Buy Tata Steel With Stop Loss Of Rs 590

Buy Tata Steel With Stop Loss Of Rs 590Stock market analyst Sanjay Surekha has maintained 'buy' rating on Tata Steel Limited stock with a five-day target of Rs 660.

The strict stop loss for the stock will be Rs 590.

Mr. Surekha said that the said target will be achieved in a period of one month.

The stock of the company, on Sep 22, marked its closure at Rs 618.75 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 737 and a low of Rs 446 on BSE.

Current EPS & P/E ratio stood at 39.33 and 15.71 respectively.

Tata Steel has worked out its rights to get hold of 80% equity interest in the Direct Shipping Ore project of New Millennium Capital Corp, Canada (NML).

The company is the biggest stockholder holding 27.4% equity stake in New Millennium.

Now, the company has worked out its exclusive option to take part in the DSO project and has a pledge to take the resulting production.

Tata Steel has decided to purchase a South Africa-based ferrochrome mine for captive utilization of its ferrochrome processing facility, Tata Steel KZN in that country.

Mr. Nerurkar, company's MD said, "The ferrochrome unit is currently buying its raw material. We have to acquire some mines to make it more competitive."