Tata Stock Witnesses Fall Of 1.84% After Morgan Stanley Slashes Ratings

Tata Group stock, Tata Chemicals Ltd witnessed a decline of 1.84% intraday on BSE after global brokerage firm Morgan Stanley downgraded the stock and cut its target price. The global brokerage firm has expressed concerns after Tata Chemicals slashed its soda prices. Last trading price of Tata Chemicals after the dip is Rs 960.20 per share. Check details below:

Morgan Stanley Downgrades Tata Chemicals Ratings: Valuation: Morgan Stanley Downgrades Tata Chemicals Ratings: Morgan Stanley downgraded the Tata Group stock to "Equalweight" from the earlier "Overweight" rating and reduced the target price from the previous Rs 1192 per share to Rs 916 per share now. If you decided to buy Tata Chemicals share now at the current market price of Rs 960 apiece, it implies a downside of nearly 5%.

According to the brokerage, "Rated 'equal weight' with a target price of Rs 916. Expects less-tight soda ash markets and sees greater supply visibility over FY24. The likelihood is that earnings growth will slow amid lower prices, demand softness, and margin pressures as the global cost curve deflates.

Tata Chemicals Stock Performance & Return: Last trading price of Tata Chemicals stock is Rs 960.20 per share with intraday fall of 1.84% on BSE. Its 52-week high price is Rs 1214.65 apiece and 52-week low price is Rs 773.90 per share, respectively. Its market capitalisation is Rs 24,461.70 crore. Tata Chemicals share declined 4.30% in last 1-week, 3% in last 1-month, gained 2% YTD, and surged 10% in last 1-year. In last 3-years, Tata Chemicals stock gave 212% return in last 3-year.

Tata Chemicals About: Tata Chemicals is a science-led company with a portfolio that covers basic and specialty chemistry products. The story of the company is about harnessing the fruits of science for goals that go beyond business. The history of Tata Chemicals can be traced to the Okhamandal Salt Works set up in 1927, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of Morgan Stanley. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.