Karvy Stock Broking Limited has maintained ‘Buy’ rating on Tata Steel stock with an intraday target of Rs 610.

According to Karvy, day traders can purchase the stock above Rs 592 with a strict stop loss of Rs 585. The stock pricing becomes more attractive, and reach above Rs 613, if the stock market remains on positive track.

Shares of the company, on Tuesday (July 29), closed at Rs 584.30 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 1667306. Current EPS and PE Ratio stood at 64.14 and 9.64 respectively. The share price has seen a 52-week high of Rs 969.80 and a low of Rs 469.04 on BSE.

Sajjan Jindal-controlled the JSW Steel group plans to invest Rs 2000 crore in four years to setup a deep sea port in the Bhadrak district of Orissa, which is located right outside the border of West Bengal.  

The proposed port in Orissa, which would handle coal and finished steel products, have an initial capacity of 25-30 million tones. The company would take 3-4 years to execute the project.  

The port would also support import of raw materials and export of finished goods of the 10 million steel plants in West Bengal and Jharkhand.

Steel authority of India limited (SAIL), country’s largest steel producer, recently posted a profit of Rs 1,835 crore for the quarter ended June 30.

The company has registered a growth of 20.3 % over corresponding period of the prvious financial year. In the first quarter of fiscal 2007-08, SAIL has a net profit of Rs 1,525.12 crore.

From Rs 8,346.40 crore in the year-ago period, the company’s total income has rose by 36.85 % bringing it up to Rs 11,421.99 crore in the latest quarter.

Despite of the burden of Rs 1,434 crore because of higher costs of coal, freight, ferro-alloys, fuels and maintaining a constant price line during May-June period, the company still showed improvement in its financial performance.

Steel Authority of India Ltd (SAIL), the country's largest steel producing company, has posted a 20.32% jump in its net profit for the April-June quarter, driven by higher sales volumes, increased

Domestic steel industry in India is facing tough time. The prices of raw materials are increasing day by day and the government is trying to stabilize the prices of final product (steel) under inflationary pressure.

JSW Steel’s vice-chairman and managing director, Mr Sajjan Jindal and Tata Steel managing director, Mr B. Muthuraman expressed concerns over global increase of steel prices.

Indiabulls Securities Ltd is bullish on Steel Authority of India Ltd (SAIL).