Buy Tata Steel For 1-2 Days
Karvy Stock Broking Limited has maintained ‘Buy’ rating on Tata Steel stock to achieve a target of Rs 215 within 1-2 days.
According to Karvy, day traders can buy the stock between Rs 202-203 with a stop loss of Rs 197.
Shares of the company, on Tuesday (March 31), closed at Rs 206 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 67.73 and 3.08 respectively. The share price has seen a 52-week high of Rs 925 and a low of Rs 146.35 on BSE.
The stock also performed well on Tuesday, and there are full chances that the stock can achieve the target within the said period.
Tata Steel on March 10, said that the cut in production at its UK-based arm Corus continues to be around 40 percent.
Tata Steel is likely to save around 600 million pounds by March.
The company`s cost saving trials is on track at Corus in line with the goal.
Tata Steel registered a 47% augmentation in February 2009 sales as compared to the sales in the matching period last year.
In February 2009, manufacture of hot metal, crude steel and saleable steel zoomed by 19%, 12% and 21%, respectively as against the corresponding period of the last year (2008).
Steel Authority of India Ltd. and Tata Steel Ltd. said that steel sales are expected to ascend during the quarter through March on the back of increasing demand from key sectors, including automobiles and construction.
Other stocks from the same sector that looks good for short-term as well as long-term trading includes SAIL, JSW Steel and Visa Steel.