Morgan Stanley has picked up a stake in Tata Steel NSE -0.50 % arm Tata Metaliks NSE -0.13 %, according to the bulk deals data available on the exchanges. Morgan Stanley Asia PTE bought about 1.98 lakh shares via the open market at a price of Rs 834.67 per share.
Tata Metaliks scrip was trading marginally higher in morning deals on Tuesday at Rs 837.20 on NSE. The stock is, however, down marginally on a year-to-date (YTD) basis, but is up about 20% in the last six months.
According to the data from Trendlyne, Tata Metaliks has an average target price of Rs 968.33. The consensus estimate represents an upside of 16.02% from the last price of Rs 834.65. The target price for the stock goes as high as Rs 1,330 from Monarch Networth Capital NSE -0.54 %.
A subsidiary of Tata Steel, Tata Metaliks has manufacturing facilities in Kharagpur, which produces the pig iron and ductile iron pipes. The plant's annual hot metal production capacity is 500,000 tonnes out of which 200,000 tonnes is converted into Ductile Iron (DI) pipes and 300,000 tonnes into pig iron.
