Mumbai, Nov. 11 -- Tata Steel shareholders have had their share of disappointments over the years, but not this time. Under chief executive officer (CEO) TV Narendran's watch, the stock is up nearly 18.5% since April-outpacing most Tata Group peers even as TCS slipped 15% in the same period.

Adding to the optimism, the company secured up to €2 billion in financing from the Dutch government for its IJmuiden-based steel plant, a key step in its European decarbonization plan.

But the deal isn't fully sealed yet-political uncertainty in the Netherlands and the slow pace of coalition-building could delay final approvals, testing investor patience.

Beyond closing this financial package, Tata Steel must also meet two major goals: restor...