Tata Steel Ltd shares were trading flat in the afternoon session on Tuesday, despite the Tata Group firm's board approving a Rs 2,700 crore capital raise through the issuance of non-convertible debentures.
Tata Steel shares closed 0.64% lower at Rs 148.65 on the BSE. The firm's market capitalization stood at Rs 1.85 lakh crore. Tata Steel will issue 2,70,000 non-convertible debentures (NCDs) with a face value of Rs 1,00,000 apiece, totaling Rs 2,700 crore, according to a letter to bourses.
Debentures will be redeemed three years from the date of allotment. Tata Steel stated in a notification to bourses that the debentures have credit ratings of 'AA+' from India Ratings and 'AA+' from CARE Ratings Limited.
On the BSE, 51.09 lakh shares were traded, generating a total turnover of Rs 76.32 crore. Tata Steel stock has a one-year beta of 0.8, indicating modest volatility throughout the time. In terms of technicals, Tata Steel's relative strength index (RSI) was 55.1, indicating that it is neither overbought nor oversold.
Tata Steel's shares are higher above the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages. Tata Steel shares are up 39% in a year and 102.80% in three years.
