BOM:500470

Tata Steel Invests Additional $172 Million in Foreign Subsidiary

Tata Steel (NSE:TATASTEEL, BOM:500470) has invested an additional $172 million in its wholly-owned foreign subsidiary T Steel by acquiring more than 1.99 billion equity shares, according to a Wednesday filing to the Indian stock exchanges.The funding injection forms part of Tata Steel's broader plan to invest up to $2 billion in T Steel through equity share subscription in one or more tranches.The company's shares were down nearly 1% in recent trade.

Moody's Upgrades Ratings of Four Major Indian Companies After Change in Rating Methodology

Moody's has upgraded the ratings of four major corporates in India as part of the revision of its sovereign-linked ratings methodology, which replaces its earlier framework, according to a Friday statement issued by the ratings agency.In this process, Tata Consultancy Services' (NSE:TCS, BOM:532540) long-term local currency issuer rating was upgraded to A2 from Baa1. The long-term local currency issuer rating of another technology giant, Infosys (NSE:INFY, BOM:500209), was upgraded to A2 from Baa1.Both companies are the only ones to be rated at four notches above the Indian sovereign.Moody's said both technology giants benefit from a highly diversified revenue base across geographies and sectors, strong and consistent profitability, excellent liquidity, a debt-free balance sheet, and sustained robust free cash flow generation.The ratings agency also upgraded Reliance Industries' (NSE:RELIANCE, BOM:500325) long-term local currency issuer rating and its foreign currency senior unsecured ratings to Baa1 from Baa2, while Tata Steel's (NSE:TATASTEEL, BOM:500470) long-term foreign currency issuer rating has moved up to Baa2 from Baa3.Moody's said Reliance gains from its leading positions across oil-to-chemicals, digital services, and retail, as well as counter-cyclical business segments and significant international exposure, with more than one-third of revenue coming from exports.For Tata Steel, Moody's said that the company continues to benefit from its close association with the parent Tata Sons and the broader Tata Group, including the strength of the Tata brand, which supports its access to funding and relationships with lenders and investors.The outlook for all four Indian companies remains stable, the statement said.

Nomura Adjusts Tata Steel's Price Target to INR240 from INR220, Keeps at Buy

Tata Steel (NSE:TATASTEEL, BOM:500470) has an average rating of hold and mean price target of 227.34 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Tata Steel's Consolidated Net Profit Soars in Fiscal Q4

Tata Steel's (BOM:500470, NSE:TATASTEEL) attributable net profit more than doubled to 29.3 billion Indian rupees in the fiscal fourth quarter ended March 31, from 13.0 billion rupees a year ago, according to a Friday filing on the Indian bourses.Shares of the steel manufacturer fell over 3% in Monday's trade.Earnings per share climbed to 2.34 rupees from 1.04 rupees a year earlier.Revenue from operations in fiscal Q4 jumped to 632.7 billion rupees from 562.2 billion rupees a year ago.Additionally, the company recommended a dividend of 4 rupees per share for the financial year ended March 31. The proposed dividend will be paid on or from July 6 to shareholders of record on June 12, subject to shareholders' approval, the filing said.

Jefferies Adjusts Tata Steel's Price Target to INR275 from INR240, Keeps at Buy