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Tata Steel stock appears to be in a consolidation mode

The stock is currently down about 19 percent from its 52-week high level.

The stock's trailing twelve months price-to-earnings ratio is still above the industry median.

The company's future plans include a focus on investing 12,000 crore for FY23 out of this 8,500 crore will be invested in India and the rest will be in European operations.

The company has cleared the issue of fixed-rated, unsecured, redeemable, rated, listed NCDs on a private placement basis to eligible investors.

Tata Steel has a ROCE of 23 percent which is better than the metals and mining industry's average of 15 percent.

The stock has been sustaining above the 200 daily exponential moving average, with daily RSI forming an impulsive structure and the daily MACD histogram losing downside momentum.

As per a MintGenie poll, an average of 27 analysts have a ‘buy’ call on the stock.

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Tata Steel stock appears to be in a consolidation mode; Find out why

Tata Steel stock rallied on the possibility of an uptick in the Chinese economy, but currently, the stock appears to be in a consolidation mode.

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