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Shares of India's biggest steel maker, Tata Steel Ltd, rose as much as 3.6 per cent to Rs 610.60, highest since September 28. The company’s Q2 net profit grew more than three-fold to Rs 3,116 crore ($428.8 million), beating market estimates, buoyed by strong domestic growth.
Indian operations continued to shine in Q2, more than offsetting disappointing European performance, says HSBC. It has kept “buy” rating with a price target of Rs 890.
Morgan Stanley says net debt remains stable sequentially; key positive surprise was better-than-expected realisation in domestic business, while costs were in line.
Kotak Institutional Equities has maintained “add” and raised the price target to Rs 670 from Rs 660. About 12.5 million shares changed hands, compared with the 30-day moving average vol of about 6.5 millioin. Tata Steel stock was down about 10.9 per cent this year as of last close.
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