Tata Group Stocks: 2 Tata-backed stocks are recommended to buy ahead of their Q4 earnings, for a short-term tenure like 1 month. These are Tata Chemicals and Tata Elxsi. The saltmaker and the tech major of Tata Group will be announcing its Q4 later in April or May month. Accordingly, their shares will be in focus.
1. Tata Chemicals:
Axis Securities recommends an entry point at Rs 1,103.80 apiece in Tata Chemicals shares for a target price of Rs 1,205 apiece with a stop loss of Rs 1,085 apiece. The timeframe for the target is 5-15 days.
Currently, Tata Chemicals' share price has gained nearly 4% to hit an intraday high of Rs 1180 apiece on BSE with a market cap of Rs 29,853.61 crore. The stock was trading near its intraday high of Rs 1159.65 apiece. Its market cap is at Rs 29,341.55 crore. On the previous day, Tata Chemicals' share price stood at Rs 1137.80 apiece.
In a year, Tata Chemicals' share price zoomed by 15% on BSE.
On a consolidated basis, for the third quarter, the income from operations stood at Rs 3,730 crore, as compared to Rs 4,148 crore in the corresponding quarter of last year (Q3FY23). EBITDA on a consolidated basis, stood at Rs 542 crore for the quarter, as compared to Rs 922 crore in Q3FY23. PAT on a consolidated basis, stood at Rs 194 crore, for the quarter, as compared to Rs 432 crore in Q3FY23.
Tata Chemicals is a science-led company with a portfolio that covers basic and speciality chemistry products. Tata Chemicals is now an innovation-led, sustainable chemistry company with a global footprint that covers Asia, North America, Europe and Africa. The current product portfolio focuses on Basic Chemistry Products and Specialty Chemistry Products.
2. Tata Elxsi:
In the 35-year-old tech company of Tata Group, Axis Securities has recommended an entry price range from Rs 7,720 - 7,828 for a target price of Rs 8,850 apiece that is expected to be achieved in a month. The stop loss is suggested at Rs 7,627 apiece.
At the time of writing, Tata Elxsi's share price dipped by nearly a per cent to Rs 7,841.55 apiece with a market cap of Rs 48,834.38 crore. The stock's 52-week high and low are at Rs 9,191.10 and Rs 6,186 apiece respectively.
Tata Elxsi announced that it will be considering the recommendation of dividend on April 23, if any, on the equity shares of the Company for FY24. Also, on April 23, 2024, Tata Elxsi will announce its Audited Financial Results of the Company for the quarter and year ended March 31, 2024.
Tata Elxsi earned a net profit of Rs 206.4 crore in Q3FY24, registering a growth of 3.2% QoQ and 6% YoY. While revenue from operations stood at Rs 914.2 crore, up by 3.7% QoQ and 11.8% YoY.
Tata Elxsi is recognized as a premium engineering service provider worldwide and amongst the leaders in the automotive, media, broadcast, communications, and healthcare industries.
Disclaimer: The recommendations made above are by market analysts and are not advised by either the author nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.
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