Tata Steel rides metal rally
Published On: Friday, July 30, 2021 | By: Team KnowMyStock
The metal index has risen 10 percent in the last five trading sessions, compared with a 0.3 percent decline in the Sensex. The performance of metal stocks has been impressive since the outbreak of Covid-19. Tata Steel has been a prime beneficiary of investors’ renewed interest in metal stocks. The steel major’s share price has risen 18 percent over the past week and it has added nearly Rs 27,000 crore to its market capitalisation. The company was among the top-performing large-cap stocks on Thursday and closed with gains of 6.9 percent. Hindalco was, however, the top index gainer on Thursday and was up 10.2 percent.
Thanks to this rally, Tata Steel has continued to outperform other listed Tata companies. The steel major is now the second biggest company in terms of market capitalisation behind Tata Consultancy Services (TCS) and ahead of Titan Company. Tata Steel now accounts for 9.2 per cent of the combined market capitalisation of all Tata listed companies — the highest in a decade and up from record low of 3.3 per cent at the end of March 2020, and 5.6 per cent at the end of March 2021.
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