Hold Tata Steel With Stoploss Of Rs 470
Technical Analyst MB Singh has maintained 'buy' rating on Tata Steel stock with target of Rs 550-570 in two weeks.
According to Singh, the investors can buy the stock on dips with stop loss of Rs 470.
Today, the shares of the company opened at Rs 498 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 737 and a low of Rs 345 on BSE.
Current EPS is -48.57.
After jumping various projected timelines for re-starting manufacturing at its 6-million tonne steel mill at Kalinga Nagar steel hub in Odisha's Jajpur region, Tata Steel lastly carried out its landmark ceremony on May 29 after a big gap of around four and half years.
The ceremonial occasion took place on the land reserved for the planned steel project near Ambagadia village.
Private steel companies like Tata Steel, Essar, JSW, Ispat may buy equity stakes in International Coal Ventures Ltd (ICVL), a JV of nationalized companies to get hold of coal assets out of the country.
A spokesperson of the steel ministry stated, "The time is ripe to rope in private companies as partners in the SPV (special purpose vehicle) and leverage the combined strength to tap global opportunities coming in the way."
According to other official, informal talks have already happened with private steel compaiesfirms.