How to trade Tata Steel shares after over 80% plunge in Q4 profit?

Tata Steel’s Q4FY23 earnings beat estimates, resulting in positive ratings from several top brokerages. Kotak and Nuvama retained a ‘Buy’ rating, while Motilal Oswal maintained a ‘Neutral’ stance. Tata Steel reported a consolidated net profit of Rs 1,705 crore, an 82% fall YoY, but beating the ET Now poll estimate of Rs 749 crore. Revenue from operations also declined 9% YoY at Rs 62,961 crore. Kotak retained its price target of Rs 130, Motilal Oswal provided a target of Rs 110, and Nuvama maintained a target of Rs 131.

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