Buy Tata Steel, target of Rs 280: KRChoksey
KRChoksey has maintained its buy rating on Tata Steel with a target price of Rs 280, in its January 29, 2009. “Tata steel has recorded decline in sales by 3.9% in Q3FY09 to Rs 4,735.6 crore compared to Rs 4,928.2 Crore in Q3FY08.
Top line has declined due to fall in the volumes by 13.8% YoY. PAT was mainly impacted due to increase in the raw material cost. Raw material cost has increased at Rs 1,611.2 crore from Rs 902.3 crore. Various measures have been taken by government to protect steel industry from cheap imports from china and other countries. These measures will help the steel producers in the medium term. However, the major concern will come from Corus operations. We maintain a BUY recommendation on stock with a target price of Rs 280,” says KRChoksey’s report.
source: Moenycontrol
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