% to trade at ₹106.30 in the afternoon hours of trading on Monday.
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