Tata Steel share price was muted on Thursday as the company posted its Q4FY23 business updates.
What Happened: The company on Wednesday released its business updates. In a regulatory filing, the steel giant said that Tata Steel India achieved its highest-ever annual crude steel production of 19.9 million tons in FY23. Total steel production for the year stood at 30.45 million tons, marginally lower from the 30.46 million tons the steel giant produced in FY22.
However, the total sales volume fell around 3.4% year-over-year to 7.59 million tons for Q4FY23. Sequentially the sales volume was up around 8%. The uptick was largely driven by domestic sales that were up over 8% sequentially and 0.5% YoY at 5.15 million tons.
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Global financial services firm Morgan Stanley maintained its ‘equal-weight’ rating for the stock after the updates came out. The company noted that European sales remained lower than production as it set the stock’s price target at ₹110. The firm also said that while exports remained dull domestic demand did pick up.
Price Action: Tata Steel share price was down 0.14% to trade at ₹104.70 in the early hours of trading on Thursday.
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