MUMBAI, Aug. 24 -- Tata Steel's Indian operations earned Rs.9,908 crore of EBITDA in the June quarter. The entire group, India and Europe together, earned Rs.9,370 crore. The difference between those two numbers is what Europe cost, and it is the only figure needed to understand why this stock trades where it does.

Tata Steel closed Monday, August 24, 2026, at Rs.186.30 on the National Stock Exchange, up Rs.3.30 or 1.80 percent, and finished at the exact high of the session. On the BSE it settled at Rs.186.00, up 1.86 percent. Volume was 3.78 crore shares, the heaviest of the month and 44 percent above Friday's, on a day the Nifty 50 fell 0.14 percent.

Monday's buying was not about Tata Steel specifically. Global steel, copper, aluminiu...