CLSA has maintained buy call on the Tata Steel with a price target at Rs 1,950 per share.
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Tata Steel share price rose over 3 percent in the early trade on November 12 a day after the company had reported robust numbers for the quarter ended in September.
On November 11, Tata Steel reported a profit after tax (PAT) of Rs 12,548 crore, a 7.5-fold jump from Rs 1,665 crore in the corresponding quarter last year and by 28 percent from Rs 9,768 crore in the previous quarter.
The consolidated revenues at Rs 60,282.8 crore climbed up 55 percent from Rs 38,940 crore recorded in the corresponding quarter last year. On a q-o-q basis, revenues increased by 13 percent from Rs 53,372 crore reported in the previous quarter.
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Here is what brokerages have to say about the stock and the company post September quarter earnings:
CLSA has maintained buy call on the Tata Steel with a price target at Rs 1,950 per share.
The weak domestic offsets the strong Europe. However, Q2 EBITDA was slightly below expectations on lower standalone profitability.
The net debt fell Rs 5,100 crore QoQ, with FCF impacted by Rs 3,900 crore. The management expects Asian steel prices to remain rangebound.
At 09:18 hrs, Tata Steel was quoting at Rs 1,328.00, up Rs 29.05, or 2.24 percent on the BSE.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
