This Tata Group stock would be in focus today; heres why!
The stock, on the daily chart, had formed an inside bar
The stock of Tata Steel has seen a whopping surge of nearly 393 per cent from the lows of March 2020. The board of Tata Steel is scheduled to meet in the first week of month of May to consider the stock split, recommend dividends, if any, for the financial year ended March 31, 2022, as well as to announce its results for the quarter ended March 31, 2022.
As per the regulatory filing, the company informed that its board will meet on May 03, 2022, to “consider a proposal for sub-division of the equity shares of the company, having a face value of Rs 10 each, in such manner as may be determined by the board of directors, subject to regulatory/statutory approvals as may be required along with the approval of the shareholders of the company.”
The stock is up by 18.72 per cent on a YTD basis, however, in the last one month, it has managed to eke out gains of 1.37 per cent while in the last one week, it slipped 3.74 per cent.
The stock, on the daily chart, had formed an inside bar on Wednesday as the price traded inside the range of Tuesday’s trading range. Hence, the high & low of Wednesday i.e. 1,346 and 1,315 is likely to act as a crucial resistance as well as the support level.
Only time will tell whether this announcement will spurt a positive momentum in the stock or not!
Meanwhile, the stock is trading nearly 14 per cent away from its all-time high.