Tata Steel has secured extended interim protection from the Orissa High Court at Cuttack in two significant legal disputes involving demand letters totaling ₹4,313.39 crores related to its Sukinda Chromite Block operations. The court heard both writ petitions on December 12, 2025, and extended the interim protection until the next hearing scheduled for December 19, 2025.

First Writ Petition Details

The first legal challenge stems from a demand letter received on July 3, 2025, from the Office of Deputy Director of Mines, Jajpur. The company filed Writ Petition (Civil) No. 22431 of 2025 on August 8, 2025, seeking to quash this demand.

The Orissa High Court granted interim protection on August 14, 2025, restraining authorities from taking coercive action. This protection has been consistently extended through multiple hearings until December 12, 2025.

Second Writ Petition Challenge

The second dispute involves another demand letter received on October 3, 2025, leading to Writ Petition (Civil) No. 31035 of 2025 filed on October 29, 2025.

Both demand letters relate to alleged shortfalls in mineral dispatch from the Sukinda Chromite Block under the Mine Development and Production Agreement, with authorities claiming violations of the Minerals (Other than Atomic and Hydro-Carbons Energy Minerals) Concession Rules, 2016.

Current Legal Status

The Orissa High Court has tagged both petitions with similar cases and continues to provide interim protection to Tata Steel. The court's order restrains opposite parties and authorities from taking coercive action against the company until the matter is resolved.

Regulatory Disclosure

Tata Steel has made this disclosure in compliance with Regulations 30 and 51 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company continues to contest both demand letters through the legal process while maintaining operations at the Sukinda Chromite Block under court protection.

HSBC has issued a Buy rating on Tata Steel shares, setting a target price of ₹215.00. This analyst recommendation reflects positive sentiment from the global investment bank towards the Indian steel major.

Analyst Recommendation Details

The following table summarizes HSBC's recommendation:

Market Implications

The Buy rating from HSBC indicates the investment bank's confidence in Tata Steel's business prospects. Target prices typically reflect analysts' assessment of a stock's fair value based on various fundamental and technical factors.

HSBC's target price of ₹215.00 suggests the analyst sees potential value in the steel company's shares. Such recommendations are closely watched by institutional and retail investors as they make investment decisions in the steel sector.

About the Rating

Buy ratings are typically issued when analysts believe a stock will outperform the broader market or deliver positive returns over their investment horizon. The specific target price provides investors with a quantitative benchmark for the analyst's expectations.