Buy Tata Metaliks, target price Rs 985: ICICI Direct

ICICI Direct has a buy call on with a target price of Rs 985 for a duration of 14 days. The current price of Tata Metaliks is Rs 900.7. ICICI Direct recommended to keep a stoploss at Rs 835.

Tata Metaliks, incorporated in the year 1990, is a Small Cap company with a market cap of Rs 2840.55 Crore operating in Metals - Ferrous sector.

Tata Metaliks key Products/Revenue Segments include Pig iron, Scrap, Other Operating Revenue for the year ending 31-Mar-2019.

Investment Rationale
According to ICICI Direct's report, the stock has recently generated a breakout above the last two months range (Rs 843-665) signalling strength and continuation of the up move thus offers fresh entry opportunity. The report stated that, the weekly MACD is in strong up trend and is seen taking support at its nine periods average thus validates positive bias for the stock.

Financials
For the quarter ended 31-03-2021, the company has reported a Standalone Total Income of Rs 663.64 Crore, up 25.61 per cent from last quarter Total Income of Rs 528.33 Crore and up 26.59 per cent from last year same quarter Total Income of Rs 524.25 Crore. Company has reported net profit after tax of Rs 74.99 Crore in latest quarter.