Tata Steel share price hits 52-week high after Q4 update: Will it rise more?

Tata Steel share price: Tata Steel reported its Q4 FY24 updates which showed a 6 per cent growth in deliveries to 19.90 million tonnes in FY24.

Tata Steel share price: Shares of Tata Steel rose over 2 per cent to hit a fresh 52-week high ₹166.85, surpassing the earlier peak of ₹166.3 touched on April 3. This comes after the Tata Group company reported its Q4 FY24 updates which showed a 6 per cent growth in deliveries to 19.90 million tonnes in FY24, flanked by higher demand from retail, automotive and railway segments.

Tata Steel share price: Automotive and special products segment deliveries increased by 8 per cent in FY24, the company said. (Bloomberg)

The company produced 18.85 million tonnes (MT) of steel during the preceding 2022–23 financial year, Tata Steel said in a statement while automotive and special products segment deliveries increased by 8 per cent in FY24.

"Revenues from Tata Steel Aashiyana, an e-commerce platform for individual home builders, stood at ₹2,240 crore in FY24 and were up 30 per cent, driven by best-ever 3Q and 4Q sales," it said.

In the last one year, shares of Tata Steel gave a return of over 55 per cent against Nifty50's rise of almost 28 per cent.