Buy Tata Steel; target of Rs 1400: ICICI Direct

ICICI Direct is bullish on Tata Steel recommended buy rating on the stock with a target price of Rs 1400 in its research report dated December 13, 2021.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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ICICI Direct’s research report on Tata Steel

Tata Steel group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA). Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world. Since 2016, TSL has been consistently ranked among the top five steel companies in the DJSI Corporate Sustainability Assessment.

Outlook

We maintain our BUY rating on the stock. We value TSL at Rs 1400, based on SoTP valuation.

For all recommendations report, click here

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