Tata Group's Arm Plans Rs 16,000-Cr Capex In FY24, Shares Jump 10% In 1-Month

Tata Group stock, Tata Steel is considering a consolidated capital expenditure (capex) of Rs 16,000 crore for its domestic and global operations during the current financial year, according to its top management. Meanwhile, current market price of Tata Steel share is Rs 114.30 per share with marginal gain of 0.04% in morning trade till 10:48 am. Check details below:

Tata Steel plans Rs 16,000 crore consolidated capex in FY24: It is worth mentioning that of the planned amount, Tata Steel has earmarked Rs 10,000 crore towards standalone operations and Rs 2,000 crore for its subsidiaries in India, the company's CEO & MD T V Narendran and Executive Director & CFO Koushik Chatterjee said, as per a PTI report.

"The projected capital expenditure (capex) for FY2023-24 is set at Rs 16,000 crore on a consolidated basis which is intended to be financed through internal accruals over the full year," the executives said in the company's annual report for 2022-23.
As per the PTI report, of this, Rs 10,000 crore has been earmarked towards Tata Steel Standalone operations of which the Kalinganagar project will account for approximately 70 per cent, they said.

"Our other Indian subsidiaries, currently in an expansion phase with value accretive projects, especially in downstream operations which are important to service customer needs and improve our value-added product mix, will have a capex of about Rs 2,000 crore," the company officials said.

Tata Steel Stock Performance & Return: Current market price of Tata Steel share is Rs 114.30 per share. Its 52-week high price is Rs 124.30 per share and 52-week low price is Rs 82.71 per share, respectively. It has a market capitalisation of Rs 1,39,612.45 crore. Tata Steel share delivered 4% return in last 1-week, 10% return in last 1-month, declined 4% YTD, and rallied 26% in last 1-year. Tata Steel shares gave maximum return in last 3-years at 256%.

Tata Steel Dividend: Board of directors of Tata Steel Ltd on May 2, 2023 announced a dividend of Rs 3.60 per share and stock is all set to turn ex-dividend on June 22, 2023. As per the BSE filing of Tata Steel Ltd, "recommended a dividend of Rs 3.60 per Ordinary (Equity) Share of Rs 1/- each (360%) to the shareholders of the Company for the FY2022-23."

Tata Steel About: Established in Jamshedpur (Jharkhand, India) in 1907, the Company took shape from the vision of its founder Jamsetji Nusserwanji Tata and is today one of the world's most geographically diversified steel producers with operations and commercial presence across the world, as per its official website.