Networth neutral on Tata Steel
Networth Stock Broking has maintained its neutral rating on Tata Steel in its March 02, 2009 research report. “Tata steel reported consolidated Net Sales of Rs 33,191 crore for Q3FY09 as against Rs 31,898 crore in Q3FY08 an increase of 4%. This was mainly due to better than expected realisation per tone of USD 1120.3 per tone as compared to USD 1017.7 in Q3FY08, an increase of 10%. Steel production was lower by 27% during Q3FY09 at 5.08 million tons against 6.94 million tons in Q3FY08 due to the 30% production cuts announced by Corus during October 2008. Sales volume during Q3FY09 at 6.07 million tons against 7.94 million tons in Q3FY08, decreased by 24%.”
“We believe the current fall in its share price is due to the overall weakness in globally economy and revival in economic activity worldwide will help Tata steel to boost its profit margins. Hence we remain neutral on the stock,” says Networth Stock Broking’s research report.
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