Buy Tata Steel With Stop Loss Of Rs 616
Technical analyst Rahul Mohinder has maintained 'buy' rating on Tata Steel Limited stock with an intra-day target of Rs 640.
According to analyst, the investors can purchase the stock at Rs 622 with a stop loss of Rs 616.
The stock of the company, on December 08, closed at Rs 623.65 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 737 and a low of Rs 448.65 on BSE.
Current EPS & P/E ratio stood at 80.87 and 7.60 respectively.
Tata Steel could join hands with an Indian metals firm or a miner to create a counter bid for Riversdale Mining, in reaction to Rio's $3.5 billion offer for Australian miner Riversdale.
Tata Steel is preparing for a fight to have power over the Australian-listed miner, which posseses big coal mines in Mozambique and has become an objective for international mining majors including Anglo-American and Rio Tinto.
For the three month period ended Sep 2010, Tata Steel has registered a consolidated net profit of Rs 19,788.1 million as against loss of Rs 27,072.5 million in the same quarter of 2009.
Company's consolidated net sales surged 11.16% to Rs 280,909 million for the period under review as compared to Rs 252,698 million for the same of 2009.