Buy Tata Steel, target of Rs 270: Karvy
Karvy Stock Broking has maintained its buy rating on Tata Steel with price target of Rs 270 in its March 3, 2009 research report. “Tata Steel’s Corus and other subsidiaries have reported EBIDTA of Rs 28.6 billion during Q3FY2009, which is 26% and 65% lower on YoY and QoQ respectively. Though the numbers are better than consensus estimates, the higher than expected EBITDA was mainly on account of undisclosed amount of hedging gains. EBITDA margins fell 350 bps YoY to 8.6%.”
“We are revising our earnings estimate for FY2009 and FY2010. Earlier, we had factored in a 10% fall in steel prices and a 15% fall in raw material prices over FY2009 price level. Our revised estimates take into account a 25% fall in steel price a 20% fall in raw material price. As a result, our APAT estimate for FY2010 comes to Rs 48 billion, which is 30% lower than the previous estimate. Accordingly, our revised price target for the stock comes to Rs 270. We maintain our BUY rating,” says Karvy Stock Broking’s research report.
Tags: calls, daytrading, free calls, intraday, tips
Similar Posts:
Latest Query
- by Sam
Market Stats
Search Our Archives
Research Desk
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
